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Dec 2023 Market News

December 2023 Canmore Real Estate Update

This month’s Canmore real estate update is a little slower coming to you than normal thanks to an incredible storm which has been blanketing Lake Louise with some of the best snow we have had in ages – the skiing has been great! As we approach the end of 2023, I’m delighted to share insights into Canmore and the Bow Valley’s real estate landscape. Despite a delayed start, akin to our ski season in the Canadian Rockies, the market has shown remarkable resilience. In November, we observed a steady flow of sales, leading into a robust December so far, though overall sales volumes have moderated compared to the highs of 2021 and 2022.

Reflecting on the past three years, our market has experienced two distinct phases:

1. COVID Real Estate Boom (Late 2020 to Mid 2022) – monthly average sales

   – Residential Apartment Condominiums averaged 13.33 sales monthly.

   – Residential Detached and Semi-Detached Homes saw an average of 16.15 sales.

   – Residential Townhouse Condominiums averaged 15.67 sales.

   – Short Term Rental Use Condominiums experienced a high average of 25.67 sales.

2. Post Interest Rate Hike Era and Return to Work (Mid-2022 to 2023) – monthly average sales

   – Residential Apartment Condominiums saw a dip to 9.19 sales on average.

   – Residential Detached and Semi-Detached Homes averaged 10.86 sales.

   – Residential Townhouse Condominiums remained stable at 11.00 sales on average.

   – Short Term Rental Use Condominiums witnessed an average of 22.67 sales.

The market’s agility is noteworthy, maintaining equilibrium despite rising interest rates and a consistent low inventory level. This balance safeguards property values and fosters a healthy market environment. Notably, residential listings have increased year over year in December, while short term rental listings have seen a decline.

Price trends across property types generally show an upward trajectory, indicating a robust and growing market in Canmore. Recent transactions, including sales of redevelopment lots in Central Canmore and Rockwood Homes’ new duplexes in Silvertip, underline the luxury buyers’ confidence in our mountain town. The average sale price for detached and semi-detached homes continues to climb, reinforcing sustained growth. Apartment condos and townhouses demonstrate stability, with townhomes recently leaning towards a buyer’s market. The hotel condo and tourist home segment remains dynamic, mirroring the impact of tourism and economic shifts.

Looking ahead, we anticipate a decrease in active inventories through the winter, with the spring market gaining momentum from late February. Factors such as mortgage renewals, potential Bank of Canada rate cuts, and new developments in Three Sisters, Silvertip, Spring Creek, and Palliser are poised to influence inventory and sales volumes.Stay tuned for further updates as we navigate these exciting times in our real estate market.

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