There might still be snow and ice, but the spring real estate market in Canmore and the Bow Valley is off like a rocket. February had 50 sales this past month; up from 28 in January and 39 in February 2016. Detached home inventory is now at the lowest level in a decade with just 1.9 months of supply. There are 29 detached homes on the market and 15 sales last month. This low level of inventory will continue to put upward pressure on values in the low and middle ranges of the market.
The hotel condo market is extremely hot as we move into spring. Values of these types of properties have increased significantly over the last 18 months. There are currently 13 units on the market with 11 sales last month. Buyers are seeing the opportunity in the Bow Valley’s strong tourism industry and short term rentals.
Overall inventory of homes on the market remain very low. With just 104 move-in residential properties, we are well into a seller’s market with just 2.7 months of supply. Year over year, overall listing levels are down 42% while sales are up 30%. As we move into the spring market, we expect to see more homes coming to market. With the pent-up demand in the market, well priced properties will sell quickly.
This year, we expect the spring market to transition into a busy summer market with Canada’s 150th and the recovering Alberta economy.