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Market News Feb 2024

February Market Update

Spring has come early to the Bow Valley. Not only the record setting unseasonable warm spell but a strong market for sales in what is historically a low sales month. With 40 total MLS sales, volumes were above more historical Januarys of 2018, 2019, 2020 and 2023 (25, 26, 25, 24); 2021 and 2022 were 81 and 57 sales respectively. Year over year, residential sales increased 55% to 28 sales. Short term rental sales increased year over year from 6 to 11. Active inventory is still below what we would expect for early February with 81 residential properties, 34 short term rental use and 3 development lots available for sale. In February 2020 there were 182 residential listings and 157 in February 2019. Year over year, residential listings are up slightly from 77; short term rental listings have increased from 25. 

Most segments of the market have returned to a seller’s market with the increased demand and low level of active listings. However, even with the general seller’s market, prices are generally off their peak from two years ago. When coming to the market this spring, those selling their homes need to be strategically priced to achieve a favourable sale. One exception tends to be new construction where prices remain at or above peak COVID market levels due to the costs of land, labour, supplies and demand for new product.

With the small overall market, median and average prices can vary wildly from month to month and year to year depending on which properties sold. The three month median sales price for detached and semi detached homes in Canmore increased year over year to $1,500,000 from $1,285,000. Townhouse three month median prices decreased year over year to $807,500 from $1,025,000; this reflects both softer prices overall and generally fewer luxury townhome sales. 

Heading into the spring market, we do expect to see a rise in listings. This increase is going to be a result of a number of factors: 1) mortgage renewals; likely more pronounced in the second home market we expect some properties to come to market as sellers realize what their new holding costs of properties are 2) changing lifestyle; with some large companies requiring a return to in office work, some owners may not be using their homes as much as they would like 3) long term owners capitalizing on significantly higher property values than four years ago and selling their assets. 

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