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Market News September 2023

September in the mountains is often one of the best months with the changing colours and spectacular days. It is also the month where traditionally, we see the fall real estate market start to pick up. Canmore and the Bow Valley continue to have historically low levels of active standing inventory heading into the fall sales season. We would typically expect to see some more properties coming to market in the next few weeks. 

Year over year, active residential listings are down from 117 to 102 properties; for comparison in September of 2019 there were 243 residential listings. Short term rental use property active listings are down year over year from 59 to 31. Residential sales in August were unchanged year over year with 27 sales. Short term rental sales increased from 15 to 30, primarily driven by the release of a new development on Bow Valley Trail. 

With few sales in certain markets, both the average and median prices varied dramatically year over year for August. For example, the average price for detached homes is up $730,000 year over year and the average price for apartment style residential condos is up $80,000 month over month. It is really dependant on the condition, location, and views in terms of what we are properties are achieving for sales prices.  The single family market has had a number of luxury sales over the past few months with few sales in the entry level market; primarily due to the low levels of listings on the market in this segment. There continues to be strong demand in the entry level market with well-priced properties going to multiple offers. 

We don’t foresee active listing levels increasing significantly in the next few months and demand will remain steady. While prices of certain types of properties have softened off their peak, the low levels  of active listings will keep them in this new range of pricing. Sales will remain steady through the fall market with continued demand from both local, provincial and national buyers. 

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