November 2022 Canmore Real Estate Market News
A return to a seasonal cycle for real estate here in the Bow Valley as sales declined in October to their lowest monthly sales in seven years. There are a couple of factors contributing to this. One of the significant factors in the decline in sales is the overall low levels of active listings; the five year average for November active listings is 201 properties and we are currently at 154. Secondly the rising interest rates have moved some buyers to the sidelines; either because they have been priced out of the market or are not comfortable with the costs associated with rising rates. Third, is global instability as both buyers and sellers are waiting to see how the next few months play out.
There has been some softening of prices off their peak earlier this year. However, well priced good quality homes are still selling quickly in certain price levels. The overall economic outlook for Alberta remains strong and there are still many people moving to the province. We are now transitioning into the winter market where traditionally there has been lower levels of both sales and active listings. We do typically see a November rush as buyers are moving in for Christmas and this is a great time for sellers to continue to market their homes.
Average and median prices for residential properties remain well above their pre-pandemic levels. In 2019 the three month median price for detached and semi-detached homes was $929,000; this year it is $1,322,000. For townhomes, the three month average price as climbed to $1,016,000 from $709,00 in 2019. Most segments of the market are moving into a balanced market and we do not expect to see any rise in prices through the winter months. There may be some continued softening, however with the decreasing levels of active listings the supply and demand for homes will hold many values steady. Certain segments of the market will be more affected by rising mortgage rates.