October 2023 Real Estate News & Q3 Review
We are delighted to bring you the latest updates on the Canmore, Alberta real estate market, and it’s safe to say that the Bow Valley is buzzing with activity! Here’s a snapshot of the market in Q3 2023:
An impressive sale surge: total sales for the third quarter surged by an astounding 60% year over year, underscoring the enduring appeal of Canmore’s real estate. Residential sales in Q3 held steady at 89 transactions year over year, reflecting a balanced market that continues to attract homeowners and investors alike. Short-term rental sales in Q3 2023 witnessed an extraordinary 193% increase compared to the previous year, totaling 120 sales. This remarkable surge was fueled by the highly anticipated sales launch of a new project on Bow Valley Trail. In September, short-term rental properties achieved an incredible milestone, with the average sale price exceeding $1,000,000 for the first time ever, reaching an impressive $1,051,417 on average.
The luxury home market reigns: Q3 2023 saw the average sale price for detached and semi-detached (duplex) homes reach an all-time high of $1,875,859, primarily driven by strong sales in the luxury market; a remarkable 7% year-over-year increase. The median sale price for detached and semi-detached homes also set a record at $1,820,000, marking an impressive 30% year-over-year growth. After briefly entering a slight buyer’s market in late summer, detached and semi-detached homes have returned to seller’s market territory.
Residential apartment sales in Q3 reported lower average and median sale prices compared to the previous year, with more entry-level sales and fewer luxury transactions. The average price stood at $595,538, and the median price was $591,000.
The seasonal market returns to Canmore; year over year, September residential sales volumes remained steady, with 31 total sales compared to 33 in September 2022. Meanwhile, short-term rental sales increased from 15 to 26 year over year in September. As we enter the fall market, it’s common to see an increase in inventory. Month over month, active residential listings increased from 102 to 109, while short-term rental listings increased from 31 to 42. Although active standing inventory of residential property is down from last October’s 115 listings, it’s worth noting that there were 235 residential listings in October 2019.
While sales volumes are still below the monthly and quarterly highs of 2021 and 2022, price adjustments are becoming more common for active listings, even with the low levels of active inventory.
Other Noteworthy Developments:
- The Alberta Court’s recent decision mandates the town’s approval of both the Three Sisters area structure plans, paving the way for significant new development on the south side of the river over the next two decades.
- The Town of Canmore has established a tax task force to explore vacant home taxes, tourist home use regulations, and other tax measures.
- Don’t forget that October 31st is the deadline for federally filing the underused housing tax filing. If your Bow Valley home isn’t your primary residence, reach out to your accountant to determine if you are required to file.
Stay tuned for more exciting updates in the Canmore real estate market, and if you have any questions or are considering your next move, our dedicated team is here to assist you every step of the way.