The spring market came in with a roar this year and resulted in an exceptionally strong second quarter for real estate sales in Canmore. Q2 2019 recorded 200 MLS sales in Canmore, Harvie Heights, Exshaw, Dead Man’s Flats and Lac Des Arcs. There were 30 developer sales posted to the MLS in April that had occurred over multiple months; these sales did set our quarterly sales higher than expect.
The real estate market is transitioning to a more balanced market with 277 active listings on the market currently; this is a year over year increase of 29%. The increase in active properties for sales is starting to result in slower price growth compared to the past few years in many segments of the market.
Canmore and the Bow Valley remain a bright spot within both the Alberta and Canadian real estate market even with the rising inventory.
Q2 2019 Property Values
Detached and Semi Detached:49 sales increase Q1 to Q2 62%
Median Sale Price: $890,250
Average Sale Price: $1,013,137
Townhouse: 44 sales increase Q1 to Q2 100%
Median Sale Price: $638,950
Average Sale Price: $654,678
Apartment: 49 sales increase Q1 to Q2 81%
Median Sale Price: $520,800
Average Sale Price: $562,483
Hotel Condo: 39 sales increase Q1 to Q2 160%
Median Sale Price: $419,895
Average Sale Price: $416,724
Lot / Land 6 sales increase Q1 to Q2 50%
Median Sale Price: $1,042,500
Average Sale Price: $1,505,000
As we come into the summer months, we expect sales to plateau until picking up again in the fall market. With the trend in inventory rising, we expect to see inventory be above 300 active listings by the end of summer. As there is such a wide variety of properties and sub-segments to the real estate in the Bow Valley we are in both buyer’s and seller’s markets depending on the property type.