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  • Real Estate Market Update February 2020 Canmore, Banff & Area

Real Estate Market Update February 2020 Canmore, Banff & Area

A definite seasonality to the Camera real estate market as we make our way through the winter months. There were 25 transactions in January down one from last year. Year over year inventory was up 33% to 239 active listings.

The biggest increase was in the hotel condo market with 45 active listings up from 15 at the same time last year; a 200% increase. Many of these new listings are in one development in Harvie Heights. The other significant increase in the inventory was in townhouse condo properties rising 44% to 66 active listings years over year; much of this inventory is new construction in Three Sisters and South Canmore. Month over month, active listings have risen from 221 in January; a trend we would typically expect this time of year.

The three month average price of apartment condos rose year over year by 3.5% to $561,680. Townhouse condominium average price rose 7.8% to $724,000 driven by increases in the lower end of the market. Detached and semi-detached home three-month average price has declined year over year by 21% to $1,019,378 as sales of upper end properties remain soft. The January 2020 median price was $1,097,000 up from $1,088,000 in January 2019.

Within the next four to six weeks, we expect to see a continued rise in active listings. February sales will start to rise with the expected spring bounce starting in March; with sales activity in the 50-60 transactions per month for April – June.

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