Starting 2021 off at a blistering pace! There were 81 mis sales in Canmore and area in January a 224% increase over January 2020. This is the strongest January ever on record and the sixth best month ever for sales. There is unprecedented demand in the market right now with less than two months of active inventory on the market when looking at current absorption rates. In the entry to mid-range of the market, there is significant upward pressure on prices.
The biggest challenge for buyers at the moment is the incredibly low levels of active listings for sale. Year over year, listings are down 28% to 160 active properties. There are only 119 residential properties for sale between Canmore, Harvie Heights, Dead Man’s Flats, Lac Des Arcs and Exshaw. From December, sales dipped slightly from 85 transactions; however much of this is because of the lack of properties on the market.
In January, sales were once again led by the short term rental market of visitor accommodation and tourist home properties. Currently, there are only 33 active listings of these types of properties actively on the market. Depending on what happens with the Three Sisters Village ASP that is currently before council, we may see some presale product for short term rentals coming to the market in the next 12 months. In addition, the commercial subdivision in Silvertip may also see some presale short term rentals over the next year or two.
With the frenzy and sales volume in the market right now, it is as though we skipped the winter market and jumped right into the spring market. We have not however seen the traditional rise in listings that we would expect in March / April coincide with the sales. Over the coming months, we do expect to see more properties coming to market, however if they are well priced don’t expect them to last more than a few days on market.