June 2023 Real Estate News | Canmore
Heading into June, Canmore and area’s total active listings are at the lowest levels in 20 years. The incredibly strong demand for all type of properties in the area is resulting in good properties selling within a few days and being absorbed quickly by the market. Short term rental use listings are currently at 34 properties while the five year average is 40. Residential properties are at 99 active listing, up slightly from June of 2022’s 92, however well below the five year average of 154. As we expected, May sales were up month over month to 53 total sales; down from 72 in May of 2022. There were 37 residential sales compared to the five year average of 43. In the short term rental use portion of the market, there were 16 sales in May with a five year average of 17. One of the biggest factors holding back sales volumes is the low levels of active listings and low levels of new listings coming to the market. Between May 1st and June 9th, in Canmore there were 58 properties come to market. During the same period in 2022 there were 89 and 97 in 2021. There is a bottle neck in Canmore where people trying to move within the market are competing against buyers moving into the market; as a result of not finding the right home for them to move into buyer’s within the market are not listing their homes.
The luxury market is currently seeing strong sales with a sale in Silvertip for $5,500,000 and a sale on Van Horne along the river for $6,300,000. Another property in Silvertip listed at $3,700,000 is conditionally sold after only a few days on market. Canmore offers great value in the luxury market when compared to other international resort communities as well as easy access to Calgary and the airport. A 26 acre parcel along the shores of Gap Lake east of Canmore has recently come to the market for $4,250,000 with no building commitment. The cost to build and timelines to build is also a consideration for buyers when looking at luxury homes.
Heading into the summer market, we expect to continue to see a steady stream of new listings that are absorbed by the market relatively quickly. Even with this past week’s additional rise in interest rates, this has not put a damper on the market so far.