Real Estate Market News September 2021 | Canmore and Banff
Fall is upon us and the valley, cool mornings, beautiful afternoons, the first bit of golden colours on the mountainsides and far fewer people on the trails. Typically, we have a fall uptick when it comes to the real estate market in Canmore and the Bow Valley. This year we expect to see some more new properties come to market as people settle back into their fall routines and consider making a move before winter.
Sales have plateaued from the highs of spring with 66 sales in August – on par with July. This is 20% above the five-year average of 56 sales in August. Heading into September, we have 173 active listings in the Bow Valley, not including Banff. This is 29% below the 242 active listings on a five year average and 44% below last year’s level of active properties for sale at this time. It is still a market of low standing inventory as there are great properties coming to market all the time, as a buyer you need to be quick to act on them. Especially on the residential side of the market, where we are currently at 105 active listings 44% below the five year average of 187 in September.
Prices continue to have upward pressure on them in most segments of the market. The three month median sale price for detached and semi-detached homes is up 15% year over year to $1,167,667 and active listings are down year over year 47% to 52. Currently, there are only 11 townhouses on the market; active listings are down 83% year over year. The average sale price was up 5% in August over the previous year to $776,000. Apartments have had an increase in the average sale price of 23% year over year to $673,000 and active listings are down 45% to 42 listings.
The short term rental market of tourist homes and visitor accommodation units saw a 163% growth in year over year sales volumes for August to 21 sales. The median price is up 88% to $598,500 while active listings are down 9%. Of note, there are number of new short term rental projects coming to market in the next few months both downtown and along Bow Valley Trail. This new product should be complete late 2022 or early 2023 which will create competition for the properties that are starting to show their age in the 10 to 15 year old buildings that have not been renovated.