As the year draws to a close, Canmore’s unique position as a gateway to the Rockies continues to make it a standout market in Alberta’s real estate landscape. Whether you’re a long-time homeowner, an investor, or someone dreaming of a mountain retreat, understanding the trends shaping our local market is crucial to making informed decisions.

In this report, we’ll explore the key trends from 2023, analyze how 2024 unfolded amidst changing market dynamics, and provide a forecast for what 2025 may hold for buyers and sellers alike. With Canmore’s exceptional blend of natural beauty and vibrant community appeal, the opportunities in our market are as compelling as ever.

Join me as we uncover the insights that will shape your real estate journey in the coming year!

Sales Numbers:

2024 saw a modest 4% decline in total sales compared to 2023 (497 sales vs. 517 sales), primarily due to a significant drop in hotel condo sales.

The following two charts reveal distinct trends in 2024. While sales in the...

Background

Over the past decade, Canmore has struggled with an increasingly severe affordable housing shortage. To address this crisis, the town created a livability task force (a diversity of Canmore citizens) in 2023 to recommend new housing policies.

Under the headline “Housing Action”, three measurements were identified, and the task force’s recommendations were accepted by council in January and August 2024.

“Every door in this community has a responsibility to contribute to helping solve our housing crisis … We will see how this rolls out in the coming years, but I’m happy to put my hand in the air to take a step forward in finding new resources to help fund and support our housing crisis,”

Councillor Joanna McCallum

The Three Key Initiatives

1.      Limit the Growth of Tourist Homes

Limit the Growth of Tourist Homes through a tax program (Tourist Home Program) and tightened business licence regulations (Regulation of Short-Term rentals)

2. ...

Are Canmore Real Estate Prices still increasing? Let’s take a look at the first Quarter of 2024!

There is a lot of uncertainty in the real estate market these days. Uncertainty is less than ideal for any market. On March 6th of this year, the Bank of Canada announced that their inflation target rate of 2% has not been met yet and they kept their rate at 5%. Now there is anticipation building up for a rate drop this June or July.

There are a lot of factors speaking for this. The core inflation eased to 3.5%. Unemployment rates in the country increased and many businesses are freezing hiring. Arrears are increasing. In 2024/2025 there will be over 2 million mortgage renewals coming up, adding stress to household budgets.

However, inflation in the U.S increased to 3.5% in March (from 3.2%), propelled by surging gas and mortgage prices, which could delay rate cuts in the US. And experts doubt that Canada would reduce its rates earlier than the US due to impacts that this would...

Dieter Kuhn: A Canmore Original 

I first met Dieter when he walked into our RE/MAX Alpine Real Estate office on Main Street in the summer of 2015.

Dieter’s house had just blown up and Dieter was looking for a place to rent.

The explosion that registered a 1.1 on the closest Richter scale approximately 80 kilometres south of Calgary, occurred in June 2015 in Canmore during the expansion project of the Bow River Seniors Home when a sub-contractor worker hit an ATCO gas line. Dieter’s house was completely demolished and a dozen others in the neighbourhood were affected. And it was really just good luck that Dieter was safe in his car on the way back home from Calgary.

Originally from Trier, a small historical city in the mid-west of Germany, he had been a chef in Switzerland and together with his German fiancé had the idea to come to Canada for a year to travel the country and then return. He never went back.

Dieter remembers how things...

Could Canmore one day become Canada’s Aspen?

I get asked this question a lot: Yes, we love Canmore as a town and for its lifestyle but is buying property in Canmore also a good investment?

Some investors are suggesting that Canmore could one day become the Aspen of Canada. They are comparing Canmore in Alberta, Canada with Aspen, Colorado, USA. And indeed, the two mountain towns have a lot in common. Both are beautiful ski resorts and destinations for outdoor recreation, both are in the Rocky Mountains. And while the Bow River goes through Canmore, Aspen is on the Fork River.

Both towns have a mining history that goes back to the mid 19 th Century. Aspen related to silver; Canmore related to coal. Aspen had a population of 7,000 in 2020. Canmore’s population was around 15,000 at that time.

Founded as a mining camp during the Colorado Silver Boom Aspen boomed during the 1880s, its first decade. The boom ended when the Panic of 1893 led to a collapse of...