Canmore Real Estate Market Comparison

Last Quarter 2022 vs. First Quarter 2023

A Look at the First Quarter of 2023:

Let me start with a disclaimer: As Canmore is a small town with few sales and listings in general, the amount of data, even for the first three months of this year, is limited. Statistically, the larger my data pool the more reliable the results. The numbers here reflect a certain trend, but should be taken with a grain of salt.

I am comparing January to March of 2023 with October to December of 2022.

Sales numbers dropped from 92 sales to 88 sales. Apartments, half-duplex and tourist home zoned properties gained slightly, but hotel condos (properties that can be rented out short-term via Air B&B etc.), single family homes and townhouses lost in sales numbers.

The biggest drop was for single family homes. We only had 9 sales in the first quarter of this year as compared to 22 in the last quarter of last year.

So how about listings and how did prices develop?

The number of listings dropped constantly at the end of last year from 116 to 96 to 80. This year started with 76, 73, and 107 listings in March, but we are now at around 98 listings. In other words, there is still a lack of inventory and this has an effect on prices.

Whilst the average sale price in Canmore at the end of last year was at $1,034,000 it was $1,075,000 at the end of March (an increase of 4%). Only hotel condos and tourist home properties gave in by 13% and 8%. All other products increased in price or remained the same.

With sales numbers down and prices up, the number of listings that we will see over the next few months will determine if we are going to see a change in price level. At this very moment, the demand is stronger than the supply and prices remain high.

Let’s take a look at the same period last year:

Sales numbers came down about 50% from 173 sales in 2022 to 88 sales in 2023.

Especially hotel condos took a hit and although the 2022 numbers include 10 new developments, the difference is still remarkable.

Overall we only had about 60 listings at the end of March 2022 and we had just over 100 listings at the end of March this year.

The average sales price over all products increased by 16% from ca. $925,000 to $1,075,000 in this one year.  

While most of the products increased in price, detached homes saw a price correction over the year and so did hotel condos.

Hotel condos still gained in price during 2022 but prices seem to be giving in slightly now.

Prices for detached properties in the last quarter of 2022 were lower than in the first quarter of 2022. So it comes at no surprise that they are starting to increase again given the lack of inventory (25 properties on the market at this moment and out of those 25 properties, 15 properties are over $2Mio.)

  

Thomas Krause – CANMORETHOMAS | REALTOR RE/MAX Alpine Realty

Canmore, Alberta

April 2023