Canmore Market Update

December was one of the quieter months for real estate this past year, with only 17 sales in Canmore for the month. December can often be a slower month in sales for obvious reasons, but this year transactions were 37% lower than December 2017. The upper end of the market was particularly quiet with only 2 sales over $1M in December and the highest sale transacting at $1,245,000. This resulted in a significantly lower average sale price than we’ve seen in some time at $607,733. 31 new listings came to market in December. Current inventory levels remain low with 170 active listings, 14 of which are hotel condos.

The 2018 real estate market was a steady year overall with 454 sales, a monthly average of 38 transactions. This past year saw 9.4% fewer sales than in 2017, however the average sale price increased to $715,249, up 3% from the 2017 average of $694,048. The luxury end of the market in 2018 had 8 sales over $2,000,000 compared to 13 sales in 2017. One of the contributing factors to fewer luxury sales in 2018 is there were a number of estate lots which came to market and were sold, predominantly in Silvertip, taking prospective luxury home purchasers down the path of building a custom home instead.

Sales volume over $1,000,000 in 2018 was higher than 2017 with 79 total sales versus 69 sales the year previous. 703 new listings came to market in 2018 which was similar to the 2017 total of 697.