The February market was very active in Canmore with 45 sales, up from 21 sales in January and also significantly up from February 2019 which saw a total of 30 sales. The average sale price in February was $693,940 which is up only marginally from last year’s February average of $687,875. The majority of sales activity last month were below $860,000, with only 5 sales transacting above that amount. With only 3 sales over $1,000,000 and the highest sale at $1,950,000, the luxury end of the market is quiet at present. With concerns over the coronavirus and the oil price war, we’re likely to see a continued slowdown in absorption of luxury homes in Canmore. Hotel condos or Tourist zoned properties, that allow for short term rental accounted for 18% of the market share in February.
There were a total of 83 new listings brought to market in February, which helps out with the low inventory numbers we’ve had for an extended time period. Our current listing inventory is sitting at 225 properties, 29 of which are fractional ownership or hotel condo properties.