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Canmore Real Estate Mid-March Update

SPRING MARKET PREVIEW?

Ben Maize Canmore Realtor

There is a lot of hype about real estate in Canada these days and many people are wondering where the market is going to go this year. With the previous 2 years of heightened sales activity and sellers making big gains, this year could be a turning point...Or it could be totally unremarkable. Rising interest rates have put the squeeze on buyers and low inventory has left homeowners wondering where they would go if they did sell. 

So far in Canmore, sales for the month of March are on pace with pre-pandemic numbers and inventory is consistently low. There have been 19 closings so far at the time of writing and currently 104 active listings on MLS. Of those active listings, the average days spent on market is 71 and sellers who are getting ready to list their home should make sure to get the asking price right from the start. Of the 104 active listings, 61 of those have been on the market for over 30 days so we are seeing a bit of accumulation. At the time of writing there are 17 conditional sales and of those, 12 of them were on the market for less than 30 days. This could be an indication that homes priced right are selling quicker. We have seen some pullback in sale prices from the peak in May 2022  and understanding the market is critical to a successful strategy right now. 

Buyers who are looking at the Canmore market might be able to capitalize on fewer competitive buying scenarios depending on the property subtype. Condos under $600,000 are scarce so if that is your focus it would be wise to have financing in order and be ready to move when the right property comes along. If you are looking for a 2-bedroom condo between $600,000-$800,000 you have some decent options for residential units but limited in terms of hotel-condos. Condos above $800,000 is where there is a bit of build-up and buyers have options.

Detached homes are also seeing some accumulation and potentially some downward pressure on price. List prices range widely from $875,000 on the low end all the way up to $8,717,800 at the top end.

If you are a condo owner looking to upsize to a townhome this could also be a good time for you, especially for those sellers who are in the more affordable category. With very low inventory available below $600,000 and multiple options available for townhomes, you may be able to capitalize on optimal seller conditions and a decent scenario on the buy-side.

If you have any questions or or would like to talk about real estate in general please don't hesitate to reach out contact the team at Canmore.net online or call (587) 579-9500

Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
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