Canmore Market Update - September 2024

The Canmore real estate market saw continued activity in September, but an increase in new listings has begun to balance out market conditions. The pace of year-to-date sales has slowed, approximately 6%, since this time last year and compared to the earlier months this year. Sales-to-new listings ratio settled at approximately 58 percent, and a noticeable increase in days on market from 45 to 64 is signalling a gradual shift toward a more balanced market.

Inventory levels have been climbing, with around 141 active listings at the end of September, a notable increase compared to last year. The months of supply rose to just over 3.5 months, offering more options for buyers after a prolonged period of low inventory.

Despite these changes, home prices remain strong. The unadjusted, detached benchmark price in Canmore is $1,603,900, showing a year-over-year increase of 10 percent. As supply continues to improve, price growth may moderate, though Canmore’s unique market is likely to keep demand for properties steady.