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Canmore Real Estate Monthly Housing Statistics February 2023
When sales drop by one-third month to month and half year to date, it impacts the validity of the sales prices, a sample is very small.
GREAT NEWS: Canada's housing market correction is bypassing Alberta. Prices in Calgary are going slightly up, and the same for Canmore. No wonder: Interest in ski properties is increasing. Canmore is second to Whistler, where prices are close to double of prices in Canmore. Canmore single-family prices stand at 1.3 to 1.6M (reports differ because we already have townhomes in this price group), whereas the average for ski areas in Canada is $1,042,700.
Inventory is up; sales are down. Overpriced properties are sitting ducks in all segments. Sellers are waiting for better prices; investors are hesitant to sell and have cash (a stock market is a precarious option for them). Buyers are hoping for a recession (price drop), and interest rates are having a measurable impact in the lower price segment, skewing our average price statistics. Locals are now with new stress test rules out of the entry market.