It’s been a busy start to the year in the Canmore real estate market in 2023, and I feel like many Buyers and Sellers are looking for an update!
Typically the Spring is the busiest season of the year in real estate markets across Canada. The same is true in Canmore. So often I have buyers and sellers asking me about seasonal trends and the best time to sell or buy. Often in the Canmore real estate market, it comes down to the property pricing itself instead of the overall market “direction.”
Why the Spring though? We see increased activity in the Spring because of the following factors:
Today, let’s talk about what’s happening in the Canmore real estate market this Spring. As always, if you have any questions about the value of your property, or are curious about a listing you see, feel free to reach out to me directly. I’m always available via text, email or call and no question is too small!
In the Canmore marketplace we are seeing a significant reduction in active listings across the board. This definitely isn’t something that is localized to Canmore though. In markets across the country, inventory is at historically low levels. This is due to a number of factors:
All of these factors (and more) have contributed to the following in the Canmore real estate market in spring 2023:
Interestingly, as with many government interventions into open markets, some of the actions taken to cool housing markets have had the opposite effects. Anyone familiar with the principles of supply and demand will know that less supply (due to the factors above) may only contribute to price rises if demand remains elevated. What we are seeing in Canmore still is:
These factors and others have led to the following price actions we’re seeing now in the Canmore real estate market Spring 2023:
It’s not all doom and gloom. All of the factors listed above may be beneficial to some Sellers, as supply becomes restricted, but real estate is always about give and take. There are a lot of Sellers out there who are feeling the crunch of variable rate mortgages, or are simply trying to move on from a property that no longer meets their needs. Sure – we’re seeing some multiple offer situations. But I will never coach my clients to go all-in on an over-asking offer without any conditions. That’s never a prudent option, and with the right agent, you can get the property you want on the terms you require. Period.
If you own in Canmore, you made a smart decision at some point, and you’re likely to benefit in terms of price due to the reasons noted above. But – the market is already beginning to moderate and there aren’t as many Buyers as there would be in previous years. Most of the cash-heavy Buyers will have their pick-of-the-litter when it comes to properties for sale, so you can’t just expect to Sell anything at any price. Ensuring your property is prepared for sale, and priced well, will make you successful in the current environment. I’ve helped many Sellers achieve outstanding results in Canmore – so if you’re looking for more info on your property, please feel free to reach out.
I’m always looking to provide the best statistics and information possible to my clients so they can make informed decisions in our marketplace. Choosing to Buy or Sell property can be a big decision, and working with the right agent can make a big difference in the results. If you’d like more details on what listing your property would entail, or are curious about a home or investment property you see listed for sale, let’s get in touch. Always happy to help!