July/August 2024 Canmore Real Estate Market Update

(Below is a note I sent out to my clients regarding the situation in Jasper; market update data follows)

I’m sure you’ve seen the devastation in Jasper all over the news this month. The loss of so much of this beloved mountain town is so sad to see; more importantly though is the pain the people of Jasper must be going through.

To me, Jasper is more than just a town. I have several family members and friends who have lived in Jasper all of their lives, and who are now being severely affected by this crisis and tragedy. I’m hoping sharing who they are can bring this situation into focus and spur donations if at all possible.

• My beloved Uncle, Aunt and cousin, who have lost their family home of over 40 years and who are now displaced. My uncle, now retired, moved to Jasper when he was 17 and has built two homes in the same location, now lost.
• My young cousin, her partner and their child not even a year old – evacuated with no clear idea if or when they can return to their home, jobs, and life.
• Another cousin & family of mine whose home and business were spared, but their life will now forever be altered by what has happened to their town.
• Countless friends and past co-workers at the Jasper Park Lodge and other businesses in the area.

If you can, please consider donating to the Jasper Community Team Society at this link here.

Thank you and please keep the people of Jasper in your hearts!

Canmore Real Estate Insights: Q2 2024

Market Activity Surge: The second quarter of 2024 saw an impressive 43% increase in real estate activity compared to Q2 2023, with prices rising across various segments.

Townhomes and Condos: Both townhomes and apartment condos experienced significant year-over-year growth, with increases of 23% and 20%, respectively.

Hotel Condos and Single Family Homes: Hotel condos saw modest gains, with average sale prices up by 6%, while single-family homes followed closely with a 5% increase.

Canmore Real Estate Market Data August 2024

Inventory and Market Balance: Although listing inventory has slightly increased, it remains well below a balanced market. With a Months of Inventory (MOI) at 3.55, we are firmly in a seller’s market. Even a 50% increase in inventory would not shift the market toward buyers.

Days on Market: Properties continue to sell quickly, with single-family homes and lots being exceptions, averaging above 2 months on the market. Historically, averages fall between 2 and 3 months across all segments.

Looking Ahead: More listings are expected in September, and October, which we hope will help restore market balance as eager buyers await suitable properties.

Note: Months of inventory refers to the estimated time it would take to sell all current listings without new inventory, based on past sales data. This summary captures the key points while maintaining clarity and flow.

In Canmore, anticipation is building for the upcoming Canmore Folk Music Festival, which has been a staple since 1978, featuring Blue Rodeo as this year’s headliner. The local trails are bustling with activity, and last weekend’s Rockies 24 mountain bike race at the Canmore Nordic Centre was a great success. We are fortunate to have such incredible facilities and trails at our doorstep, a true blessing for outdoor enthusiasts. Enjoy the rest of your summer, and remember I am here to assist with all your real estate needs!

Cheers!