Canmore Real Estate Market Update & Trends | May 2025

Detached Homes • Townhomes • Apartments • Short-Term Rentals

Despite the backdrop of a federal election and global economic uncertainty, the Canmore real estate market held steady in April 2025. Sales climbed year-over-year from 49 to 66, matching volumes from April 2022. While we're still well below the record-breaking 109 sales in April 2021, the numbers indicate sustained buyer confidence.

📊 Inventory Snapshot

Total active listings rose to 184 properties, broken down as:

• 41 short-term rental properties

• 131 residential listings

• 12 lots

This represents a 14% increase year-over-year and a 3% gain month-over-month, reflecting the expected spring market surge. For context, the 10-year average for May is 192 listings—showing we're approaching seasonal norms.

• Detached and semi-detached listings dropped slightly.

• Townhome and apartment inventory both saw gains.

• Notably, apartment sales were boosted by strong activity at Altitude at Three Sisters by Logel Homes, which accounted for nearly half of all apartment sales in April.

🏡 Detached & Semi-Detached Homes

Price Trends

• Average prices increased from ~$1.5M (April 2021) to ~$1.8M (April 2025), peaking above $2M in high-demand periods.

• Median prices rose from ~$1.32M to ~$1.5M, demonstrating steady growth across all market segments.

Market Conditions

• Prices have slightly softened since late 2024, signaling a more balanced environment.

• Active listings grew from 16 (late 2022) to over 60 in 2025.

• Sales-to-listings ratios normalized from over 70% down to 30–40%, giving buyers more room to negotiate.

Advice

• Sellers: Presentation and pricing strategy are critical—especially for premium homes.

• Buyers: With more inventory and reduced urgency, this is a prime window for considered decision-making.

🏢 Townhomes

Growth Highlights

• Average prices grew from ~$766K to over $1.18M in four years.

• Median prices passed $1.2M, highlighting broad-based demand.

Market Balance

• Sales-to-listings ratios exceeded 100% in 2022–2023 (indicative of bidding wars), but normalized in 2024–2025.

• Active listings expanded from single digits to 35–45 units, easing pressure and increasing buyer options.

• Luxury townhomes in premium neighbourhoods contributed to upward price momentum.

🏣 Apartments

Pricing Trends

• Average price increased from ~$637K to $873K.

• Median price climbed from ~$595K to $776K, showing enduring interest in both entry-level and higher-end units.

Market Dynamics

• Sales remained steady at 10–15 units/month.

• Inventory recovered from just 9 units (late 2022) to 32+ by spring 2025, offering better selection.

• Variability in pricing during 2023 reflects the influence of luxury new builds and demand swings.

🏠 Short-Term Rental Market

Investor Demand & Price Growth

• Average prices surged from ~$607K (2022) to $1M+ in early 2025, occasionally topping $1.5M.

• Median prices followed, highlighting interest in rental income–generating units.

Sales & Supply

• April 2025 saw 14 STR sales from 41 listings—a 34% sales-to-listings ratio, signaling a stable but selective market.

• Active inventory consistently remained in the 40s, giving buyers more opportunity to compare.

Outlook

• Investor-driven purchases are rising, especially for year-round, income-producing homes.

• Buyers should expect increased due diligence from lenders and municipalities around zoning and use.

💬 Final Thoughts

While the Canmore market isn’t replicating the frenzy of 2021, it's incredibly resilient. Prices remain strong across segments, and inventory is finally catching up with demand. Whether you're looking to buy, sell, or invest, a professional strategy is essential in today’s evolving landscape.

📩 Contact us to learn what these trends mean for your property goals.