Canmore & Bow Valley Real Estate Market
2025 Year in Review and 2026 Outlook
Market Overview: A Return to Balance in 2025
The Canmore and Bow Valley real estate market in 2025 marked a decisive shift toward normalization after several years of extraordinary volatility. Overall MLS sales declined year over year while listings increased, creating more choice for buyers and longer decision-making timelines. Despite this, pricing across most property types continued to rise, reinforcing the long-term resilience of the Canmore, Harvie Heights, Lac Des Arcs, Dead Man’s Flats, and Exshaw markets. Inventory levels, while higher than the post-pandemic lows, remain historically constrained and comparable to conditions last seen in 2006–2007—even after thousands of new units have been added over the past two decades.
Residential Detached & Semi-Detached Homes
Detached and semi-detached homes showed continued price strength in 2025 despite softer transaction volume and longer days on market.
- Total Sales: 137 (up from 136 in 2024)
- Total Listings: 232 (up from 217 in 2024)
- Average Sale Price: $1,961,496 (+8.9% YoY)
- Median Sale Price: $1,780,000 (+14.5% YoY)
- Total Dollar Volume: $268,745,004 (+9.7% YoY)
- Average Days on Market: 72 (up from 60 in 2024)
After spending much of mid-2025 firmly in buyer’s-market territory, this segment moved back into balanced conditions toward the end of the year. Buyers gained negotiating leverage, particularly on larger or higher-priced homes, while well-located and well-presented properties continued to command strong interest.
Residential Townhomes
Townhomes remained one of the most stable and liquid segments of the Canmore real estate market, benefiting from affordability relative to detached homes and strong lifestyle appeal.
- Total Sales: 130 (unchanged YoY)
- Total Listings: 195 (up from 181 in 2024)
- Average Sale Price: $1,139,222 (+8.4% YoY)
- Median Sale Price: $1,065,750 (+6.6% YoY)
- Total Dollar Volume: $148,098,946 (+9.3% YoY)
- Average Days on Market: 59 (up from 44 in 2024)
Townhouses accounted for approximately 22% of both annual listings and sales, reinforcing their role as a bridge between entry-level apartments and higher-priced single-family homes. Demand remains broad, ranging from full-time residents to second-home buyers seeking lock-and-leave convenience.
Residential Apartment Condominiums
Apartment condominiums experienced softer sales volumes in 2025 but continued to show steady price appreciation.
- Total Sales: 116 (down from 128 in 2024)
- Total Listings: 170 (largely unchanged YoY)
- Average Sale Price: $808,781 (+6.3% YoY)
- Median Sale Price: $711,000 (+8.5% YoY)
- Total Dollar Volume: $93,818,709 (–2.9% YoY)
- Average Days on Market: 54 (slightly improved YoY)
Accounting for 20% of total annual listings and sales, apartments remain a key entry point into the Canmore market, particularly for first-time buyers and downsizers. Increased choice has shifted this segment closer to balanced conditions.
Residential Lots
Lot sales were limited in number, with pricing influenced heavily by new releases in Exshaw.
- Total Sales: 8 (up from 5 in 2024)
- Total Listings: 20 (up from 14 in 2024)
- Average Sale Price: $1,234,442 (–24.3% YoY)
- Median Sale Price: $1,335,000 (–11% YoY)
- Total Dollar Volume: $9,915,537 (+21.7% YoY)
- Average Days on Market: 143
Lots represented just 1–2% of total market activity, reinforcing the reality that Canmore’s limited land base continues to constrain future supply.
Short-Term Rental & Tourist Home Properties
Short-term rental (STR) properties remained a major driver of overall market activity in 2025.
- Total Sales: 192 (up from 189 in 2024)
- Total Listings: 256 (up from 245 YoY)
- Average Sale Price: $895,316 (+3.8% YoY)
- Median Sale Price: $870,975 (+6.3% YoY)
- Total Dollar Volume: $171,900,817 (+5.4% YoY)
- Average Days on Market: 27 (down from 50 in 2024)
STRs accounted for approximately 29% of annual listings and 33% of annual sales. December 2025 sales were significantly influenced by the launch of Grizzly Ridge at 1727 Mountain Avenue, with 61 of the 65 units sold in December —an important reminder of how new construction can distort short-term statistics. As multiple projects reach occupancy, resale inventory is expected to increase in 2026.
Q4 2025 & December Market Snapshot
The final quarter of 2025 closed stronger than recent years.
- Q4 2025 Total Sales: 174 (best quarter since Q3 2023)
- Q4 Sales excluding Grizzly Ridge: 113 (in line with Q3 2025)
- Q4 Residential Sales: 85 (vs 95 in Q4 2024)
- Average Detached/Semi Price (Q4): $1,908,891
- Median Detached/Semi Price (Q4): $1,799,000
- Average Days on Market: Increased across all residential segments
December listings declined seasonally, and the overall residential market entered 2026 in balanced territory.
Long-Term Context and Looking Ahead to 2026
When viewed through a long-term lens, today’s inventory and sales levels closely resemble mid-2000s conditions rather than the extremes of 2021–2022. Despite higher interest rates and policy uncertainty, Canmore’s limited land base, strong tourism economy, and ongoing redevelopment in Banff continue to support demand.
Looking ahead to 2026, key themes include continued development in Three Sisters and Silvertip, infill construction in established neighbourhoods (South Canmore, Larch, Lion’s Park and Hosptial Hill), potential changes to vacant home taxation, evolving interest rate conditions, and the likelihood of STR resale inventory increasing as new projects complete. With Spring Creek nearing build-out and Banff undergoing its largest redevelopment cycle in decades, the Bow Valley remains a highly sought-after real estate market where outcomes will be increasingly property-specific.
We are looking forward to the completion and occupancy of Logel Home’s first building at Altitude at Three Sisters this spring. Sticks and Stones Custom Homes have exciting projects launching mid 2026.
Lastly, we can’t enter 2026 without the excitement of an incredible ski season so far. Lake Louise broke an all-time record for December snowfall and we are shaping up for an incredible winter.
