Canmore & Area Real Estate Market Insight – December 2025
As 2025 winds down, the Canmore and Bow Valley real estate market is moving into its familiar seasonal pattern. Active listings eased across nearly every property category this month—a trend we expect heading into winter—but remain meaningfully lower than the peak inventory levels seen in October. This shift offers valuable insight into where the market is heading as we prepare for 2026.
Residential Market Overview
Residential listings—detached, semi-detached, townhomes, and apartments—continued to decline month over month. While this seasonal drop is normal, the more important story is the significant pullback from early fall.
Detached and semi-detached homes remain firmly in buyer’s-market territory. Inventory, while improving from the roughly 12 months of supply we saw several months ago, is still elevated relative to demand. Buyers in this segment enjoy more negotiating power, longer days on market, and greater choice.
Townhomes and apartments tell a different story. These categories continue to show steady demand, healthy absorption, and resilient pricing, with both average and median sale prices holding stable. Entry-level and midrange buyers remain very active, keeping this part of the market competitive even as higher-priced detached homes slow.
Lots: Stable but Quiet
The land segment remains one of the smallest and most variable parts of the Canmore market. Lot listings were unchanged month over month, and no lot sales were recorded in December—a typical winter trend.
Lot activity generally rebounds in February through late spring as buyers plan building timelines and evaluate construction feasibility. Any meaningful movement in this segment is likely to align with spring 2026.
Short-Term Rental (STR) Market Trends
The STR market—tourist homes and visitor accommodation units—saw another decline in inventory this month. Despite the seasonal slowdown, this segment remains in a seller’s market, supported by strong tourism demand, stable rental revenue expectations, and continued investor interest.
Sales activity dipped heading into winter, but this is expected during the lowest revenue months of the year. Many investors intentionally enter the market early in the year to position for peak summer earnings.
Market Outlook: A Recalibrating Market, Not a Retreating One
December is a transitional month in the Bow Valley. Even as listings decline, the broader trend is a healthy recalibration from the October peak rather than a market downturn.
Key takeaways:
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Detached and semi-detached buyers are benefiting from improved leverage and negotiation.
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Townhome and apartment sellers continue to enjoy stable pricing and consistent demand.
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STR investors remain active and focused on long-term revenue performance.
As we look ahead, inventory levels historically rise in February and March, setting the stage for an active and competitive spring real estate market.
For homeowners, buyers, and investors planning their 2026 strategies, understanding these segment-by-segment dynamics will be essential.
