Canmore & Bow Valley Real Estate Market Update | November 2025

After an unusually active October, the Canmore real estate market has shifted into a more balanced rhythm heading into the winter season. Sellers who adjusted pricing last month were rewarded with stronger activity, and buyers who had been waiting on the sidelines are beginning to step forward once again.

Market Overview: Returning to Balance

As of early November 2025, total active listings have eased to 191, down from 213 in October —the first time since December 2020 that the market climbed above 200 listings.
While still slightly higher year-over-year (181 in November 2024), this represents a 10% month-over-month decline in available inventory.

Residential listings (excluding lots) sit around 150, showing a 13% drop from October as buyers absorbed well-priced properties. Sales, meanwhile, increased 21% month over month, evidence that realistic pricing and targeted marketing are motivating action.

With 5.2 months of residential inventory, the overall Canmore & Bow Valley market now sits on the verge of balanced-market territory. Short-term rental properties remain the exception, maintaining 3.3 months of inventory and continuing to favour sellers.

Detached & Semi-Detached Homes: Buyers Have the Advantage

Detached and semi-detached homes have seen the most pronounced transition.

• Active listings: 60
• October sales: 5
• Months of inventory: Well above 10, clearly defining a buyer’s market.

The three-month median price has softened from just under $2.3 million in the same period 2024 to slightly above $1.8 million today.
The median sale price for detached homes has not surpassed $2 million since February, marking a shift in the market.

High-end buyers now have a broader range of choice, and several recent sales demonstrate meaningful negotiation room—often 5-10% below original list prices.
For sellers, the focus must shift to strategic positioning: accurate pricing, standout presentation, and compelling marketing are essential in this slower-moving segment.

Insight: Historically, detached inventory levels above 10 months have preceded periods of stabilization, not sustained decline. Given Canmore’s constrained land base, we expect gradual absorption through early 2026 as motivated sellers meet well-qualified buyers.

Townhouses: Stability Defines the Segment

Townhouses continue to be the most balanced category in the market.
Inventory levels hover around 4.8 months—squarely within equilibrium—and have stayed in that range for most of 2025.

Prices remain steady:

• Average sale price: ≈ $1.05 – $1.1 million
• Three-month average trend: Flat to slightly positive

This segment appeals to buyers seeking low-maintenance living without sacrificing space or mountain views. For many, townhomes strike the perfect middle ground between affordability and lifestyle.

Looking ahead, townhouse demand should remain consistent as there are more buyers for these types of properties than for higher-priced detached homes.

Apartment Condominiums: Buyers Regaining Leverage

The apartment inventory has crept toward 5 months, shifting this segment closer to balance.

The three-month average sale price has stabilized between $836,000 and $945,000, while list prices have risen modestly. This widening gap reflects the variety of units available on the market from luxury penthouses to entry level units.

For investors and first-time buyers, these conditions offer renewed opportunity: greater selection, room to negotiate, and long-term upside in Canmore’s core and Three Sisters neighbourhoods.
Sellers should expect slightly longer marketing times and focus on presentation—updated finishes, turnkey furnishings, and strong digital exposure will help listings stand out.

Short-Term Rentals (Tourist Home & Visitor Accommodation): Steady but Cooling

The short-term rental market remains resilient but is showing early signs of moderation.

• Inventory: ≈ 3.3 months (seller’s territory)
• Three-month average sale price: ≈ $780K – $855K

Demand continues to be driven by investor confidence in Canmore’s year-round tourism economy. However, increased supply from new developments has introduced more choice, particularly in newer STR complexes along Bow Valley Trail.
While prices remain strong, the pace of sales is tapering slightly, suggesting a seasonal slowdown rather than a structural shift.

Outlook: Given ongoing visitor demand and limited zoning for tourist-home use, STR values should remain well supported through 2026.

Context: Market Normalization, Not Decline

This autumn’s adjustment represents a healthy correction after several years of record-breaking performance.
The return to balanced conditions is encouraging for long-term sustainability and investor confidence.

Key factors supporting the market:

• Interest-rate stability following recent Bank of Canada pauses
• Positive migration into Alberta, bringing new buyers into the Bow Valley
• Lifestyle demand from professionals adopting hybrid or remote work models
• Limited land supply, which naturally caps long-term inventory growth

Together, these fundamentals continue to underpin property values even as short-term fluctuations play out.

Looking Ahead to 2026

Heading into winter, we expect typical seasonal slowing in new listings through December – January, followed by a rebound in March through May, historically the strongest period for Canmore transactions.

Sellers should prepare now for spring exposure: conduct pre-listing inspections, refresh staging, and align pricing with current comparables.
Buyers, meanwhile, may find their best selection between now and February before new demand enters the market.

At a Glance: November 2025 Highlights

Final Thoughts

Canmore’s real estate landscape is evolving into a healthier, more sustainable market.
The frenzy of 2021–2023 has given way to thoughtful transactions, measured growth, and opportunities on both sides of the table.

For buyers, increased selection and normalized pricing offer renewed entry points into one of Canada’s most desirable mountain communities.
For sellers, the key lies in preparation and precision—aligning price, presentation, and exposure to meet today’s more discerning buyers.

Whether you’re buying, selling, or simply tracking trends, Canmore remains a market defined by quality, scarcity, and enduring lifestyle appeal.