Canmore & Bow Valley Real Estate Market Update | September 2025
As we move into fall, the Canmore and Bow Valley real estate market continues to show its characteristic seasonal rhythm. August 2025 followed the usual summer slowdown, with fewer sales than July, but history tells us that September often marks the start of renewed demand. Whether you’re a buyer seeking a mountain lifestyle home, an investor exploring short-term rental opportunities, or a seller evaluating timing, here’s how the market is shaping up.
August 2025 Sales Snapshot
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Residential (detached, semi-detached, townhomes, apartments – excluding lots):
• August 2025: 23 sales
• August 2024: 25 sales
• August 2023: 27 sales -
Short-Term Rentals (Tourist Homes & Visitor Accommodation):
• August 2025: 12 sales
• August 2024: 8 sales
• August 2023: 30 sales (boosted by a one-time new project launch)
Takeaway: Residential sales remain steady, while the short-term rental segment continues to draw strong investor interest.
Active Listings – September 3, 2025
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Residential:
• September 2025: 135 listings
• August 2025: 139 listings
• July 2025: 139 listings
• September 2024: 132 listings -
Short-Term Rentals:
• September 2025: 23 listings
• August 2025: 39 listings
• July 2025: 34 listings
• September 2024: 38 listings
Takeaway: Residential inventory is balanced year over year, while the sharp drop in short-term rental listings has pushed that segment into a strong seller’s market.
Pricing Trends – September 2025 Insight
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Month-to-Month Volatility: With only 23 residential sales in August, a few high- or low-value transactions can skew the averages. For example, detached homes above $2M can pull the monthly median upward, while a cluster of apartment or townhouse sales can bring it down.
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Year-to-Date Context: So far in 2025, median sale prices for detached and semi-detached homes remain close to record highs established in late 2024 and early 2025. Townhouses continue to show steady appreciation, while apartments are trending toward a more balanced market with less upward pressure on pricing.
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Short-Term Rentals: STRs remain the standout. With only 23 active listings, investor demand continues to drive competition, keeping prices elevated. Even with seasonal fluctuations, long-term trends show strong appreciation—average prices for this segment have risen more than 70% since 2020.
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Overall Takeaway: While August’s averages and medians should be viewed cautiously, the broader trend points to sustained long-term growth in detached homes, townhouses, and short-term rentals, while apartments present opportunities for buyers to negotiate.
Market Conditions
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Residential Real Estate in Canmore: With 135 active listings and steady sales, the residential market is balanced. Buyers have more choice than in recent years, while sellers still benefit from healthy demand—particularly in townhouses and luxury detached homes.
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Short-Term Rentals in Canmore: With only 23 active listings, the short-term rental and visitor accommodation segment is firmly in a seller’s market. Investor demand remains robust, and limited supply is driving competitive conditions.
Looking Ahead
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September typically ushers in a busier fall market as buyers return from summer holidays.
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We anticipate renewed demand in detached and townhouse segments, while apartments may trend toward a more balanced market.
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Investor appetite for tourist homes and visitor accommodation remains strong, with Canmore’s year-round tourism and limited land base supporting long-term growth.
Key Insight: The Canmore and Bow Valley real estate market remains resilient. Residential buyers can take advantage of balanced conditions, while short-term rental investors face a highly competitive seller’s market. With Alberta’s ongoing population growth and more favorable borrowing conditions compared to 2023–2024, Canmore continues to stand out as one of Canada’s most desirable mountain real estate markets.
