Canmore Real Estate Market Update – August 2025 | Year-over-Year Trends in Residential, STR & Land Segments

Canmore Real Estate Market Update – August 2025 | Year-over-Year Trends in Residential, STR & Land Segments

August 2025 Market Update

Year-Over-Year Trends for Residential, STR, and Land Segments

As we move through the final weeks of summer, the Canmore and Bow Valley real estate market continues to show its strength — though year-over-year comparisons reveal a more nuanced picture depending on the property type. Residential properties are holding strong with continued price growth despite fewer detached home sales. Short-term rental use properties are seeing reduced activity, likely due to a return to normal post-pandemic patterns and increased investor selectivity. The land segment, while small in volume, remains highly valuable and driven by long-term custom build and redevelopment demand.

Here’s how each category performed in July 2025 compared to July 2024:


Residential Market (Detached, Semi-Detached, Townhouses, Apartments)

Residential remains the backbone of the Canmore market — stable, resilient, and showing strong pricing growth.

Year-over-Year Highlights:

  • Total residential sales: 31 (↓ 3% from 32 in July 2024)
  • Detached & semi-detached sales: 11 (↓ 35%)
  • Townhouse sales: 8 (↑ 14%)
  • Apartment condo sales: 12 (↑ 50%)

Pricing Trends:

  • Detached homes:
    • Average price: $2,084,818 (↑ 5.9%)
    • Median price: $1,765,000 (↑ 9.1%)
  • Townhouses:
    • Average price: $994,562 (↑ 8.6%)
    • Median price: $954,500 (↑ 8.5%)
  • Apartments:
    • Average price: $732,958 (↑ 0.8%)
    • Median price: $705,800 (↑ 14.9%)

Takeaway:
Residential buyers are still active — especially in the apartment and townhouse segments, where more inventory and relative affordability have opened doors for first-time buyers, downsizers, and second-home seekers. Detached home prices remain robust, driven by low inventory and luxury demand, even with fewer sales.


Short-Term Rental Use (Hotel Condo, Tourist Home, Visitor Accommodation)

The STR market is seeing a return to more typical levels following last year’s significant sales activity.

Year-over-Year Highlights:

  • Sales: 11 (↓ 65% from 31 in July 2024)
  • Average price: $605,513 (↓ 34%)
  • Median price: $741,300 (↓ 12%)

Takeaway:
While the sharp drop in sales appears dramatic, it reflects a more “normal” pace following a surge in 2024 from new development closings. Investors are still active, but more selective, focusing on revenue potential, location, and property quality.


Land & Lots

Land sales remain limited in volume but are highly sought after throughout the Bow Valley; new development lots in Silvertip’s Mountain Tranquility and Exshaw’s Mountain Gateway to development sites in South Canmore and Hospital Hill.

Year-over-Year Highlights:

  • Sales: 3 (↑ 200% from 1 in July 2024)
  • Average price: $1,968,148 (↓ 6.3%)
  • Median price: $1,434,446 (↓ 31.7%)

Takeaway:
With so few transactions, YoY pricing swings can be misleading — In 2025, more modest custom home sites made up the volume. Regardless, land remains scarce and continues to command premium values.


In Summary

The Canmore and Bow Valley market continues to show strength — but with unique trends in each segment:

  • Residential: Prices continue to rise across all housing types. Buyer interest is strongest in townhomes and condos, while detached homes remain premium-priced with limited supply.
  • Short-Term Rentals: Normalizing sales after an abnormally high 2024. Investors are cautious but remain engaged.
  • Land: Scarcity supports long-term value. Expect continued interest in custom builds.

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