As we step into October, the Canmore and Bow Valley real estate market is entering a new phase. For the first time since December 2020, the total number of active listings has climbed above 200 — reaching 213 properties including lots. This milestone is reshaping the dynamics of our market, particularly in the detached and semi-detached segment, which has now shifted into buyer’s market territory.
While increased inventory usually sparks more activity, sales in September told a different story. In fact, the number of transactions last month mirrored the slower pace we typically see in January — historically the quietest month of the year. This imbalance between listings and sales is setting the stage for an important season ahead, with more choices for buyers and more competition for sellers.
Key Market Insights – October 2025
- Active Listings:
- Detached & Semi-Detached: 68
- Townhouses: 50
- Apartments: 54
- Short-Term Rentals: 30
- Lots: 11
- Total: 213 active listings, the highest in nearly five years.
- Sales in September:
- Detached/Semi-Detached: 6
- Townhouse: 10
- Apartment: 8
- Short-Term Rentals: 4
- Total: 28 sales, almost identical to January volumes.
- Lot Sales in Q3: 5 transactions — small in number, but notable given Canmore’s limited land supply.
Detached & Semi-Detached Homes: A Shift to Buyer’s Market
Detached and semi-detached homes have been the backbone of the Canmore market for years, but rising inventory is changing the balance. With 68 listings in October and only six sales in September, buyers now have more negotiating power. Median pricing in Q3 landed at $1,728,000, down from the highs we saw earlier in the year when detached homes regularly surpassed $2M.
This is the first time in years that detached homes have moved into buyer’s market conditions. For sellers, pricing strategy and presentation are more important than ever, while buyers have the advantage of choice and leverage in negotiations.
Townhouses & Apartments: Balanced Conditions
Townhouses and apartments are holding steadier compared to detached homes:
- Townhouses: Median Q3 price was $1,125,750, reflecting stable values. With 50 active listings, this segment is offering more variety for families and second-home buyers.
- Apartments: Median Q3 price of $698,800, softening slightly from spring highs. Inventory has grown to 54 units, which is shifting the apartment market closer to balance.
These property types remain attractive for both locals and investors looking for manageable spaces with strong long-term value.
Short-Term Rentals: Investor Demand Meets New Supply
The short-term rental (STR) market continues to evolve. Sales in September were limited (only four transactions), yet median pricing for Q3 settled at $797,500 — well above pre-2023 levels.
The increase in STR listings (30 active in October) reflects both resale opportunities as the end of the high season draws to a close. For investors, this provides more options, but also signals that competitive pricing and strong rental potential will be key to securing a sale.
Q3 Market Review
Looking back at Q3 as a whole:
- Detached & Semi-Detached Median Price: $1,728,000
- Townhouses Median Price: $1,125,750
- Apartments Median Price: $698,800
- Short-Term Rentals Median Price: $797,500
- Lot Sales: 5
Sales volumes were lower than we typically see at this time of year, underscoring the shift in market dynamics. The last time we saw sales at these levels with such high inventory was pre-pandemic.
Looking Ahead: Development & Market Outlook
This week, I attended the TSMV information session for Smith Creek Phase I, which is scheduled to go before Council in early October. Over the next 3–4 years, this project will bring a significant number of detached, semi-detached, and townhouse units to market. While this won’t impact supply overnight, it will shape the long-term trajectory of Canmore’s real estate landscape.
What to Watch:
- Detached homes: Will increased inventory drive further price adjustments this fall?
- Townhomes and apartments: Balanced markets suggest stability, but buyers now have more selection.
- Short-term rentals: As new projects launch, will investor appetite keep pace with supply?
- Overall demand: Alberta’s population growth, strong tourism, and lifestyle appeal continue to underpin long-term value in Canmore.
- Economic factors: Canmore and the Bow Valley are tied to Calgary and Alberta’s economy. While the local economy has a strong tourism focus, we are reliant on global energy prices and national and international macroeconomic factors.
Final Thoughts
The Canmore real estate market is entering new territory with 213 active listings — the broadest selection in nearly five years. Detached homes are firmly in buyer’s market conditions, while townhomes, apartments, and short-term rentals remain more balanced. For buyers, this is the most choice we’ve seen in years. For sellers, thoughtful pricing, staging, and marketing are essential to stand out in a more competitive environment.
As always, every property type tells its own story. Whether you’re looking to buy, sell, or simply stay informed, understanding these market dynamics is the key to making the right decisions in today’s changing landscape.
