Market Overview
The Canmore and Bow Valley real estate market demonstrated continued resilience in February 2025, with stable sales volumes and strong pricing trends across various property segments. Inventory levels remain lower than historical averages, reinforcing a balanced to seller’s market in many areas. The demand for high-quality homes, particularly in the luxury sector, continues to attract local, national and international buyers, while investors remain drawn to the stability of real estate as an asset class.
Sales Trends – February 2025 vs. 2024 & Month-Over-Month
February 2025 saw a total of 23 residential sales, aligning closely with previous years, as 26 properties changed hands in February 2024 and 24 in January 2025. While the overall market appears steady, the short-term rental (STR) segment experienced notable growth. Fourteen STR properties were sold in February, a substantial increase from the four sales recorded in January and surpassing the 11 sales observed in February 2024. This upward trend indicates a strong appetite for investment properties, as buyers seek tangible, income-generating assets amidst economic uncertainty.
The luxury market remains a standout performer, with the median sales price for detached and semi-detached homes exceeding $2 million in four of the past six months. This underscores both the enduring appeal of Canmore’s high-end properties and the limited supply of these prestigious homes. February’s median sales price of $2,295,250 further reinforces the strength of the segment, demonstrating that well-positioned, high-quality residences continue to attract buyers despite shifting economic conditions. While January showed a momentary slowdown in sales and an uptick in inventory, February’s performance suggests a return to traditional seasonal patterns, with activity expected to accelerate as the spring market gains momentum.
Inventory & Pricing Trends
The market saw a modest decline in active and pending residential listings, dropping from 121 at the beginning of February to 117 in early March. However, this remains significantly higher than the 87 listings recorded at the same time in 2024, signaling a slight increase in available inventory compared to the previous year. Detached and semi-detached homes continue to dominate the market, with 54 active listings ranging from $749,900 in Exshaw to a remarkable $8,717,800 in Silvertip. The average listing price for these properties currently stands at $2,692,416, reinforcing Canmore’s position as a premier destination for discerning buyers seeking luxury mountain real estate.
Short-term rental properties remain a key focus for investors, with 27 active listings in March. This marks a slight decline from 29 in February, yet still exceeds the 25 recorded in March 2024. The consistent demand for STR properties, coupled with limited inventory, continues to support pricing stability and attractive returns for investors in this segment.
Short-Term Rental (STR) Market Trends
The STR market exhibited strong performance in February, with sales reaching 14 transactions, a sharp increase from the four sales recorded in January and exceeding the 11 transactions in February 2024. This surge highlights the continued attractiveness of Canmore’s short-term rental market, as investors recognize the town’s year-round tourism appeal and the revenue potential of well-located properties. As well, many buyers choose to purchase late winter early spring to capitalize on the higher revenue rates in summer.
Inventory levels for STR properties remain low, keeping the market firmly in seller’s territory. The limited availability of STR listings, combined with high buyer interest, has contributed to a sustained upward trend in both median and average sale prices. Anecdotally, many investors are shifting capital from financial markets into real estate, drawn by the tangible nature of property ownership and the income potential of Canmore’s short-term rental properties. This investment trend suggests continued strength in the STR segment throughout 2025, as demand persists in the face of constrained supply.
Townhouse Market Trends
The townhouse segment continues to experience tight inventory levels, supporting price stability across this property type. Current inventory levels position the townhouse market within balanced conditions, indicating a steady flow of both buyer demand and new listings. However, with Canmore’s appeal as a sought-after mountain destination, townhouses remain a popular choice for those seeking a lower-maintenance residence with access to the region’s outdoor lifestyle.
Over the past several months, townhouse sale prices have exhibited a gradual upward trajectory, reinforcing the desirability of this housing type. The combination of limited supply, sustained demand, and Canmore’s unique market dynamics suggests that well-priced townhomes will continue to attract interest from both primary homebuyers and investors.
Market Outlook
As the Canmore market moves into spring, increased listing activity is anticipated, following the traditional seasonal pattern. While inventory is expected to rise, many of these new listings are likely to be absorbed quickly, particularly in segments experiencing strong demand, such as luxury detached homes, short-term rental properties, and townhouses. Given that most property segments are currently operating within a seller’s or balanced market, buyers should be prepared to act swiftly when competitive listings become available.
While broader economic uncertainties persist, Canmore’s market fundamentals remain strong. The region continues to offer an unparalleled lifestyle, attracting both full-time residents and part-time homeowners seeking a mountain retreat. With a limited land base and ongoing demand, Canmore is expected to retain its status as a highly desirable real estate market, where well-positioned properties continue to command strong interest and competitive pricing.
