As we close the books on 2024, it's time to reflect on the trends and insights from Canmore's real estate market over the past year. With shifting dynamics and evolving buyer priorities, this year provided a mix of challenges and opportunities for buyers, sellers, and investors alike. Let’s dive into the numbers and compare them to previous years to see how the market has performed.
Watch the full Canmore market update here:
2024 Market Highlights
Total Sales: 503 properties were sold
Average Sale Price: $1.14M
Average Price per Square Foot: $813
Average Days on Market: 51
These figures reveal a moderate decline in overall sales compared to 2023 but highlight a significant growth in the average sale price. The increase in the average price per square foot indicates that Canmore remains a premium market for real estate, even as the pace of sales slightly cooled.
Comparing 2024 to Previous Years
2023 Recap
Total Sales: 517
Average Sale Price: $1.05M
Average Price per Square Foot: $853
Average Days on Market: 44
While 2023 saw slightly more sales (517 vs. 503), the average sale price has climbed from $1.05M in 2023 to $1.14M in 2024—an 8.5% year-over-year increase. This rise underscores the continued desirability of Canmore properties. However, the price per square foot declined from $853 to $813, suggesting buyers were gravitating toward larger properties or those with unique features that justified a higher price tag but offered better relative value.
2022 Recap
Total Sales: 556
Average Sale Price: $973K
Average Price per Square Foot: $691
Average Days on Market: 40
Compared to 2022, the 2024 market has shifted toward higher pricing and fewer transactions. The average sale price has increased by nearly 17% over two years, while the average price per square foot has surged by 17.6%. This trend highlights a growing demand for Canmore’s unique mountain lifestyle and premium housing options.
Insights and Takeaways
Slower Pace, Higher Value
The increase in average days on market (51 in 2024 compared to 44 in 2023 and 40 in 2022) suggests that buyers are taking more time to make decisions, likely influenced by higher interest rates and evolving economic factors. However, those who purchased properties were willing to invest significantly more, pushing average sale prices to new heights.
Long-Term Growth
Over the past three years, Canmore’s real estate market has demonstrated remarkable resilience and growth. While the total number of sales has declined each year since 2022, the consistent increase in average sale prices reflects strong demand for mountain properties and limited inventory.
What to Expect in 2025
Looking ahead, we anticipate continued demand for Canmore’s lifestyle-focused properties, particularly those offering excellent value per square foot. As economic conditions stabilize, the market may experience a resurgence in transaction volume while maintaining high property values.
Conclusion
Canmore’s real estate market in 2024 reinforced its reputation as a desirable and resilient market. With rising property values and sustained interest from buyers, it’s clear that Canmore continues to attract those seeking a unique blend of luxury, lifestyle, and investment potential. Whether you’re considering buying, selling, or simply keeping an eye on the market, staying informed is key.
For more insights or to discuss your real estate goals, reach out today. Let’s make 2025 your year to achieve your property dreams in Canmore!
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Richard Greaves
Broker/Owner - RE/MAX Alpine Realty
403-688-7629
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