Canmore, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $987,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.5% |
Apartment
| Median price | $650,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $750,000 |
| 3 bedrooms | $950,000 |
| 4 bedrooms | $1,200,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $600,000 |
| 2 bedrooms | $750,000 |
| 3 bedrooms | $850,000 |
Demographics
| Current Population (2024) | 13,000 |
| Previous Population (2019) | 12,500 |
| Population Change | 4.0% |
| Total Private Dwellings | 5,000 |
| Occupied Private Dwellings | 4,800 |
| Population Density (per km²) | 2.6 |
| Land Area (km²) | 3,000.0 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Canmore, Alberta, is currently experiencing a steady growth in property values. With a median house price of $987,000, the market has seen a year-over-year increase of approximately 4%. This indicates a stable yet slightly growing demand for housing in the area. The market for apartments is similarly healthy, showcasing a moderate year-over-year appreciation with the median apartment price at $650,000, which has increased by 2.5%. The population of Canmore stands at around 13,000 residents, and with a growth rate of 4%, the town is expanding at a robust pace. This population increase signals a potential rise in demand for housing which could continue to drive price trends upward in the near future.
Investment Opportunities and Potential
The positive trends in property value appreciation indicate that Canmore presents valuable investment opportunities. The consistent growth in median house prices suggests that investment in residential properties could yield solid returns over time. Moreover, the lower median price point for apartments compared to houses implies there may be more accessible entry points into the real estate market for investors looking to cater to different segments of the population. Given Canmore’s attractive location and lifestyle offerings, such as proximity to Banff National Park and various outdoor recreational activities, rental properties could also see sustained demand from both long-term residents and seasonal visitors.
Future Market Outlook
The outlook for Canmore’s real estate market remains positive. Factors such as continued population growth and the town’s appeal as a tourist destination are likely to keep demand for housing strong. Assuming similar economic conditions persist, we can anticipate further incremental increases in property values. However, investors should remain vigilant about macroeconomic factors that could influence interest rates and mortgage availability, as these elements can significantly impact buyer behavior and property values. Nevertheless, Canmore’s real estate market presents itself as an attractive option for those looking to invest in an active community with promising growth prospects.
