Canmore, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $950,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.0% |
| Stock on market | 0.5% |
Apartment
| Median price | $550,000 |
| Monthly growth | 1.0% |
| 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 | $450,000 |
| 2 bedrooms | $600,000 |
| 3 bedrooms | $700,000 |
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) | 2,500.5 |
Market Analysis
1. Current Market Conditions and Trends
The real estate market in Canmore, Alberta has been experiencing steady growth, as indicated by the current median house price of $950,000, reflecting a year-over-year increase of 4%. Similarly, the median apartment price stands at $550,000, with a slightly lower growth trend of 2.5% year-over-year. These metrics suggest a healthy demand for housing in the area, likely driven by Canmore’s natural beauty and its popularity as a tourist destination.
The town’s population has also seen significant growth, currently estimated at 13,000 residents with an annual growth rate of 4%. This demographic expansion contributes to the sustained demand for housing and supports the positive trends in property value appreciation.
2. Investment Opportunities and Potential
In light of the ongoing increase in property values, Canmore presents attractive opportunities for real estate investors. The consistent rise in both house and apartment prices indicates a robust investment potential for long-term capital gains. Additionally, given Canmore’s appeal as a year-round haven for outdoor enthusiasts and proximity to Banff National Park, there is substantial opportunity in the vacation rental market.
Investors might find particular potential in targeting mid-range apartments due to their more modest price increase compared to houses, potentially allowing for easier entry into the market and appealing to a broader range of renters or buyers looking for more affordable options.
3. Future Market Outlook
The future outlook for Canmore’s real estate market remains optimistic. The consistent population growth suggests that demand for housing will continue to rise. With its limited land availability due to surrounding national parks and protected areas, this could lead to further tightening of the market and possible increases in property values over time.
While external economic factors such as interest rates and national economic health can affect local markets, Canmore’s unique positioning as a desirable location should help maintain its real estate market resilience. Investors considering entry into this market should pay close attention to regional development plans and tourism trends which may influence future property valuations.
