Canmore housing prices buck trend, average $1.7M for detached home

Canmore is one of few ski towns in Canada that saw significant bumps in housing prices as interest rates begin to weigh on consumers

Article content

While most mountain towns in Canada are seeing small — and sometimes sharp — decreases in average home prices, housing prices in Canmore are continuing to surge.

Even after one of the worst wildfire seasons on record, the median price of single-detached homes in the mountain town increased 9.6 per cent in the first 10 months of 2023, hitting just over $1.7 million.

Advertisement 2

Article content

Article content

Canmore is one of few ski towns in Canada that saw significant bumps in housing prices as interest rates begin to weigh on consumers.

Wildfires over the summer “prompted market disruptions” in the recreational property market, said Pauline Aunger, broker of record for Royal LePage Advantage Real Estate.

In Revelstoke, B.C., for example, the median price of a single-detached home decreased a modest 1.1 per cent to $816,000, while prices in Sun Peaks outside Kamloops, B.C., dropped 21.3 per cent to about $1.2 million.

Prices for single-family detached units in Whistler — where the average home goes for a steep $3.6 million — meanwhile dropped just 0.4 per cent, though Royal LePage expects that number to increase five per cent over the next 12 months.

Related Stories

‘I do not anticipate we will see a lot of new product hitting the market’: Canmore broker

Article content

Advertisement 3

Article content

While Canmore’s rising house prices may appear significant, they pale in comparison to 2020, when the median price for a single-detached home increased by 30 per cent year over year, cracking $1 million after averaging $793,750 a year earlier.

Inventory levels in Canmore meanwhile remain 30 per cent below the 10-year average, keeping market conditions in favour of sellers.

Higher interest rates haven’t dissuaded buyers in the town, as most transactions are made without financing, said Brad Hawker, a Canmore-based associate broker with Royal LePage Solutions.

“I expect buying and selling activity will remain status quo for the foreseeable future, as purchasers with the luxury of time wait for the right recreational home to come along,” Hawker said.

Total sales are meanwhile reverting back to pre-Covid levels, the data show, down 17.2 per cent year over year.

mount nelson
A view of Mount Nelson from the summit of Panorama Mountain Resort. The self-contained village is located on the edge of the Canadian Rockies, 18 km west of Invermere, B.C. Photo by Al Charest /Al Charest/Postmedia

Sales drop nearly 25 per cent in Invermere, hit with several evacuation alerts in August

Invermere, B.C. has so far fallen in line with national trends, seeing a modest 1.1 per cent increase to single-family detached homes in the recreational property market, while condo prices rose 1.3 per cent.

Advertisement 4

Article content

The current 5 per cent key interest rate have brought more homes online, Royal LePage said, as total sales have dropped 23 per cent year over year.

About three hours from Calgary, Invermere is a popular mountain town for southern Albertans looking for recreational property.

The interior B.C. community spent significant parts of the summer cloaked in smoke and more than 1,000 properties in the region faced several evacuation alerts throughout the summer due to nearby wildfires.

The Horsethief Creek wildfire, 10 kilometres west of Invermere and seven kilometres north of Panorama Mountain Resort, brought smoke in and out of the dry interior town for the majority of August. No homes or parts of the town were damaged by the fire.

Demand has remained consistent throughout the year despite the wildfires, said Barry Benson, broker at Royal LePage Rockies West Realty.

But clients have found it difficult to sell their properties as a result of the wildfires, Benson said, as smoke came from nearly all angles this summer.

[email protected]
X: @mattscace67

Article content