May Real Estate News

We have seen that traditional spring surge of new listings over that past two months, as we again reach above 400 active listings within Canmore and area. Sales remain steady, although somewhat below expectations for April. There seems to be many active buyers within all segments of the market, with many still a little hesitant to commit to an offer. The competition for the buyer's dollar remains strong with a great selection of homes in all price points and at some very attractive listing prices.

The April 19th mortgage rule deadline has come and gone with very little noticeable effect on the Canmore market. The benefit of the new rules will curb some of the speculative purchases that we saw over the past few years that are now coming to haunt certain segments of the market.

Looking forward to late spring and early summer, we see sales staying steady and prices remaining stable. Without an unforeseen jump in interest rates, it is unlikely we will see a sudden rush of buyers. Active listing will continue to sit around 400 as people who have previously taken their listings off the market, see the market stabilizing and decide to sell again.

Banff has seen an increase in sales over the past few months with a change in inventory and some sizeable price adjustments to some properties. The market in Banff continues to be primarily the entry level one and two bedroom condominium. Larger single-family homes are again starting to sell, but usually after spending quite some time on the active market.

Median sale prices for single-family homes continue to trend upwards, as more higher-end homes sell. The sale price to asking price ratio remains about 93.5%, with the occasional home ending up multiple offers. The buyer's market continues in Canmore.