February 2023 Real Estate Market Update

February 2023 Real Estate Market Update

Lack of inventory continues, patience is the key for active buyers!

As we pass through the first month of the year, the market continues to struggle with a significant deficiency in the number of listings. As of early February 2023, we have 81 active listings in all market segments. In 2022 we saw record lows for listing inventory and only January and February of 2022 were lower than January and February of 2023. To put this into perspective, if we look at the last 20 years of our market the average listing active inventory sits at 238 listings and the highest active listing inventory was 524 listings.

The media continues to talk about the real estate markets across Canada but this is a good example of how both Alberta and more specifically Canmore is quite insulated. We have seen the rising interest rates affect first-time buyers and move-up buyers in the market. However, the second-home buyer, work-from-home buyer, and the retirement buyer tends not to be as affected by rate increases as many of them are not wanting financing.

With the amount of buyers that continue to see all the benefits of Canmore as a recreational escape, retirement home, or a combination of the two continues to drive increased demand which is proving challenging with this low listing inventory. The number of sales is less than half of the record-breaking 2022 but very consistent with January sales pre-pandemic.

This continues to support our opinion that the market is moving back to the pre-pandemic sales volume with the added aspect of a lack of inventory. Currently, the market has 19 Single Family homes ranging in price from $1,319,000 to $8,717,800, 43 condos ranging from $419,000 to $1,575,000, and 8 full-ownership hotel condos ranging from $549,000 to $829,900.

With the lack of inventory if you are considering selling, now may just be the right time. Please reach out to us so we can help you with more detailed and specific information.


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