Canmore Home Prices SURGE 32.5% Since 2018 | What To Expect In 2024?
As the Canmore real estate market experiences a slowdown in sales trends and properties linger on the market for longer durations, it raises questions about what 2024 may hold. The combination of high interest rates and inflation is prompting prospective buyers to adopt a more cautious approach, taking their time in making real estate decisions. I'll explore what these trends mean for both prospective buyers and sellers.
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2018 - 2023 Market Update Video | What To Expect In 2024?
Between 2018 and 2023 the average Canmore sale price has increased by a staggering 32.5%
Over the past six years, the Canmore housing market has experienced an upward trajectory in average home sale prices. The COVID-19 pandemic, coupled with historically low interest rates, played a role in driving this surge, resulting in a record number of 962 Canmore home sales in 2021.
The timeline below demonstrates how the Canmore real estate market has steadily grown each year until 2021 when there was a significant rise in the average Canmore Sale Price.
In the period from 2021 to 2022, the Canmore real estate market experienced a reduction in the average number of days properties spent on the market. This decline was driven by the heightened demand for Canmore real estate and lower interest rates during the pandemic.
However, in 2023, with interest rates on the rise, Canmore properties are beginning to linger on the market for a slightly longer duration. This change reflects a shift in buyer behavior as they become more cautious in response to evolving market conditions.
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Richard Greaves Broker/Owner
RE/MAX Alpine Realty