How Have Canmore Home Prices Changed In The Past 5 Years | Canmore Real Estate
Want to know how the Canmore Real Estate market has changed in the past 5 years? In this blog post, we will dive into statistics from how the average price, square foot price, and days on the market have changed. Whether you're a buyer or seller this blogpost can help provide you with the information to make a more informed decision when buying or selling in Canmore.
CANMORE AVERAGE HOME PRICE 2018 - 2023
note: fractional and quarter-share sales are not included in the data. 2023 Data is only YTD
In the chart above, the data provided shows the average price of a Canmore home per year from 2018 until 2023. The average home price has increased by $370,918 since 2018.
CANMORE AVERAGE SQFT PRICES 2018 - 2023
Since 2018 the average square foot price has risen by $281 per sqft. Let's break down the individual property categories for a more in-depth look.
AVERAGE SQFT PRICES PER CATEGORY IN 2023
When breaking down into individual property types, the highest average sqft prices for 2023 were Hotel Condos ($965) and Tourist Homes ($928), these types of homes typically have higher sqft prices as they are zoned for short-term rental which is great for investors.
AVERAGE DAYS ON MARKET 2018 - 2023
Over the past 5 years, homes have been sat on the market for less time in 2021 - 2023. However, in 2023, they are starting to begin an increasing trend.
AVERAGE DAYS ON MARKET PER PROPERTY CATEGORY 2023
In 2023, the fastest-selling property type, was apartments, with an average of 45 days on the market. Closely followed by hotel condos and townhomes with an average of 52 days on the market.
In conclusion, the Canmore real estate market has undergone significant changes over the past five years. The average home price has seen a substantial increase of $370,918 since 2018, while the average square foot price has risen by $281 per square foot. When looking at specific property categories in 2023, Hotel Condos and Tourist Homes have the highest average square foot prices due to their short-term rental zoning, making them attractive to investors.
It's worth noting that in 2023 apartments are currently the fastest-selling property type, with an average of 45 days on the market, closely followed by hotel condos and townhomes with an average of 52 days on the market.
Whether you're a potential buyer or seller, this data can provide valuable insights to help you make more informed decisions in the Canmore real estate market. Stay updated and consider these trends when navigating the dynamic landscape of Canmore's real estate market.
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Richard Greaves Broker/Owner