NEW YEAR, SAME HOUSING STORY.
The Canadian Real Estate Association published an article this week about the state of the Canadian Housing market. If you have been paying any attention to the Canmore housing market over the last 2 years it will come as no surprise that our market is mirroring that of the rest of Canada. Canmore has, over the last 18 months, been experiencing record-low inventory and huge buyer demand. Prices are continuing to increase and inventory depleting rapidly. As of today, we have 24 properties on the market in Canmore that you can live in full time - and 12 of those are over $1,250,000, so as new inventory hits the market sellers are setting time frames as to when they will look at all offers from interested Buyers. It has not been uncommon over the last few weeks for sellers to have their choice of offers from multiple buyers and buyers to write unconditional offers on a property. Most properties that hit the market right now are selling for over their listing price, even when their listing price is in line with the current market.
We have under 1 month of inventory on the market at current demand levels.
CANADA WIDE: The question is not whether demand can keep up this pace. The demand is definitely there. The question is whether we're going to run out of homes for people buy. There were actually fewer homes listed for sale on Canadian MLS® Systems on New Year's Day 2022 than at any other time in the database's history going back to the 1980s.
It's the same deal with the number of months of inventory at 1.6 months-a record low! A "Goldilocks" or "normal" (not too hot, not too cold) market would have five or more months of inventory."