The Canmore real estate market has seen a notable shift over the past several months. After years of a heated seller’s market marked by bidding wars and rapid price appreciation, 2025 is ushering in a more balanced environment. As we head into the fall market between September and November, both buyers and sellers will find a landscape that rewards strategy, patience, and realistic expectations.
From Seller’s Market to Balanced Terrain
In early 2025, Canmore’s real estate market began to ease away from the frenzy of the pandemic-era boom. Inventory levels, which were historically low, have increased significantly. Where there were fewer than 60 active residential listings in late 2022, that number has climbed to around 184 listings in April and May of 2025.
Real estate agents in the area describe this transition as a move toward a “balanced to mildly seller-favored” market. As Canmore agent Thomas from canmorethomas.com puts it:
“We’re no longer in a frantic sellers’ market. Buyers are back to having more options, more time to decide, and the opportunity to negotiate.”
The sales-to-listings ratio reflects this cooling. Earlier in the pandemic, upwards of 70% of listings were selling quickly, often with multiple offers. Now, that ratio has dropped closer to 30–40%, indicating fewer bidding wars and a more measured pace for transactions.
Sales, Listings, and Pricing Trends
While Canmore remains a desirable mountain town with strong year-round appeal, sales volumes have softened slightly compared to previous years. Data from Wahi for May 2025 recorded 44 home sales against 148 active listings, with a median days on market sitting around 62 days. That contrasts with May 2024, when 56 homes sold—a sign of easing buyer demand. However, pricing has held firm, with the median sale price across all property types sitting at roughly $1,042,000.
Detached homes maintain robust values, averaging around $1.8 million in April 2025, up from $1.5 million in 2021. Condos and townhomes typically range between $776,000 and $1 million, depending on size and location. These numbers suggest that while buyers have more choices and negotiation power, Canmore’s market fundamentals remain strong.
Local agent insights reveal that while some buyers continue to seek full-time family homes, the market is also buoyed by investors and vacation-home purchasers, particularly in short-term rental zones such as hotel condos. Many cash buyers, especially those relocating from Calgary or abroad, view Canmore properties as desirable income-generating assets.
Bow Valley Living’s latest report echoes this sentiment:
“Despite a softer market, there remains strong interest in well-priced homes and units suited for short-term rentals, especially in prime locations with turnkey condition.”
One challenge that agents point to is the quality and pricing mismatch. Many listings in the mid- to high-end ranges sit unsold because they are perceived as overpriced or require significant updates, leaving buyers cautious. Meanwhile, competitively priced, move-in-ready homes continue to attract quick interest.
Looking Ahead: What Fall 2025 May Bring
Traditionally, the fall market in Canmore sees an influx of new listings as sellers who held off during summer enter the market, joined by investors and new homeowners ready to buy before winter. Real estate experts anticipate a similar pattern this year, with inventory rising in September and October, providing buyers more options.
However, the scale of this increase depends heavily on broader economic factors. Interest rates, for example, remain a critical wildcard. If the Bank of Canada maintains or lowers current rates, buyer confidence could improve, stimulating more activity. Conversely, sustained higher rates may temper enthusiasm, limiting the supply influx.
For buyers, the increased fall inventory offers opportunities to negotiate better deals, particularly on homes priced above market or needing renovations. Yet, demand remains firm for premium listings—properties with scenic views, excellent condition, or short-term rental potential are still commanding top dollar.
As Canmore agents from canmorebanffrealestate.com observe:
“Fall is shaping up to be a balanced market, slightly favoring buyers in some segments, especially high-end homes and fixer-uppers. But well-priced and well-maintained properties will continue to see strong interest.”
Sold vs. Listed: A Closer Look
Analyzing sold versus listed properties reveals nuanced trends by segment. Detached family homes are seeing increased inventory and slower sales, giving buyers more leverage to negotiate. Meanwhile, condos, townhomes, and apartments maintain a balanced supply-demand dynamic, with units priced competitively moving quickly.
Investors remain active in the short-term rental market, often paying full price for units with strong income potential. At the lower end of the market—homes under $1 million—supply remains limited, preserving price resilience despite broader market softness.
This dynamic underscores the importance of realistic pricing. As noted by Deven Stephens on canmoreabhomes.com:
“Many properties sit on the market because they’re priced above what buyers expect in today’s conditions. Sellers who adapt their pricing strategy will find success.”
Factors Influencing the Fall Market
Several factors will shape Canmore’s market trajectory this fall:
- Interest rates and economic confidence: The Bank of Canada’s policies remain the biggest external influence. Rate cuts could boost buyer demand, while steady or higher rates may dampen activity.
- Local developments and new supply: Upcoming projects like Three Sisters Village, Palliser Trail, and expansions around Silvertip Resort promise additional housing options by 2026. While this new supply is still a few years away, it may influence buyer behavior today.
- Municipal policy changes: The recently introduced short-term rental “livability tax” and zoning adjustments could impact investor appetite and pricing in that sector.
Advice for Buyers and Sellers Entering Fall
For sellers, pricing remains paramount. Overpriced listings risk languishing, while homes that are well-priced, well-staged, and strategically marketed—especially those zoned for short-term rentals—are likely to attract buyers promptly. Listing earlier in September can capitalize on peak fall buyer interest before the market quiets toward winter.
Buyers, on the other hand, should keep a close eye on new inventory entering the market in early fall, particularly well-maintained or income-producing units. There’s an opportunity to negotiate on properties that have been on the market longer, but the best homes will still draw competition.
Final Thoughts
After several years of rapid price appreciation and intense competition, the Canmore real estate market in 2025 is settling into a more balanced state. While sales have slowed and inventory has increased, prices remain firm for well-positioned properties.
The upcoming fall market promises a steady flow of listings and opportunities for both buyers and sellers to make informed, strategic decisions. Whether you’re a buyer searching for a mountain retreat or an investor seeking strong returns, understanding the evolving landscape is essential.
As local experts emphasize, aligning with a knowledgeable Canmore real estate agent who understands these nuances can make all the difference in navigating this dynamic market.
Like anywhere, buying or selling a home in Canmore is a big step, and having someone who truly understands the local market can make it feel a lot less overwhelming. Jamie Robinson combines local knowledge with a genuine commitment to helping you make the best decisions for your situation. Whether you’re dreaming about your first home, curious what your current place might be worth, or just have questions about how it all works, Jamie is here to listen and guide you. Feel free to reach out anytime—no pressure, just a friendly conversation about your goals.
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