Canmore sees growing demand for its high-cost housing
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This year is no exception even amid economic uncertainty. Recent market data from the Calgary Real Estate Board shows Canmore's benchmark price was $1,116,500 at the end of April, up nearly 13 per cent from the same month last year.
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The 54 resales consisted mostly of row home and apartment resales with single-family detached homes making up less than 20 per cent of all sales — significantly less than in Calgary and other regional communities.
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One reason is the average higher price for a home, says Richard Greaves, Canmore realtor at Re/Max Alpine Realty. And it is likely to move higher this year as demand ramps up from a slower pace last year.
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'In 2024, the single-family home market in that $1.8 million to $2.8 million was actually fairly slow, and this year, it's flipped on its head with more sales.'
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This has not been unexpected, he adds.
'In the past, when stock markets got volatile, people invested in something safer.'
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Canmore real estate is indeed a safe bet, given its scarcity and high demand. In turn, Greaves suspects that high-net-worth buyers are looking to purchase in Canmore. That's maybe even more so today as more Canadians sour on American destinations, says Don Kottick, president of Re/Max Canada.
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'We know anecdotally the snowbirds are thinking about coming back,' Kottick says.
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Re/Max's recent 2025 Canadian Cabin and Cottage Trends Report forecasts tariffs are having an impact, but it's mostly a headwind for resales. The study notes demand growth paused this spring as prospective buyers held back on decisions.
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Still, the report also forecasts that prices could gain almost two per cent year over year across Canada in recreational markets by year's end. And resales could range from flat to as high as 10 per cent growth, depending on the region.
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Kottick further notes some buyers see the market as a good entry point with prices down from their peak in places like Ontario.
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