March 6, 2024

March 2024 Newsletter

Snowy Season and Stable Market in Canmore

We are delighted to witness the arrival of a huge amount of snow that transformed our area into a true winter wonderland. The local ski resorts have received between 63 and 89cm of snow in the past week, making a great start to March and prolonging the Winter ski season which is welcomed by many.

Our real estate market is still facing a big shortage of inventory, but the number of sales remains steady or slightly higher than the pre-pandemic levels. The lack of inventory has been a persistent issue since the beginning of 2021. In the last 12 months the average listing inventory  is 37% lower than the average from five years ago. The number of new listings in the past year is 26% lower than five years ago. These numbers indicate a stable market. Buyers need to be patient for the right option to come to the market or be flexible in their search. They need to be ready to move when they do find the right property.

Another metric we use to monitor the market trends is the months of inventory. This measure shows the balance between supply and demand in the market. It indicates how long it would take to sell all the current active listings based on the current sales rate. A balanced market usually has between 3 and 6 months of inventory. We used to say 4 and 6 months, but we have adjusted it to 3-6 months based on our experience. In February, our market had 2.91 months of inventory, which is close to the lower end of the range. The lowest we had in the past year was 1.22 and the highest was 4.61. This confirms our view that it is still a seller’s market, driven by low inventory and high demand from buyers.

If you are thinking of selling your home, this may be the ideal time. We would love to meet with you and discuss how this market situation affects you and your property. We are eager to assist you with your real estate needs today or in the future. If you know someone who is looking to buy or sell, please let us know, we appreciate your referrals!

We are also thrilled to support the YWCA in the VINEart Gala and Auction on March 16th. The Gala is sold out, but you can still participate by buying raffle tickets or bidding on the silent auction items (links below). We are very proud of our 20+ year relationship with the YWCA and Bow Valley Victim’s services through the Royal LePage Women’s Shelter. During this time, we have raised over $85,000 in the valley for this noble cause which keeps all our donations local. YWCA Banff is dedicated to creating a safe and inclusive Bow Valley that empowers women and their communities for a better future.