Canmore Cabin Market Trends (2023)

The Canmore cabin and cottage market currently favours sellers due to lack of inventory. These conditions are expected to persist for the remainder of 2023. The majority of buyers in this region are Baby Boomers, Gen Xers and Millennials who are relocating within Alberta from Calgary and Edmonton.

The average price in the Canmore cabin and cottage market increased by 8.2 per cent year-over-year (from $900,000 in Q1 2022 to $974,000 in Q1 2023) and average number of sales decreased by 49.7 per cent year-over-year (from 173 in Q1 2022 to 87 in Q1 2023). Average sales prices are expected to increase eight per cent for the remainder of 2023. Low inventory is major concern in this region and the average number of sales in 2023 is expected to decrease by 20 per cent.

In previous years, Canmore has been a popular cottage spot for Americans, but the Foreign Buyers Ban has deterred many potential buyers. Last month, the Canadian government amended the Foreign Buyers Ban, but confusion around its rules has persisted, resulting in many foreign buyers choosing not to engage in the market.

Low inventory and lack of affordable housing options remain a top concern for Canadian homebuyers interested in Canmore.

“Canmore is an attractive region for summer and winter recreational properties but the currently supply cannot meet the growing demand. Young, local families in this region are struggling to afford to stay in the valley and foreign buyers are put off by the legislation,” says Richard Greaves, Broker and Owner, RE/MAX Alpine Realty.