2022 Residential real estate statistics
Lack of inventory was the main theme to start off 2022 which continued to push sale prices higher into the spring and early summer. Bank of Canada interest rate hikes, designed to cool off rising inflation would ultimately have a cooling effect on the overheated real estate market as well. Sale prices in Canmore had been testing the upper limits of what buyers were willing to pay for some time and by April/May we saw the peak of the market and then a bit of a pullback in prices as uncertainty crept in around the direction of interest rates. Stories from across the country began to emerge of big price declines but Canmore did not experience such a drastic shift and low inventory persisted for the remainder of the year. Job growth and migration from other Canadian cities like Vancouver and Toronto, has maintained demand for Alberta real estate. As usual, the condo segment saw the most units change hands and condos spent over 20% less time on the market on average than they did in 2021.
*Source: CIR Realty Local Market Statistics
Total sales for all residential property types in Canmore in 2022 equaled 531 which, was down over 30% from 2021's total of 770 units. The apartment sector saw the lowest positive price growth in 2022 at 9.34%, an indication that this sector in Canmore is the more affected by higher lending costs. Buyers of properties at higher price points in Canmore may be less dependent on financing so interest rates don't affect these market segments as much. Nearly 30% price growth year-over-year in the townhome sector is a huge increase and possibly skewed by a higher number of sales in the over-$1,000,000 range indicating more sales of higher priced units, rather than pure price growth. Although down from the year prior, 531 total sales for the year 2022 is still above the average 3-year pre-pandemic average of 459 sales per year.
Detached home sales rocketed the average sale price for a home in Canmore well over the $1.5 million mark to $1,700,583 and the average time spent on the market was down almost 40% compared to 2021.
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