Canmore is a unique real estate market and does not follow the patterns of the major cities in Canada. Canmore is largely a recreational market, with a large number of transactions being the purchase or sale of vacation homes.
When the recession hit in 2008, most of the major city markets in Canada corrected in prices, stabilized and started to rebound within the first year. Canmore hadn’t even started to correct in pricing at the end of the first year of the recession. It took much longer to start correcting and has taken a even longer time to finish correcting! Where Vancouver and Richmond, BC, Calgary and Toronto had all experienced buoyant real estate markets at times in the past few years, the recreational markets, including Canmore were still trying to find their balance, to keep both buyers and sellers at a happy price point.
Here is an overview of where we are at in Canmore, in September 2011.
