Prices for recreational homes are expected to rise in Canmore, Alta., as the popular destination cashes in on its proximity to Banff National Park.
That’s according to a new report from national brokerage Royal LePage, which found the median price of a single-family home in Alberta’s recreational property market increased annually 1.2 per cent in 2024 to $1,270,800. The median price of a single-family waterfront property increased 6.6 per cent to $663,300 during that same period.
"In our spring report, sales volumes were down in most markets but recovered much quicker in Alberta from the post-pandemic boom,” Anne-Elise Cugliari Allegritti, research and communications director for Royal LePage, told Western Investor.
She said there has been an uptick in demand since the beginning of this year.
In a survey of more than 150 Royal LePage real estate representatives who focus on the recreational market, 45 per cent reported demand was about the same compared with last year.
The report mentioned that falling interest rates didn’t have a significant impact on buying and selling in Canmore last year. Recreational homebuyers in the Canmore region typically tend to make cash transactions and are therefore less influenced by the cost of borrowing when making a purchase, according to agents surveyed.
“Canmore continues to attract active families, mature buyers and retirees who are drawn to its small-town charm, modern conveniences and world-class outdoor attractions,” said a statement from Brad Hawker, an associate broker for Royal LePage Solutions.
“Canmore is expected to see steady demand and modest price appreciation throughout the spring season.”
In the Canmore region, 55 per cent of experts said that the average number of days on market has remained the same or increased slightly since this time last year.
“The recreational market is largely driven by three key buyer groups: local Edmonton families looking for a vacation home, affluent buyers seeking premium lakefront properties and relocators from other lake regions searching for a year-round residence within commuting distance of the city,” said a statement from Tom Shearer, a broker with Royal LePage Noralta Real Estate.
“As we head into the spring market, we expect strong demand from all of these buyer groups, setting the stage for a robust and competitive season.”
In 2025, the median price of a single-family home within Alberta’s recreational regions is forecast to increase two per cent to $1,296,216.
