Canmore Detached Homes Near $1.9M as 2026 Price Growth Forecast to Slow

Real estate sales have eased and price growth is forecast to slow in Canmore in 2026, but housing in the region is unlikely to become significantly more affordable in the near term.

According to the 2025 Winter Recreational Property Report from Royal LePage, the median price of a single-family detached home in Canmore rose 9.5% year over year in the first nine months of 2025 to $1,861,000. The brokerage forecasts more moderate growth of 1.5% over the next 12 months.

While detached homes posted strong gains, condominium prices declined 1.3 per cent year over year to $754,700 in the first nine months of 2025, with no separate condo forecast provided for 2026.

Sales activity also cooled, declining 7% year over year in the region, marking a clear deceleration from pandemic-era highs. Realtors caution, however, that the moderation does not signal a market correction.

“I’d say the market feels more balanced overall, but strong, well-positioned properties are still moving quickly,” said Lori Mitchell of Mitchell Kocian RE/MAX Alpine Realty .

The pace of the slowdown varies by property type. Inventory has gradually increased and days on market have lengthened, among higher-priced detached homes, while properties that allow for flexible-use ownership remain popular.

“Higher-priced detached homes can take longer simply because of the price point,” said Mitchell. “Meanwhile, hotel-condos and short-term-rental-friendly properties remain some of the more active segments, as buyers continue looking for flexible-use ownership.”

These changes in pricing and demand have made bidding wars less common than in recent years, though they have not disappeared entirely. Prospective buyers can still expect competition for reasonably priced properties or those in desirable locations.

“They’re not as common across the board, but they absolutely still happen especially when a property is priced right and in high demand due to location,” said Mitchell.

Fewer bidding wars signal a broader shift, as buyers approach the market more deliberately than in recent years.

“Buyers are more thoughtful right now, but supply in Canmore is still limited and demand for lifestyle property hasn’t disappeared,” said Mitchell.

These behavioural changes may also reflect a shift in buyer demographics, as the Town of Canmore continues to target non-primary residences. Most active buyers appear to be Canadian, with the strongest demand coming from within Alberta.

“A mix of Albertans particularly Calgary and Edmonton buyers and out-of-province Canadians looking for lifestyle or investment properties,” said Mitchell when asked who is primarily buying in the region.

Among the most notable measures targeting secondary residences is the town’s Livability Tax Program, which applies a 0.4% surcharge on the assessed value of non-primary residences and has influenced how some individuals approach real estate in the region.

“It’s definitely part of the conversation, but buyers are becoming more informed about how it applies,” said Mitchell. 

Instead, the impact appears to be felt more by sellers reassessing costs than by buyers entering the market. “Mostly owners reassessing costs or usage. But it hasn’t created a flood of inventory; demand remains steady, especially in segments where buyers see long-term value,” said Mitchell.

Despite softer sales, a lower growth forecast and shifts in consumer behaviour, prices are not expected to reverse.

“I expect stable to modest growth overall. Well-located properties should remain resilient, while pricing strategy will continue to matter more than it did a few years ago. People want to see value whether it’s location, usability or long-term potential,” said Mitchell.

Additionally, clearer direction on local policy could boost demand, particularly as spring typically brings stronger sales activity.

“Clear direction on rates and local policy would help. Spring inventory and seasonal momentum also tend to bring more buyers back into the market,” said Mitchell.

Prospective buyers hoping that slower growth will translate into price relief may find limited comfort in the latest figures. While price growth is slowing, it is doing so from a baseline nearing $1.9 million for a detached home. In a town where developable land is limited and recreational demand persists, affordability pressures are likely to continue even as the pace of growth eases.