Canmore's recreational housing market forges ahead despite economic headwinds

Rows of houses in the Canadian Rockies of Canmore, Alberta, with spectacular view of Rundle Mountain in the background.

House prices in Canmore’s winter recreational property market are expected to climb over the next year, as buyer confidence improves and market activity picks up, according to Royal LePage’s 2025 Winter Recreational Property report.

Royal LePage forecasts the median price of a single-family detached home in Canmore will rise 1.5 per cent over the next 12 months. During the first nine months of 2025, the median price of a single-family detached home increased 9.5 per cent year over year to $1,861,000. Condominium prices saw a slight dip, falling 1.3 per cent to $754,700 during the same period.

Overall sales in the region were down seven per cent.

“The Canmore market has experienced softer buyer demand over the past year, shifting conditions toward a more balanced state,” Brad Hawker, associate broker with Royal LePage Solutions, said in a statement. “Inventory levels have been gradually rising, along with days on market.

“Still, the single-family home segment remains highly desirable and continues to see prices rise and attract occasional multiple offer scenarios.”

Most buyers continue to come from Alberta’s major cities, with some interest from Saskatchewan and Manitoba. Hawker said there has also been a modest uptick in inquiries from U.S. buyers looking to take advantage of the favourable exchange rate.

House prices near the Canmore Nordic Centre typically start around $1.1 million.

Lifestyle remains a strong factor, particularly among buyers drawn to Canmore’s natural beauty, outdoor recreation and proximity to Banff National Park, Hawker said.

“Whether they’re purchasing a vacation home, an investment property or planning for future retirement, buyers view Canmore as a stable and attractive market with long-term value,” he said.

Hawker added many buyers continue to buy with cash, meaning recent interest rate cuts have had limited effect on demand.

A portion of the Canmore Nordic Centre is seen in 2023.

Major development is also underway in Canmore, with two of the region’s largest landowners and developers working on a multi-phase housing project that includes a new resort village, while several other developers are expanding commercial and residential footprints throughout Canmore, Hawker said.

“These projects signal an exciting period of growth and transformation for the community,” he said.

Hawker expects more moderate price growth in the coming year as inventory levels continue to rise and buyers take longer to make decisions.

He added uncertainty stemming from “ongoing tariff tensions and 51st state rhetoric south of the border” will continue to create “a mix of hesitation and motivation among buyers.”

“On one hand, some purchasers will continue to delay decisions amid economic and political uncertainty,” he said. “On the other, these same factors are expected to prompt more Canadians to look inward, fuelling demand and supporting price growth in domestic recreational markets as they opt to vacation and invest closer to home.”

National trends

The 2025 Royal LePage Winter Recreational Property Report includes data and forecasts for 18 major ski regions across Canada.

According to the report, home prices in Canada’s ski regions rose moderately in the first nine months of 2025, with 16 of the 18 markets recording higher sales.

Royal LePage is forecasting a 4.0 per cent increase in single-family home prices across these regions over the next year.

Nearly half of recreational property experts reported seeing more inquiries from Canadian buyers tied to the “Buy Canadian” movement.

“Following a year of sluggish activity and stagnant prices in 2024, the real estate markets in Canada’s most popular ski destinations rebounded in 2025,” Phil Soper, president and chief executive for Royal LePage, said in a release.

“Modest interest rate relief and a growing Buy Canadian mindset helped reignite demand for slopeside chalets and mountain retreats.”

The Royal LePage CEO added that “while economic uncertainty continues to weigh on many urban markets, buyers seeking winter escapes are pushing ahead — demonstrating once again the resilience and enduring appeal of Canada’s recreational regions.”

Recreational housing market showing resilience

Amid ongoing trade tensions and a slowing economy, homebuyers have taken a more cautious approach to the residential market, according to Royal LePage.

Royal LePage’s latest House Price Survey and Market Forecast shows the aggregate price of a home in Canada saw virtually no change in the third quarter of 2025, rising just 0.1 per cent year over year to $816,500. Quarter over quarter, prices fell 1.2 per cent.

Meanwhile, Canada’s recreational property market continues to show resilience, with many buyers appearing willing to look past broader economic challenges.

“Canada’s recreational property markets have historically weathered economic headwinds better than most of the real estate industry,” Soper said. “Buyers of second homes tend to have more financial flexibility and are less sensitive to short-term interest rate changes.

“Even with broader economic challenges in play, these markets remain resilient as buyers continue to believe in the long-term value — and the lifestyle — that a winter retreat provides.”

NoBrennan@postmedia.com