Despite the deep winter chill, the real estate market in Canmore, Alberta, continues to sizzle as one of Canada's most coveted destinations for recreational property, according to a new industry report. However, escalating trade tensions with the United States are prompting a more cautious approach from some buyers, which is expected to moderate price growth in the coming year.
Market Heat Meets Economic Headwinds
The Royal LePage 2025 Winter Recreational Property Report positions the mountain town, located roughly 45 minutes from Calgary, as a perennial hotspot. In terms of median price, Canmore is surpassed only by the world-famous ski resort of Whistler, B.C. Brad Hawker, a realtor with the Hawker-Betts Real Estate Team at Royal LePage in Canmore, notes that while demand remains strong, the pace of growth is likely to slow compared to recent explosive years.
"People are just more cautious with the tariff uncertainty and the 51st state rhetoric," Hawker states, referencing the adversarial trade posture adopted by the American administration towards Canada. He suggests that 2026 will largely mirror 2025, with these geopolitical and economic concerns weighing on the minds of a segment of potential buyers.
Price Performance and Driving Forces
The report details a robust performance for Canmore's market in 2025. The median price for a single-family detached home climbed by nearly 10 per cent, closing the year at approximately $1.86 million. For context, Whistler's median price sits at nearly $3.6 million.
Hawker identifies the primary engine of this growth: retirees and professionals choosing to make Canmore their full-time home. "They are generally less concerned with what’s happening in the economy," he explains, contrasting them with local and recreational buyers who have been more likely to "press pause on buying."
This caution is particularly evident in the condominium market, which saw stagnant activity in 2025. The median condo price in Canmore ended the year at about $755,000, representing a slight decline of roughly one per cent from the start of the year.
Forecast: Modest Growth Ahead
Looking forward to 2026, Royal LePage anticipates continued growth for Canmore, albeit at a more tempered rate. The firm forecasts that the median price of a single-family detached home will increase by 1.5 per cent over the year, reaching about $1.88 million.
This trend aligns with a broader national pullback in recreational property demand from the exceptional highs seen during the pandemic. Don Kottick, president of Re/Max Canada, observes that while sales activity remains slightly above historical averages, the market is normalizing. "A lot of what we’re seeing is a pullback from the pandemic when exceptionally high demand drove up prices," Kottick says. "It takes a few years for that spike to work its way out, which is what we’re seeing."
In summary, Canmore retains its crown as a premier Canadian winter recreation property market, but its trajectory is now being shaped by a complex mix of enduring appeal and new economic uncertainties stemming from international trade relations.
