CREB®’s year-end release on January 3, 2023 also covered the towns and cities around Calgary. All three markets below finished 2022 with record prices, even though activity cooled in the second half of the year.
2022 annual benchmark price growth (rounded)
Airdrie
Sales rose 7% to a record 2,469 homes. CREB points to regional population growth and Airdrie’s affordability compared with Calgary. New listings also increased, but with under two months of supply the market stayed tight. The December benchmark price was over 6% below the April peak, yet still 12% higher than a year earlier. The annual benchmark price was $489,558, nearly 20% above 2021.
Cochrane
Sales were 8% lower than in 2021, while new listings were similar, so inventory improved a little but remained well below normal. The annual benchmark price reached $504,067, nearly 17% higher than the year before. Detached and semi-detached prices rose by 19%.
Okotoks
Sales were up nearly 2% for the year, and new listings grew too, lifting inventory from record lows. With less than two months of supply, conditions stayed tight. Annual benchmark price growth was nearly 16%, and the detached annual price rose above $600,000 for the first time.
What it means: buyers who look outside Calgary still find somewhat lower prices, but these towns are no longer the bargains they were before the pandemic.
Airdrie: record sales, cooling detached demand
Airdrie’s sales have declined since April, mainly because detached home sales dropped significantly, and December was no exception. The year still set a record because the first months were so strong. New listings fell in December but rose over the year as a whole, which helped inventory recover a little from 2021’s exceptionally low levels. Months of supply moved up from the strong sellers’ market earlier in the year, yet conditions stayed relatively tight at under two months.
Cochrane: more balanced by year-end
December sales eased in Cochrane, adding to the 8% annual decline. Because new listings stayed close to the previous year, inventory grew somewhat, but it is still well below what is usually available in the town’s resale market. The pullback in sales brought more balanced conditions and took some pressure off price growth in the last four months of the year. Detached and semi-detached prices set new record highs.
Okotoks: tight, with limited room for price cuts
Okotoks sales eased in December, and the year-over-year declines of the past few months did not erase the gains from earlier in the year. Inventory rose from 2021’s record lows, but with under two months of supply, CREB says conditions continue to limit price adjustments. Prices have trended down from their May high.
Comparing the three towns with Calgary
All three towns posted annual price gains of 16% to 20%, ahead of the 12% gain in the City of Calgary. Airdrie remains the most affordable of the three, with an annual benchmark price about $15,000 below Cochrane’s. The detached segment in Okotoks has now crossed $600,000 on an annual basis.
What it means for buyers and sellers
- Buyers commuting to Calgary: the savings are smaller than before, so include commuting costs and time in your comparison.
- Sellers in Airdrie and Okotoks: with under two months of supply, well-priced homes should still sell, but the frenzy of spring 2022 has passed.
- Sellers in Cochrane: with more balanced conditions, expect buyers to negotiate.
CREB points to regional population growth and Airdrie’s relative affordability compared with Calgary as reasons for its record sales. For many families, a town offers a newer detached home or more space for the same budget while staying within commuting distance of the city. The trade-off is time and travel costs, and after two strong years the price gap with Calgary is no longer as wide as it once was. Anyone comparing a town with a Calgary community should look at total monthly costs, not just the purchase price.
