CREB®’s 2024 year-end regional figures, released on January 2, 2025, show another year of price growth in the towns around Calgary, with supply improving only late in the year.
Average benchmark price in 2024
Airdrie
Sales reached 1,951, up over 4%. New listings added much-needed supply, and months of supply passed two in September. The benchmark price rose nearly 8% for the year, faster than in 2023, with higher-density homes rising fastest.
Cochrane
Sellers had the upper hand for most of the year. In the last quarter, more new listings eased the sales-to-new-listings ratio toward balanced levels and pushed supply above two months, though inventory stayed well below long-term trends. The benchmark price averaged $565,808, up nearly 9%.
Okotoks
New listings rose 16%, supporting sales growth of nearly 8%. Even so, inventory was about half its usual level for most of the year. The benchmark price averaged $615,708, nearly 8% higher. Semi-detached and row prices rose by more than 11%.
What it means: the towns enter 2025 with better supply than a year ago, but sellers still have the edge, especially in Okotoks.
Compared with 2023
In 2023, Airdrie sales fell 24% from the 2022 record, inventory fell to its lowest annual average since 2006 and prices rose nearly 5%. In 2024, sales recovered by over 4% to 1,951, and prices rose nearly 8%, a faster pace. Cochrane’s inventory in 2023 stayed over 40% below what is traditionally seen in the town; by the end of 2024 it was still well below long-term trends, and prices rose nearly 9%. In Okotoks, inventory in 2023 was 63% below long-term trends and prices rose 6%; in 2024 prices rose nearly 8%.
Airdrie
Airdrie’s improvement came in the second half of the year. Months of supply pushed above two in September and kept improving in the fourth quarter, which took some pressure off prices. Prices rose across all property types, and higher-density homes, the most affordable, rose fastest. Airdrie’s supply gains started earlier than Cochrane’s, where they came only in the last quarter.
Cochrane
Sellers had the upper hand for most of the year, as strong sales relative to new listings prevented any big change in inventory. Only in the last quarter did the sales-to-new-listings ratio ease to levels more consistent with balanced conditions, and months of supply rose above two. That helped take some pressure off prices, but not enough to offset the earlier gains.
Okotoks
Okotoks had more new listings and more sales, but inventory was about half its traditional level for most of the year, and the sellers’ conditions that have lasted since 2021 continued. Several years of price growth pushed buyers toward semi-detached and row homes, where prices rose by more than 11%.
What it means for buyers and sellers
Buyers in Airdrie and Cochrane start 2025 with more choice than a year ago. In Okotoks, buyers should expect competition, especially for lower-priced homes. Sellers in all three towns benefited from a strong 2024, but those in Airdrie and Cochrane should prepare for more competing listings.
Practical takeaways
Compare the annual averages with the latest monthly figures, since conditions changed during the year. Track new listings in your town each month. If you are moving from Calgary, compare each town with similar city districts before you decide.
Local angle
Okotoks’ average benchmark price of $615,708 was about $49,900 higher than Cochrane’s $565,808, a gap that reflects how long supply has been tight in Okotoks. Across the region, Lurie said, “Population gains over the past several years have supported sales activity that has outperformed long-term trends.” The towns benefited from the same demand as the city, and their supply gains came later in the year, just as they did in Calgary.
