CREB®’s April 2023 regional figures, released on May 1, show seller’s markets tightening further around Calgary.
Benchmark price, April 2023
Airdrie
Sales rose from March while new listings eased, pushing the sales-to-new-listings ratio close to 100%. Inventory fell to the lowest April level since 2007, with one month of supply. The benchmark price reached $502,000, up from $480,200 in January but nearly 2% below the April 2022 record of $510,700.
Cochrane
There were 114 sales and 116 new listings, a 98% ratio. Only 142 homes were for sale, just over one month of supply. Prices rose for a third month to $509,600, still nearly 2% below last April and the June 2022 peak of $522,600.
Okotoks
Only 67 homes were in inventory, 66% below long-term trends and the lowest April since 2006. The benchmark price reached a record $577,300, nearly 5% higher than a year earlier.
What it means: in all three towns, buyers should be ready to move quickly and with strong offers.
Airdrie: one month of supply
Sales in Airdrie rose from March while new listings eased, so the sales-to-new-listings ratio again pushed close to 100%. Inventory fell to the lowest April since 2007. Conditions are not quite as tight as in April 2022, but with one month of supply the market still favours sellers. Limited choice is the reason prices have climbed back from January: the benchmark is up $21,800 since then.
Cochrane: nearly every listing sold
Cochrane had 114 sales and 116 new listings in April, a 98% ratio. Inventory is still higher than a year ago, but with nearly all new listings selling, it has trended down from earlier in the year. Months of supply dropped to just over one month. Prices rose for a third straight month to $509,600, still nearly 2% below last April and below the June 2022 peak of $522,600. In January, Cochrane looked like the most balanced of the three towns, with close to three months of supply. Three months later, it is as tight as the others.
Okotoks: the lowest April since 2006
Both sales and new listings rose in Okotoks, which allowed a small monthly increase in inventory. Still, with only 67 homes for sale, inventory was 66% below long-term trends and the lowest April since 2006. Just over one month of supply has persisted for three months. The benchmark is a new record for the town, up from $561,600 in March.
How the towns compare with Calgary
Calgary’s total benchmark set a record of $550,800 in April, with an 86% sales-to-new-listings ratio. Airdrie and Cochrane remain below the city benchmark, while Okotoks is above it. Airdrie is the only one of the three markets whose benchmark is still below its 2022 peak by a small margin; Cochrane is further below its peak, and Okotoks has moved past its own.
Practical takeaways
- Buyers: all three towns now have about one month of supply. Get pre-approved, watch new listings daily and be ready to compete.
- Sellers: conditions are in your favour across the region, but well-priced homes still sell fastest.
- Relocating families: compare the towns with nearby Calgary communities by home type, not by the overall benchmark.
Why supply is so low in the towns
CREB’s numbers show that the towns are facing the same issue as Calgary: fewer owners are listing. In Okotoks, CREB noted earlier this year that before the pandemic the town would typically have over 200 homes for sale; in April it had 67. In Airdrie, months of supply has not risen above two since January 2021. A spring market usually brings more listings, but so far this year new supply has been absorbed almost as soon as it appears.
