CREB®’s April 2024 regional figures, released on May 1, show prices rising about 8% to 11% a year across the three towns.
Benchmark price, April 2024
Airdrie
There were 219 new listings and 202 sales, a 92% ratio, with less than one month of supply. The benchmark price rose nearly 2% in a month to $549,100, over 10% higher than last year. Detached homes, most of Airdrie’s sales, reached $649,900, up nearly 12%.
Cochrane
Sales eased from last year, partly because fewer new homes were sold through the resale market, but year-to-date sales are up 7%. Inventory rose and supply reached nearly two months. The benchmark price reached $561,000, up 1% in a month and nearly 11% in a year.
Okotoks
With 89 new listings and 65 sales, inventory rose from last month and last year, but it is still 60% below normal for this time of year. Supply was one month. The benchmark price reached $617,200, up nearly 8% in a year, led by semi-detached and row homes.
What it means: Cochrane again offers the most breathing room. In Airdrie, buyers should expect multiple offers on well-priced detached homes.
Compared with March
Airdrie looked almost the same as in March. Sales were 202 against 203, and new listings 219 against 218, so the ratio stayed above 90% and supply below one month. The benchmark price kept climbing, from $540,400 to $549,100, a gain of nearly 2% in one month.
Cochrane changed the most. In March, sales nearly matched new listings, a 99% ratio, and supply was just over one month. In April, sales eased from last year while new listings rose, so inventory grew and supply moved up to nearly two months. CREB pointed to fewer new homes being sold through the resale system as one reason for the lower sales. Prices still rose across all property types, and the benchmark went from $555,300 to $561,000.
Okotoks gained some room. New listings rose from 71 in March to 89 in April, while sales held at 65, so inventory rose above the 54 homes of March. The benchmark rose from $610,700 to $617,200.
How the towns compare with Calgary
Calgary’s total benchmark reached $603,700 in April, up nearly 10% in a year, with less than one month of supply. Airdrie and Cochrane remain cheaper than the city overall, and Okotoks is a little more expensive. Detached homes make up most of Airdrie’s sales, and at $649,900 the town’s detached benchmark was still about $100,000 lower than Calgary’s $749,000, which helps explain why so many families shop there.
Why the towns matter
For many buyers priced out of a detached home in the city, the towns are the next step. That keeps demand high even as listings improve. The difference this spring is that Cochrane and Okotoks both added some supply, while Airdrie did not.
Practical takeaways
- Cochrane buyers: nearly two months of supply means a little more time to view homes and set conditions such as an inspection.
- Airdrie buyers: prepare for competition on detached homes, which are most of the market.
- Okotoks sellers: inventory is rising from very low levels, but it is still 60% below normal, so conditions favour you.
- Everyone: compare total monthly costs, including commuting, not just the purchase price.
What to watch in May
May is usually one of the busiest months of the year for listings. The key question is whether Airdrie follows Cochrane and Okotoks and adds supply. In Okotoks, inventory is still 60% below normal even after April’s gain, so a few more listings would not change the balance quickly. In Cochrane, a second month of nearly two months of supply would point to a more balanced market than in the other two towns.
