CREB®’s August 2023 regional figures, released on September 1, show inventory falling again in all three towns after a brief summer increase.
Benchmark price, August 2023
Airdrie
There were 204 sales and 206 new listings, a 99% ratio. Only 176 homes were for sale, and months of supply dropped below one again. The benchmark price reached $515,600, nearly 6% higher than last year.
Cochrane
Inventory fell to 144 units as new listings pulled back, and the ratio rose to 91%. Supply stayed below two months. The benchmark price reached $534,700, up nearly 1% in a month and over 4% in a year, with the largest monthly gains in apartment condos.
Okotoks
There were 59 sales and 65 new listings. Only 64 homes were for sale, a record low for August, and supply was one month. The benchmark price eased from July to $582,000. CREB notes that monthly swings are common in smaller centres; prices are still 7% higher than last year and 10% higher than at the start of the year.
What it means: one monthly dip in Okotoks is not a trend. With so few homes for sale, the region remains a sellers’ market.
The summer increase did not last
In July, all three towns had a little more inventory than in June. Cochrane’s supply rose to nearly two months, and Airdrie and Okotoks moved above one month. August reversed most of that. New listings fell or failed to keep up with sales, and inventory declined in every town.
Airdrie: almost every listing sold
With 204 sales on 206 new listings, almost every home that came onto the market in Airdrie sold within the month. That pushed inventory down to 176 units and months of supply back below one. The benchmark rose from $514,100 in July. In July, CREB noted that the detached benchmark had passed $600,000 for the first time, and prices are rising across all property types.
Cochrane: tighter than usual for the town
After several months of inventory gains, a pullback in new listings brought Cochrane’s inventory down to 144. Sales were higher than a year ago. CREB notes that supply below two months is not as tight as in Airdrie but is far lower than what would typically be expected in Cochrane. The benchmark rose from $529,700 in July, and the largest monthly gains were in the relatively affordable apartment condo sector.
Okotoks: a dip in price, not in demand
Okotoks had more new listings than sales, but inventory still fell to a record-low 64 homes for August. The benchmark eased from July’s high of $586,900 to $582,000. CREB stresses that monthly swings like this are common in smaller centres. Prices are still 7% higher than last year and 10% higher than at the start of 2023.
How the towns compare with Calgary
Calgary had 3,254 homes for sale in August and a total benchmark of $570,700. Airdrie’s benchmark is about $55,100 lower and Cochrane’s about $36,000 lower, while Okotoks is about $11,300 higher. Calgary’s detached benchmark reached $696,700, so detached buyers can still save by looking at the towns.
Practical takeaways
- Buyers in Airdrie: with a 99% ratio, expect competition for nearly every good listing; have financing ready.
- Buyers in Okotoks: the price dip is small, and with only 64 homes for sale, choice is very limited.
- Sellers: the fall begins with low supply in all three towns, which works in your favour.
Compared with August 2022
A year ago, the region was adjusting to the first big rate increases of 2022. This August, prices are higher than a year earlier in every town: nearly 6% in Airdrie, over 4% in Cochrane and 7% in Okotoks. Cochrane’s sales were also higher than last August, despite the drop in new listings.
