CREB®’s August 2024 regional figures, released on September 3, show the towns staying tighter than Calgary, where supply has passed two months.
Benchmark price, August 2024
Airdrie
There were 242 new listings and 172 sales, a 71% ratio, which kept supply below two months. The tightest conditions are in the lower price ranges. The benchmark price was $553,300, similar to July and nearly 8% higher than last year.
Cochrane
81 sales and 109 new listings gave a 74% ratio, enough to prevent any inventory gain. Only 144 homes were for sale, nearly 42% below long-term trends. The benchmark price reached $578,600, over 8% higher than last year, with apartments rising fastest.
Okotoks
A boost in detached sales lifted the total to 67, against 84 new listings, a ratio near 80%. Inventory is nearly 47% below long-term trends, with just over one month of supply. The benchmark price was $622,700, similar to July and over 7% higher than last August.
What it means: the late-summer easing in Calgary has not reached the towns. Expect firm prices outside the city this fall.
Compared with July
Airdrie’s record July, with 287 new listings and 186 sales, was followed by a quieter August: 242 new listings and 172 sales. New listings were still higher than last year, but the 71% ratio meant inventory did not grow as strongly as some buyers hoped. The benchmark price was almost unchanged, $553,300 against $553,900 in July. CREB said conditions still favour sellers, but they are not as tight as during the spring, and that is taking some pressure off prices.
In Cochrane, the July ratio was 83% with 1.5 months of supply. In August, the ratio was 74%, still high enough to prevent any gain in inventory, and only 144 homes were for sale. The benchmark rose slightly, from $576,600 to $578,600, and prices rose across all property types, with apartment-style homes up the most.
Okotoks had 85 homes for sale in July, half the usual level. In August, more detached sales lifted the total to 67, against 84 new listings, so inventory did not change much and is still nearly 47% below long-term trends. The benchmark was $622,700, close to July’s $622,200.
Why the towns are different from Calgary
In Calgary, inventory reached 4,487 homes and supply passed two months, the most since the end of 2022. The city’s gains came mostly from higher-priced homes and condos, where many new listings have arrived. In the towns, detached homes make up a large share of the market; in May, for example, they were nearly 70% of Airdrie’s inventory. CREB has described Airdrie as a relatively affordable alternative to Calgary, and detached homes there cost less than in the city. That keeps demand steady even as Calgary loosens.
Practical takeaways
Buyers in Airdrie should look at the lower price ranges early, because that is where competition is strongest, while higher-priced homes may allow more room to negotiate. In Cochrane, with only 144 homes for sale, expect well-priced homes to move quickly and be ready to make a firm offer. In Okotoks, detached sales are picking up, so detached sellers are in a good position. Sellers in all three towns should still watch Calgary: if buyers find more choice in the city this fall, some may stop looking outside it, and prices in the towns could flatten.
Prices in context
Over the past year, benchmark prices rose nearly 8% in Airdrie, over 8% in Cochrane and over 7% in Okotoks, compared with 6% in Calgary. For most of 2023 and early 2024, the towns and the city moved together. This summer, the towns are holding their gains better than Calgary, where the benchmark slipped for a second month.
