CREB®’s February 2023 regional figures, released on March 1, show three markets moving at different speeds.
Benchmark price: 2022 peak vs February 2023
Airdrie
Inventory kept improving, but with only 178 homes available it stayed well below long-term trends and months of supply stayed under two. The benchmark price rose to $487,200, similar to a year earlier and still below the April 2022 peak of $510,700.
Cochrane
Inventory was double last year’s level, though still over 40% below long-term trends for February. Easing sales and listings are moving the town toward balance. The benchmark price rose to $492,900, below the $522,600 peak of June 2022.
Okotoks
Conditions were exceptionally tight, with a 90% sales-to-new-listings ratio and inventory close to the February 2006 record low. The benchmark price reached $555,000, 3% higher than a month and a year earlier, and just shy of the May 2022 peak of $560,700.
What it means: Cochrane gives buyers the most breathing room; in Okotoks, expect multiple interested buyers on good listings.
Airdrie: more homes, same tight market
Airdrie’s inventory has improved for several months, but supply is still well below longer-term trends for February, and months of supply stayed below two. In January the benchmark was $480,200. February’s gain brought it to $487,200, comparable to a year earlier. Buyers who hoped prices would keep falling after last spring’s peak have not seen that happen: the market has simply stopped rising as quickly.
Cochrane: moving towards balance
Cochrane is following the same path as Airdrie on inventory, but further along. Supply has doubled from a year ago, and with both sales and new listings easing so far this year, the town is shifting towards more balanced conditions. The benchmark improved from January’s $488,900 and from a year earlier, yet it remains $29,700 below the June 2022 peak. For buyers, Cochrane is the place in the region where taking time to compare homes is still realistic.
Okotoks: the tightest town in the region
Okotoks is moving in the other direction. Sales and new listings both slowed from last year, but inventory fell again compared with both January and last February, nearing the February 2006 record low. A 90% sales-to-new-listings ratio means nine of ten new listings sold within the month. CREB says it is no surprise that prices keep rising under these conditions. The benchmark is now only $5,700 below its May 2022 peak.
How the towns compare with Calgary
In the City of Calgary, the sales-to-new-listings ratio was 73% and months of supply were under two. Okotoks is even tighter than the city, Airdrie is similar, and Cochrane is more relaxed. Price trends follow the same order.
Practical takeaways
- Buyers in Okotoks: get pre-approved, see homes early and consider how flexible you can be on possession dates.
- Buyers in Cochrane: use the extra choice to negotiate on price and conditions such as inspections.
- Sellers in Airdrie: spring listings are rising, so price carefully to stand out.
What to watch in the spring
The spring market usually brings the most new listings of the year, and in the towns that matters even more than in Calgary because the total number of homes for sale is small. In Okotoks, a handful of extra listings can change conditions noticeably. In Airdrie, inventory has been improving for months, and if that continues, months of supply could move above two for the first time in a long while. In Cochrane, the question is whether the shift towards balance continues or whether spring demand absorbs the extra supply.
Families comparing the towns with Calgary should also look at the type of home they want. Most homes sold in these towns are detached or semi-detached, so the useful comparison is often with Calgary’s detached benchmark of $635,900 rather than its overall figure.
