CREB®’s February 2024 regional figures, released on March 1, show double-digit annual price growth in all three towns.
Benchmark price, February 2024
Airdrie
There were 182 new listings and 135 sales. Inventory is half the usual February level and the lowest since 2006, with just over one month of supply. The benchmark price reached $529,700, up over 1% in a month and 10% from $479,700 a year earlier.
Cochrane
New listings rose to 105, the highest monthly total since last July, and year-to-date listings are up 22%. With 65 sales, the ratio was 62% and inventory grew, though it is still well below normal. Supply was two months. The benchmark price reached $548,300, over 11% higher than last year.
Okotoks
New listings and sales both improved, so inventory stayed near record lows for February, 63% below long-term trends. The benchmark price reached $605,500, nearly 3% higher than in January and up 10% in a year.
What it means: Cochrane gives buyers the most choice of the three this spring. In Okotoks, expect competition for anything well priced.
Airdrie: lowest February inventory since 2006
New listings improved, but with 182 new listings and 135 sales, the ratio stayed high. Inventory was half of typical February levels and the lowest since 2006, and supply dropped to just over one month. CREB notes Airdrie has struggled with limited supply for several years, and that has driven prices up. The benchmark rose over 1% in a month to $529,700, 10% above the $479,700 of last February.
Cochrane: the most new listings since July
New listings rose to 105, the most in any month since July 2023, and year-to-date listings are up 22%. Sales improved from last year to 65. A 62% ratio, down from 84% in January, allowed some growth in inventory, but it remains well below normal for the town. With two months of supply, prices kept rising: the benchmark reached $548,300, over 11% above last year.
Okotoks: past $600,000
New listings improved from a year earlier for the second month in a row, but sales also rose, so inventory was stable from January and only slightly above last year. Inventory is near record lows for February and 63% below long-term trends, the same gap as the 2023 annual average. CREB says Okotoks has struggled to add enough supply to keep pace with demand. The benchmark rose nearly 3% from January’s $589,600 to $605,500, moving above $600,000.
Compared with Calgary
Calgary’s benchmark rose over 2% to $585,000 in February. Okotoks is now about $20,500 above the city, while Airdrie is about $55,300 below and Cochrane about $36,700 below. All three towns, like Calgary, recorded annual price gains of 10% or more. Calgary’s biggest shortage is under $500,000, a price range where the towns also have very little choice.
A year of steady gains
A year ago, in February 2023, Airdrie’s benchmark was $479,700. Since then, regional prices have climbed through the spring, paused briefly in late summer and resumed in the fall. The pattern of the past year suggests that small pauses have not lasted when inventory stays this low.
Practical takeaways
- Buyers in Cochrane: the jump in listings and a 62% ratio make it the most balanced town right now.
- Buyers in Airdrie and Okotoks: expect spring competition to start early.
- Sellers in Okotoks: prices are at records, but buyers will compare you with Calgary homes at similar prices.
CREB’s 2024 forecast expects sellers’ conditions to persist through the spring, with supply growth coming mainly in higher price ranges. February’s numbers in the towns fit that outlook: more listings, but not enough to change the balance.
