CREB®’s regional figures for January 2023, released on February 1, show the same story as in Calgary: sales cooled from last year’s records, and inventory recovered a little from extreme lows.
Benchmark price, January 2023
Airdrie
Sales were in line with long-term trends. Inventory improved but was still over 50% below normal for January, and months of supply stayed under two. The benchmark price rose slightly to $480,200, nearly 8% higher than a year earlier but below the April 2022 peak of $510,700.
Cochrane
New listings slowed less than sales, so inventory rose from near-record lows, though it remained nearly 40% below long-term trends. Months of supply rose to nearly three, which eased price pressure. The benchmark price was $488,900, over 1% lower than in December but 7% higher than in January 2022.
Okotoks
Only 56 homes were for sale, 61% below long-term trends. Prices kept rising: the benchmark price reached $539,000, a gain of nearly 7% from a year earlier.
What it means: Cochrane is the most balanced of the three right now. In Okotoks, buyers should expect very limited choice.
Airdrie: tight, but steadier
January sales eased from last year’s record high. Because sales fell faster than new listings, inventory improved from the exceptionally low level of a year ago, and months of supply rose from January 2022’s record low. Conditions are still relatively tight, which supported a modest monthly price gain. At $480,200, Airdrie’s benchmark is $30,500 below the April 2022 peak of $510,700, so buyers have a little more room than last spring.
Cochrane: buyers get some breathing room
Cochrane is the town where conditions changed most. New listings slowed, but less than sales, and inventory rose from near-record lows. With almost three months of supply, CREB says some of the pressure has come off prices, which saw exceptional gains over the past two years. The benchmark slipped over 1% from December.
Okotoks: very little to choose from
In Okotoks, both sales and new listings slowed, so inventory did not grow much from the end of 2022. There is more supply than last January’s record low, but with only 56 homes for sale, the market is still very tight. Prices kept rising from December, even though the pace of growth is slower than in recent years.
How the towns compare with Calgary
The City of Calgary’s benchmark was $520,900 in January. Airdrie and Cochrane are both cheaper, while Okotoks is now more expensive than the city benchmark. Keep in mind that the benchmark mixes property types: Calgary’s figure includes many apartments, while the towns’ housing is mostly detached and semi-detached.
Practical takeaways
- Buyers: Cochrane offers the most negotiating room right now. In Okotoks, set up alerts and be ready to see homes on the first day.
- Sellers in Airdrie: with less than two months of supply, well-priced homes should sell, but the April 2022 peak is not today’s market.
- Sellers in Cochrane: price to recent sales; buyers have more options than a year ago.
Inventory is still far below normal
The common thread in all three towns is supply. Airdrie’s inventory is over 50% below its long-term trend for January, Cochrane’s is nearly 40% below, and Okotoks’ is 61% below. Even where months of supply have risen, buyers are choosing from far fewer homes than in a typical year. That is why prices in the towns have not fallen much, despite higher rates.
Spring will be the real test. If more owners list their homes in March and April, buyers could finally see more choice. If listings stay low, the gains of the past two years are likely to hold. We will track each town’s numbers every month.
