CREB®’s July 2023 regional figures, released on August 1, show a little more supply in the towns around Calgary, but no break in price growth.
Benchmark price, July 2023
Airdrie
Sales trended down while new listings held steady, giving an 84% ratio and pushing supply back above one month. The benchmark price rose nearly 1% to $514,100. The detached benchmark passed $600,000 in Airdrie for the first time.
Cochrane
There were 110 new listings and 85 sales, a 77% ratio, and supply rose to nearly two months. The benchmark price still reached $529,700, up nearly 1% in a month and over 3% in a year. The detached benchmark is now $626,100.
Okotoks
With 78 new listings and 67 sales, the ratio was 86%, and supply rose above one month after two very tight months. The benchmark price reached $586,900, over 7% higher than last year, with semi-detached homes rising fastest. The detached benchmark reached $655,100.
What it means: Cochrane offers buyers slightly more choice than the other towns right now. Across the region, sellers still have the edge.
A little more room in July
After record prices in all three towns in June, July brought slightly more inventory. It was not enough to change the direction of prices, but it is the first sign this spring and summer that buyers in the region have a bit more choice.
Airdrie: detached prices pass $600,000
New listings were about the same as in June, while sales eased. That allowed a modest gain in inventory and pushed supply back above one month. Conditions remain exceptionally tight, though, and the benchmark rose from $511,100 in June. Prices are improving across all property types, and the detached benchmark has pushed above $600,000 in Airdrie for the first time. For many families who moved to Airdrie for a more affordable detached home, that is a significant marker.
Cochrane: nearly two months of supply
With a 77% ratio, Cochrane added some inventory and supply rose to nearly two months, the most in the region. Even so, prices rose across all property types and the benchmark went up from June’s record of $526,500. Cochrane buyers have slightly more choice right now than buyers in Airdrie or Okotoks, which can mean more time to view homes and fewer competing offers.
Okotoks: easing after two very tight months
In June, Okotoks had more sales than new listings and only 0.7 months of supply, the lowest ever for June. In July, the 86% ratio still kept inventory from changing much, but supply rose above one month. Prices still increased from June’s $585,300. The biggest annual gain was in semi-detached homes, and the detached benchmark reached $655,100.
How the towns compare with Calgary
Calgary’s total benchmark was $567,700 in July and its detached benchmark $690,500. Detached buyers can still save in all three towns, by about $64,400 in Cochrane and $35,400 in Okotoks. Overall, though, the Okotoks benchmark of $586,900 is now above Calgary’s.
Practical takeaways
- Buyers: Cochrane currently gives the most choice; in Airdrie and Okotoks, be ready to act quickly.
- Sellers: slightly more competition from other listings means presentation and pricing matter more than in the spring.
- Everyone: one month of data is not a trend; watch whether inventory keeps rising in August.
Compared with July 2022
A year ago, the region had just passed its 2022 highs: Airdrie’s benchmark peaked in April 2022 and Cochrane’s in June 2022, as rates started to rise quickly. This July, prices are higher than last year in all three towns: over 3% in Cochrane and over 7% in Okotoks. CREB’s chief economist links Calgary-area demand to continued migration to the province and relative affordability, while supply remains short in the resale, new home and rental markets.
