CREB®’s June 2024 regional figures, released on July 2, show the same pattern as Calgary: the most affordable homes are the tightest and are rising fastest.
Benchmark price, June 2024
Airdrie
Sales were stable and well above long-term averages. New listings rose to 269 against 209 sales, a 78% ratio, keeping inventory low by historical standards. The benchmark price rose to $554,500, up nearly 1% in a month and 9% in a year, led by apartments.
Cochrane
Sales rose from last year, and year-to-date sales are up 7%. More new listings did little to inventory, which is 44% below normal for June. With nearly 1.5 months of supply, the benchmark price reached $571,100, nearly 9% higher than last year, again led by apartments.
Okotoks
Sales slowed, mostly detached, because of limited choice. Only 81 homes were for sale, 56% below normal, and detached supply was nearly 63% below normal. Prices have fluctuated month to month but are nearly 9% higher year to date.
What it means: buyers who want a detached home in Okotoks have very few options. Airdrie and Cochrane offer a bit more choice.
Airdrie: more listings, steady prices
Airdrie had a boost in new listings in June compared with last year, with 269 new listings against 209 sales. In May, the town had only 208 homes for sale, half the usual level, and the June ratio of 78% means that inventory stayed low by historical standards. The total benchmark of $554,500 compares with $549,100 in April. CREB said the tightest conditions in Airdrie, as in Calgary, are in the most affordable segments, and apartment-style homes had the strongest price growth. In May, Airdrie’s apartment benchmark was $289,000.
Cochrane: listings up, inventory flat
Cochrane’s sales improved from last year in June, and that was possible because more homes came onto the market. In May, 132 new listings had been almost matched by 130 sales. In June, the extra listings again did little for inventory, which stayed close to last year’s level and 44% below typical June levels. With nearly one and a half months of supply, sellers still have the upper hand. The benchmark price rose from $561,000 in April to $571,100. Cochrane’s apartments, at $304,900 in May, are also its fastest-rising segment.
Okotoks: detached supply is the problem
Okotoks had 84 homes for sale in May and 81 in June. CREB said that sales slowed, mostly in the detached sector, because buyers had too few homes to choose from. Detached supply was nearly 63% below what is typical for June. Prices moved up and down from month to month but were nearly 9% higher than last year so far in 2024. In May, the Okotoks detached benchmark was $699,600.
How the towns compare with Calgary
Calgary’s total benchmark was $608,000 in June, with 1.4 months of supply. Airdrie and Cochrane remain cheaper than the city, while supply conditions are broadly similar. For many buyers, the towns are no longer an escape from competition, but they are still a way to get more home for the money, especially for detached houses.
Practical takeaways
Buyers looking at Airdrie have a little more choice this month and should use it to compare several homes before making an offer. In Cochrane, inventory is not growing, so it is still important to move quickly on homes that fit. In Okotoks, buyers who need a detached home should widen their search area or consider a semi-detached or row home. Sellers in all three towns are still in a strong position, but listing photos, pre-listing repairs and fair pricing will make the difference as summer slows the pace.
