CREB®’s regional figures for March 2023, released on April 3, show tight conditions in all three markets.
Benchmark price, March 2023
Airdrie
There were 154 sales and 203 new listings, a 76% ratio. Inventory fell to the lowest March level since 2014, and months of supply has not been above two since January 2021. The benchmark price rose 2% to $497,400, still below the April 2022 peak of $510,700 but over 20% higher than in March 2021.
Cochrane
With 155 homes available and 87 sales, months of supply fell below two again. The benchmark price rose for a second month to $501,900, slightly below last year and the June 2022 high of $522,600. Prices are also over 20% higher than in March 2021.
Okotoks
There were 55 sales and 67 new listings, and only 61 homes for sale, one of the lowest March levels ever. Before the pandemic the town typically had over 200. After three monthly gains, the benchmark price set a record of $561,600.
What it means: all three towns remain seller’s markets this spring, with Okotoks the tightest.
Airdrie: lowest March inventory since 2014
Airdrie had 154 sales and 203 new listings in March, pushing the sales-to-new-listings ratio up to 76%. Inventory fell to the lowest level for the month since 2014, and months of supply dropped to the lowest in over eight months. CREB notes that Airdrie’s months of supply has not risen above two since January 2021. The benchmark reached $497,400, a 2% gain over February, but nearly 2% below last year and still below the April 2022 peak of $510,700. It is over 20% higher than in March 2021.
Cochrane: higher inventory than last year
Sales and new listings improved from recent months but are still much lower than last year’s highs. Unlike other areas, Cochrane’s inventory is above last year’s low level. With 155 homes available and 87 sales, though, months of supply fell below two again, and prices rose for a second month. Like Airdrie, Cochrane prices are over 20% higher than in March 2021.
Okotoks: a new record price
Okotoks had 55 sales and 67 new listings. With only 61 homes for sale, inventory was among the lowest ever recorded for March. CREB notes that before the pandemic began in March 2020, Okotoks would typically have over 200 homes for sale. With one month of supply, prices rose for a third straight month to $561,600, a new record for the town.
Compared with February
In February, Airdrie’s benchmark was $487,200, Cochrane’s $492,900 and Okotoks’ $555,000. All three rose in March. Cochrane’s supply had been close to three months in January, so the return to under two months shows how quickly spring demand absorbed the extra homes.
Practical takeaways
- Buyers: all three towns are sellers’ markets this spring. Get pre-approved and be ready to decide quickly.
- Sellers in Okotoks: very few competing listings work in your favour, but buyers still compare with homes in Calgary and the other towns.
- Long-term owners: with prices over 20% higher than two years ago in Airdrie and Cochrane, check what your home is worth before deciding on a renovation or a move.
How the towns compare with Calgary
In Calgary, March inventory was the lowest for the month since 2006 and the detached benchmark reached a record $649,800. The towns are following the same pattern: limited supply, rising prices and buyers with few choices. Airdrie and Cochrane remain the more affordable options, with benchmarks around $500,000, while Okotoks is closer to $562,000. For a family that needs a detached home, these differences can still mean real savings compared with the city, but the gap has narrowed over the past two years.
