CREB®’s March 2024 regional figures, released on April 1, show the three towns getting tighter as spring begins.
Benchmark price, March 2024
Airdrie
There were 203 sales and 218 new listings, a 93% ratio. Inventory was 22% below last year and 56% below typical March levels, with less than one month of supply. The benchmark price reached $540,400, up 2% in a month and over 9% in a year, with row and apartment homes rising fastest.
Cochrane
After a slower start to the year, sales nearly matched new listings, a 99% ratio. Supply dropped to just over one month. The benchmark price reached $555,300, up nearly 12% in a year, and detached prices passed $650,000 for the first time.
Okotoks
71 new listings met 65 sales. Only 54 homes were for sale, down 10% from last year and nearly 70% below long-term trends. Months of supply fell below one, the lowest for March since 2006. The benchmark price rose 1% to $610,700, up 9% in a year, led by semi-detached and row homes.
What it means: Cochrane’s winter breathing room is gone. All three towns are firmly in sellers’ territory this spring.
From February to March
In February, Airdrie had 135 sales on 182 new listings, and inventory was half of what is typical for the month, the lowest since 2006. March brought more of both, 203 sales and 218 new listings, but the ratio rose to 93%, so supply did not recover. The benchmark price went from $529,700 to $540,400. A year earlier, in February 2023, it was $479,700.
Cochrane had looked like the exception. In February, 105 new listings, the most since July 2023, met 65 sales, a 62% ratio, and supply sat at about two months. Year-to-date listings were up 22%. One month later, sales almost matched listings and supply fell to just over one month. The benchmark price moved from $548,300 to $555,300.
In Okotoks, new listings had improved for two months in a row, but sales kept pace, and inventory stayed near record lows, 63% below long-term trends in February. The benchmark rose from $605,500 to $610,700.
How the towns compare with Calgary
All three towns now look much like the city: Calgary also had under one month of supply in March and a total benchmark of $597,600. Okotoks is slightly more expensive than the city average, while Airdrie and Cochrane are still cheaper, which is one reason many families look at them. However, the price gap is narrowing, because both towns are seeing their own strong demand and low supply.
What drives the towns
The towns draw many of the same buyers as Calgary, including people moving from other provinces. Commuters weigh lower prices or larger lots against longer drives. When the city tightens, demand spills over, and that is what the regional numbers show this spring.
Practical takeaways
- Buyers: do not count on the towns being an easy alternative. Okotoks had only 54 homes for sale in March.
- Cochrane buyers: the extra choice of the winter is gone; expect multiple offers on popular homes.
- Sellers: spring is a strong time to list in all three towns, especially for row and semi-detached homes, which posted some of the fastest gains.
- Commuters: include the cost and time of the drive when comparing a town home with a smaller home in the city.
What to watch in April
The spring market usually brings the most new listings of the year in April and May. If more owners in the towns decide to sell, the ratio could ease from the very high levels of March. If listings stay low while buyers keep coming from Calgary and from other provinces, prices are likely to keep rising, as they did in every property type this quarter.
