CREB®’s May 2023 regional figures, released on June 1, show the same limit in all three towns: not enough new listings.
Benchmark price, May 2023
Airdrie
There were 260 new listings and 225 sales, an 87% ratio, with less than one month of supply. Prices rose for a fifth month to $502,900, just shy of the April 2022 record of $504,200. Detached homes did set a record, at $587,200.
Cochrane
With 135 new listings and 122 sales, the ratio was 90% and supply just above one month. The benchmark price rose for a fourth month to $515,600, close to the June 2022 high of $517,900.
Okotoks
New listings reached 87 and sales 76, a ratio above 87%, and supply dropped below one month again. The benchmark price rose for a fifth month to a record $575,900, nearly 4% higher than last year.
What it means: these towns are as competitive as Calgary itself this spring. Buyers moving out of the city for value should still expect to compete.
Airdrie: detached homes set a record
Limited choice continues to weigh on sales in Airdrie. There were 260 new listings and 225 sales in May, an 87% ratio, so inventory hardly changed. With less than one month of supply, conditions are tighter than a year ago. Prices rose for the fifth month in a row. The total benchmark reached $502,900, just shy of the record of $504,200 from April 2022, while the detached benchmark has already reached a new record of $587,200.
Cochrane: close to last year’s high
Cochrane’s limited new listings are also holding back sales. Inventory is higher than a year ago, but still exceptionally low for the time of year, leaving just over one month of supply. Prices rose for a fourth straight month. CREB says that if conditions stay this tight, there could be more upward pressure on prices over the next several months.
Okotoks: under one month of supply
Low new listings are also limiting sales in Okotoks. A ratio above 87% prevented any meaningful change in inventory, and months of supply fell below one month again. Prices rose for a fifth straight month to a new record.
How the towns compare with Calgary
Calgary had a record 3,120 sales in May, an 85% ratio and one month of supply, with a total benchmark of $557,000. The three towns are just as tight. Okotoks’ benchmark is now above Calgary’s, while Airdrie’s and Cochrane’s are lower. For detached homes, the comparison is closer: Calgary’s detached benchmark was $674,000, compared with $587,200 in Airdrie.
Compared with April
In April, the benchmarks were $502,000 in Airdrie, $509,600 in Cochrane and $577,300 in Okotoks. CREB revises its benchmark series, so the May release reports slightly different past figures, but the direction is the same: prices kept rising in all three towns.
Practical takeaways
- Buyers: supply is under or just over one month in every town. Line up financing first and expect competition for detached homes.
- Sellers: spring demand is strong; prepare your home before listing so you can launch on a weekday and catch the most showings.
- Families comparing locations: Airdrie still offers detached homes at a lower benchmark than Calgary, but the difference is shrinking.
What could change in the summer
Spring is usually the busiest time for listings, and in all three towns new listings did rise from earlier in the year. The problem is that buyers absorbed almost all of them. If summer brings a pause in buying, inventory could finally build a little. If not, the record prices in Okotoks and in Airdrie’s detached segment may spread to the rest of the region. We will look at the June numbers in early July.
