CREB®’s May 2024 regional figures, released on June 3, include benchmark prices by property type for each town.
Detached and apartment benchmark prices, May 2024
Airdrie
More new listings lifted inventory, but only 208 homes were for sale, half the usual May level. Detached homes were nearly 70% of inventory, and half of them were priced below $700,000. Benchmark prices ranged from $289,000 for apartments to $651,000 for detached homes.
Cochrane
132 new listings were nearly matched by 130 sales, a 98% ratio, and inventory fell. The total benchmark price rose over 1% in a month and 10% in a year. Apartments rose fastest, to $304,900; detached homes reached $667,700.
Okotoks
Only 84 homes were for sale, 55% below normal. 100 new listings met 75 sales, a 75% ratio, with one month of supply. The benchmark price rose 1% in a month and over 8% in a year. Prices ranged from $262,500 for an apartment to $699,600 for a detached home.
What it means: a detached home in the towns now costs roughly $650,000 to $700,000. Condos remain the entry point, at around $260,000 to $305,000.
Compared with April
In Airdrie, new listings outpaced sales, which allowed inventory to grow after months of very tight supply. Even so, the 208 homes for sale were only half the usual May level. The detached benchmark moved from $649,900 in April to $651,000 in May, a much smaller gain than earlier in the spring, though CREB said benchmark prices still rose from both last month and last year. Half of Airdrie’s detached supply was priced below $700,000.
Cochrane went the other way. In April, more listings had pushed supply to nearly two months. In May, 132 new listings were nearly matched by 130 sales, the ratio rose to 98% and inventory fell. The total benchmark, $561,000 in April, rose by over 1% in May and was 10% above last year.
Okotoks had a busier month: new listings rose from 89 in April to 100, and sales from 65 to 75. The 75% ratio was close to April’s level of about 73%, and supply stayed at one month. The total benchmark, $617,200 in April, rose another 1%.
How the towns compare with Calgary
Calgary’s detached benchmark reached $761,800 in May. A detached home in Airdrie, at $651,000, cost about $110,000 less; in Cochrane, at $667,700, about $94,000 less. Okotoks, at $699,600, was closest to the city. For condos, the towns are even cheaper: $289,000 in Airdrie, $304,900 in Cochrane and $262,500 in Okotoks.
Why condos are moving fastest in Cochrane
Apartment-style homes had Cochrane’s strongest price growth. Like in Calgary, high interest rates are pushing many buyers toward the most affordable type of home, and in a small market a few extra buyers can move prices quickly.
Practical takeaways
- Airdrie buyers: more listings mean a better chance of finding a detached home under $700,000 than earlier this spring.
- Cochrane buyers: with a 98% ratio, act quickly and have financing ready.
- Okotoks sellers: supply is still 55% below normal, so pricing near the benchmark should attract buyers.
- First-time buyers: Calgary’s apartment benchmark was $346,200 in April, so a condo in the towns can cost tens of thousands less; compare fees and commuting costs too.
What the prices by type tell buyers
Looking at each town by property type gives a clearer budget picture than the total benchmark. A family that needs a detached home should plan for roughly $650,000 in Airdrie, $670,000 in Cochrane and $700,000 in Okotoks. Someone buying a first condo is looking at $260,000 to $305,000 across the three towns. Row and semi-detached homes sit between these levels and, in Okotoks, have posted some of the fastest gains this year, so they are no longer the bargain they were a year ago.
