CREB®’s November 2023 regional figures, released on December 1, show the towns moving at different speeds.
Benchmark price, November 2023
Airdrie
Sales rose in November, but year-to-date sales are still down over 26% from last year’s record, mostly detached homes. The ratio rose to 96%. The benchmark price reached $524,500, up 11% in a year. Year-to-date, apartment prices are up 17%, and detached and semi-detached nearly 6%.
Cochrane
There were 87 new listings and 51 sales, a 59% ratio, the first time below 60% since 2020. Higher-priced homes drove the new listings. Inventory rose but is still over 30% below long-term trends. The benchmark price reached $548,600, up over 1% in a month and 11% in a year; year-to-date, condos are up over 7%.
Okotoks
More new listings supported higher sales and inventory, and supply rose to nearly two months, though inventory is still nearly half of normal. The benchmark price was $590,200, up 1% in a month and over 8% in a year.
What it means: Cochrane buyers, especially at higher price points, have the most room to negotiate this winter.
Airdrie: still very tight
Sales rose in November but could not offset earlier declines, so year-to-date sales are still more than 26% below last year’s record. Most of the decline is in detached homes, which have struggled with supply, especially in the lower price ranges. New listings improved from last year, but more sales pushed the ratio to 96%, so inventory stayed low. With less than two months of supply, the benchmark rose from October’s $521,400. Year-to-date gains are highest for apartments at 17%, while detached and semi-detached prices are up nearly 6%.
Cochrane: the most balanced month in years
With 87 new listings and 51 sales, Cochrane’s ratio fell below 60% for the first time since 2020. Higher-priced homes drove most of the new listings. The gain in listings relative to sales lifted inventory, but it is still more than 30% below long-term trends. Prices continued to rise, with the benchmark up from $539,900 in October. Year to date, prices have risen across all property types, with the biggest gain in apartments at over 7%.
Okotoks: nearly two months of supply
More new listings supported a year-over-year gain in sales, and inventory rose. Inventory is still nearly half the usual November level, but months of supply rose to nearly two months. In October, the ratio was 85% and supply was exceptionally low. Prices kept rising, by 1% in a month.
Compared with Calgary
Calgary had 2,227 new listings in November, nearly 40% more than a year earlier, and an 80% ratio. Its total benchmark was $572,700, up nearly 11%. Airdrie and Cochrane rose at the same pace as the city. Okotoks is about $17,500 above Calgary’s benchmark, while Airdrie is about $48,200 below and Cochrane about $24,100 below. The gap between Cochrane and Calgary has narrowed since the summer: in August it was about $36,000.
The year so far
All three towns sold fewer homes in 2023 than in 2022, mainly because of short supply rather than weak demand. Prices still rose by around 8% to 11% in a year. The late-year rise in new listings in Cochrane and Okotoks suggests 2024 could start with slightly more choice in those towns.
Practical takeaways
- Buyers in Cochrane: a 59% ratio means you have more time and room to negotiate than at any point since 2020.
- Buyers in Airdrie: a 96% ratio means competition remains strong; be prepared.
- Sellers of higher-priced homes: in Cochrane, most new listings are in your range, so price competitively.
December figures, due in early January, will complete the picture for 2023 in all three towns.
