CREB®’s November 2024 regional figures, released on December 2, show three different stories in the towns around Calgary.
Benchmark price, November 2024
Airdrie
With 344 homes for sale, supply is returning to levels more like those before 2020. Detached and row homes make up 84% of it. The benchmark price was $543,300, 4% higher than last November; apartments rose the most, by nearly 16%.
Cochrane
New listings hit a record high for November, but sales surged too, led by detached homes. As a result, inventory is still 18% below long-term trends. The benchmark price was $568,600, nearly 4% higher than last year, with the largest gains for apartments.
Okotoks
Unlike the other towns, new listings fell, to 47, while there were 52 sales. Okotoks has had less than two months of supply for most of the time since the end of 2020. The benchmark price was $624,000, up 6%, and the detached price rose to $707,300.
What it means: Airdrie and Cochrane buyers have more choice than in recent years. In Okotoks, expect competition for well-priced detached homes.
Compared with October
In October, Airdrie had 365 homes for sale, Cochrane 178 and Okotoks 103. Airdrie’s inventory eased to 344 in November, a normal seasonal decline, but CREB says supply there is returning to levels more consistent with the years before 2020. Airdrie’s annual price gain slowed from 5% in October to 4% in November, and Cochrane’s from 6% to nearly 4%. Okotoks held its pace, with an annual gain of over 6% in October and 6% in November, the strongest of the three towns.
Context
All three towns went through years of very low inventory. In October 2023, Airdrie had only 213 homes for sale and Okotoks 66, near a record low. Since then, new listings have grown faster than sales in Airdrie and Cochrane, which is why supply has improved there. Okotoks is the exception, and its new listings fell in November.
What it means for buyers
In Airdrie, improved supply choice is taking some of the pressure off prices, CREB said, and detached and row homes make up 84% of the homes for sale. Buyers have more room to compare than in the spring. In Cochrane, sales rose along with listings, so inventory is still 18% below long-term trends; buyers should be ready to act quickly on detached homes. In Okotoks, with 52 sales and only 47 new listings in November, buyers face the tightest market of the three.
What it means for sellers
Okotoks sellers remain in the strongest position: the town has had less than two months of supply for most of the time since the end of 2020, and the detached benchmark rose to $707,300. Airdrie sellers face more competition and should price carefully. Cochrane sellers benefit from strong sales, but the record number of new listings means buyers have more homes to compare.
Local angle
Apartments led the price gains in Airdrie, up nearly 16%, and in Cochrane, while row homes led in Okotoks. For first-time buyers, this means that the lower-priced segments in the towns are the ones where prices are rising fastest.
Practical takeaways
Buyers should compare all three towns with nearby Calgary districts before deciding where to look. Sellers should watch new listings in their town over the winter, since supply will set the tone for the spring market. In every town, the benchmark price is only a guide; the actual price depends on the home’s type, condition and location.
The towns also differ in what is for sale. Airdrie’s improvement has come across all property types, while in Cochrane much of the sales growth was driven by detached homes, and Okotoks’ low inventory has hardly changed since October.
