CREB®’s October 2023 regional figures, released on November 1, show the same pattern in all three towns: sales are lower than last year because supply is short, and prices keep rising.
Benchmark price, October 2023
Airdrie
Year-to-date sales are down 29%, mostly detached homes. Sales of homes under $500,000 dropped steeply for lack of supply, while inventory growth came from homes above $500,000. With less than two months of supply, the benchmark price rose to $521,400, up nearly 10% in a year.
Cochrane
New listings improved on last month and last year, but year-to-date sales are down nearly 22% and inventory is still well below long-term trends. The benchmark price reached $539,900, up over 1% in a month and 7% in a year, with condos rising fastest.
Okotoks
There were 48 new listings and 41 sales, an 85% ratio, so inventory stayed exceptionally low. Year-to-date sales are down 26%, mainly detached. The benchmark price rose slightly from September and is over 9% higher than last October, led by detached and semi-detached homes.
What it means: lower sales in the towns reflect a lack of homes, not a lack of buyers. Prices are unlikely to soften without more listings.
Fewer sales, but not for lack of buyers
All three towns have sold far fewer homes in 2023 than in 2022: 29% fewer in Airdrie, nearly 22% fewer in Cochrane and 26% fewer in Okotoks. In each case, CREB points to supply, not weak demand. When there are few homes to buy, especially at lower prices, fewer sales happen and the homes that do sell go for more.
Airdrie: the shortage under $500,000
Sales eased in October, and most of this year’s decline has been in detached homes. Limited choice in the lower price ranges has caused a steep drop in sales of homes priced below $500,000. Inventory is higher than last year’s low levels, but the growth has come from homes above $500,000. Months of supply rose from September but stayed below two months, so prices kept rising. The benchmark went up from $518,000 in September, a gain of nearly 10% from last year.
Cochrane: listings improve
New listings improved compared with last month and last year, which likely supported some of the monthly gain in sales. Year-to-date sales are down across all property types, but they are still far higher than long-term trends for the town. Inventory is lower than last year and well below long-term trends. The benchmark rose over 1% from September’s $532,700, with the largest annual gains in apartment condos. In September, Cochrane had more than two months of supply for the first time since February, so October’s price gain shows how quickly that small easing was absorbed.
Okotoks: prices edge up again
With 48 new listings and 41 sales, the 85% ratio kept inventory exceptionally low. In September, the ratio had dropped to 75%. CREB says low inventory has likely held back sales this year, mainly in detached homes. After some price adjustments over the past few months, the benchmark rose slightly from September’s $580,200, and annual gains were highest for detached and semi-detached homes.
How the towns compare with Calgary
Calgary’s total benchmark was $571,600 and its detached benchmark $697,600 in October. Calgary also saw lower-priced supply disappear: only 38% of condo inventory was priced under $300,000. Airdrie’s benchmark is about $50,200 below Calgary’s, and Cochrane’s about $31,700 below.
Practical takeaways
- Buyers under $500,000 in Airdrie: supply is the tightest here; consider row homes or condos, or expand the search area.
- Buyers in Cochrane: more listings than last year give a bit more choice, but prices are still rising.
- Sellers: winter usually brings fewer listings, which can work in your favour.
