CREB®’s September 2023 regional figures, released on October 3, show prices holding close to their highs as listings start to improve.
Benchmark price, September 2023
Airdrie
With 204 new listings and 144 sales, inventory rose slightly but stayed among the lowest levels since 2005, at just over one month of supply. The benchmark price reached $518,000, up over 8% in a year, with apartment condos rising fastest.
Cochrane
Sales and new listings both eased. Inventory is nearly 40% below long-term trends for September but not at record lows, and supply rose above two months. The benchmark price slipped to $532,700 on small declines for detached, semi-detached and row homes, but it is still over 5% higher than September 2022.
Okotoks
There were 69 new listings and 52 sales. Only 70 homes were for sale, so supply remains tight, especially for semi-detached, row and apartment homes. The benchmark price was $580,200, nearly 9% higher than last year.
What it means: Cochrane is the closest of the three to a balanced market this fall. Okotoks remains the tightest.
Compared with August
Airdrie’s benchmark rose from $515,600 in August to $518,000. Cochrane’s slipped from $534,700 to $532,700, and Okotoks eased again, from $582,000 to $580,200. So only Airdrie set a new high this month. In all three towns, though, prices remain well above last year: by over 8% in Airdrie, over 5% in Cochrane and nearly 9% in Okotoks.
Airdrie: the ratio drops to 70%
In August, Airdrie had 204 sales on 206 new listings, a 99% ratio. In September, it had the same 204 new listings but only 144 sales. A 70% ratio is the lowest since 2020, and it allowed a modest increase in inventory. Even so, inventory is among the lowest since 2005, and supply is only just over one month. Prices are up in all property types, with the largest annual gains in apartment condos.
Cochrane: above two months of supply
Sales and new listings both eased, leaving inventory stable. Inventory is nearly 40% below long-term trends for September, but not at the record lows seen elsewhere. Because sales fell more than inventory, supply rose above two months for the first time since February. CREB says this shift likely prevented further monthly price gains. Small monthly declines in detached, semi-detached and row prices pulled the benchmark down.
Okotoks: the ratio falls, inventory stays low
The 75% ratio was the lowest since August 2022, and it stopped the monthly decline in inventory. But the 70 homes available are still among the lowest monthly levels in over 20 years. In August, Okotoks had only 64 homes for sale. Months of supply rose from August, but conditions stay tight, especially for semi-detached, row and apartment homes.
How the towns compare with Calgary
Calgary’s benchmark was $570,300 in September and its detached benchmark $696,100. Airdrie and Cochrane are still well below the city overall, by about $52,300 and $37,600. Okotoks is about $9,900 above the city benchmark. In Calgary, too, new listings rose and the ratio fell to 76%, so the change is region-wide.
Practical takeaways
- Buyers in Cochrane: more than two months of supply is the most balanced the region has been since winter.
- Buyers in Airdrie: new listings are keeping up better, but supply is still very low; do not wait for big price changes.
- Sellers in Okotoks: few competing listings help, but prices have eased for two months, so price to recent sales.
What to watch in October
The key question is whether new listings keep pace with sales as the market moves into fall. If ratios stay near 70% to 75%, inventory can rebuild slowly and prices are likely to level off. If listings drop back, as they often do later in the year, the tight conditions of the summer could return.
