CREB®’s September 2024 regional figures, released on October 1, show supply improving in all three towns after years of very tight conditions.
Benchmark price, September 2024
Airdrie
Inventory rose to 349 units, and with 151 sales, months of supply reached 2.3. Supply had been under two months since the start of 2021. The benchmark price was $551,000, nearly 7% higher than last year.
Cochrane
Year-to-date sales are nearly 6% higher than last year, but new listings are rising and the sales-to-new-listings ratio fell to 50%. With 174 units in inventory and 58 sales, supply rose to three months, the first time since the end of 2020. The benchmark price was $578,300, similar to August and nearly 9% higher than last year.
Okotoks
Inventory has trended up for three months but, at 106 units, is still exceptionally low. Supply reached two months, a level not seen consistently since early 2021. The benchmark price was $630,300, nearly 1% higher than August and 9% higher than last year.
What it means: Cochrane buyers now have the most choice in the region since 2020, which can mean more room to negotiate.
Compared with August
In August, Airdrie had 242 new listings and 172 sales, and supply stayed below two months. In September, more new listings relative to sales pushed inventory to 349 homes, and with 151 sales, supply reached 2.3 months. The benchmark eased from $553,300 to $551,000. In Cochrane, the ratio fell from 74% in August to 50%, and inventory rose from 144 to 174 homes. The benchmark was $578,300, almost the same as August’s $578,600. Okotoks went from 67 sales on 84 new listings in August to a market with 106 homes for sale and two months of supply. Its benchmark rose from $622,700 to $630,300.
Why September matters for the towns
In the spring, it looked as if the towns would stay tight even as Calgary loosened. September changed that. Airdrie’s supply had been under two months since the start of 2021, Cochrane had not reached three months since the end of 2020, and Okotoks had not seen two months consistently since early 2021. All three crossed those lines in the same month. CREB said improving supply in Airdrie has taken some of the pressure off prices and, in Cochrane, prevented any further upward pressure this month. Even so, supply in all three towns remains below long-term trends.
How the towns compare with Calgary
Calgary’s September benchmark was $596,900, with 2.5 months of supply and 5,064 homes for sale. Cochrane now has more months of supply than the city, while Airdrie and Okotoks are slightly below it. Prices tell a different story: Okotoks, at $630,300, rose nearly 1% in a month and 9% in a year, the strongest of the three, while Calgary’s benchmark slipped. Airdrie’s annual gain of nearly 7% and Cochrane’s of nearly 9% are also ahead of Calgary’s just over 5%.
Practical takeaways
Cochrane buyers have the most choice in the region since 2020, which can mean more room to negotiate on price, possession dates and conditions. Airdrie buyers also have more options than at any time in more than three years. In Okotoks, supply is better but still exceptionally low, so sellers keep an advantage, and prices are still rising. Sellers in Cochrane and Airdrie should look closely at competing listings and recent sales before setting a price, because buyers now have alternatives within the town.
Fall is usually quieter than spring, with fewer new listings as the weather cools. If the towns follow that pattern, supply could level off over the next few months. CREB’s October report will show whether September’s gains were the start of a lasting shift or a one-month jump.
