For the first time this cycle, all three of the main towns around Calgary set record benchmark prices in the same month. CREB® released the June 2023 figures on July 4.
Record benchmark prices, June 2023
Airdrie
Fewer new listings (245) slowed sales to 221, a 90% ratio, with under one month of supply. The benchmark price reached a record $511,100, with the largest gains in row and apartment homes.
Cochrane
Sales eased, and year-to-date sales are down 30%, though still far above any pre-pandemic level. New listings fell sharply. The benchmark price reached a record $526,500, nearly 2% higher than both last month and last year.
Okotoks
There were 87 sales and only 84 new listings, pushing the ratio above 100%. Months of supply dropped to 0.7, the lowest June level ever reported. The benchmark price reached a record $585,300, up 2% in a month and 6% in a year.
What it means: the towns are no longer just a cheaper alternative to the city. Prices there are rising for the same reason: too few homes for sale.
Airdrie: fewer listings, fewer sales
A pullback in new listings slowed Airdrie’s sales in June. The 90% sales-to-new-listings ratio prevented any real change in inventory and kept supply below one month. Prices rose across all property types. In May, the total benchmark was just short of the record from April 2022, while detached prices had already set a new high. June completed that recovery for the town as a whole.
Cochrane: down 30% in sales, up in price
Cochrane shows how a market can sell fewer homes and still see prices rise. Sales eased again in June, and year-to-date sales are 30% lower than last year. That sounds dramatic, but CREB points out that sales are still far higher than any level reported before the pandemic. The bigger issue is listings: significant declines in new listings limit choice and keep inventory low. In January, Cochrane had close to three months of supply and looked like the most balanced of the three towns. By June, it set a record price.
Okotoks: more sales than new listings
Okotoks had 87 sales and 84 new listings, which pushed the sales-to-new-listings ratio above 100% again. When more homes sell than come onto the market, inventory shrinks, and months of supply fell to 0.7, the lowest level ever reported for June. The benchmark rose 2% in a month and 6% in a year.
How the towns compare with Calgary
Calgary also had a record June, with 3,146 sales, just over one month of supply and a total benchmark of $564,700. Okotoks is now about $20,600 above the city benchmark, while Airdrie is about $53,600 below and Cochrane about $38,200 below. For buyers who need a detached home, the towns still cost less than the city’s detached benchmark of $685,100.
Compared with May
Airdrie’s benchmark rose from $502,900 in May, Cochrane’s from $515,600 and Okotoks’ from $575,900. All three gains were driven by the same thing: too few homes for the number of buyers.
Practical takeaways
- Buyers: regional towns are no longer a way to avoid competition. Act quickly and keep conditions simple.
- Sellers: with record prices in all three towns, this is a strong time to sell, especially if your next home is already arranged.
- Commuters: include fuel, time and possible transit costs in your comparison with Calgary communities.
What to watch in July
The key question for all three towns is new listings. Airdrie and Cochrane both saw fewer new listings in June, and Okotoks had fewer new listings than sales. If summer brings more sellers, the pace of price growth could ease. If not, records could keep falling. We will look at the July figures in early August.
