You can only buy a house for under $450K in these spots outside Calgary | Daily Hive

You can only buy a house for under $450K in two spots outside Calgary

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Calgary’s housing market is getting expensive, and forecasts point toward that trend continuing throughout the year.

A recent report from the Calgary Real Estate Board (CREB) highlighted that while the market won’t be as tight in 2024 as it was in 2023, housing costs aren’t necessarily going to get cheaper.

So where does that leave people who want to stay close to the city but don’t want to spend a fortune? Perhaps just outside of Calgary.

The benchmark price for a home in Calgary, according to CREB, was $675,783 at the end of 2023, which is a 7.64% increase from the previous year.

Homes in several towns that fall outside city limits but still have fairly easy access to Calgary can be tens of thousands of dollars cheaper than you can find in the city itself.

Here’s a list of places outside the city where you could look for houses and how much you can get them for.

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Airdrie

Benchmark price in 2023: $506,300

CREB says that Airdrie has dealt with less than two months of supply since early 2021, which was a factor in its annual benchmark prices rising from under $358,267 in 2020 to the $506,300 reported in 2023.

Supply levels are expected to improve next year, but it will take time for the market to rebalance.

Cochrane

Benchmark price in 2023: $520,942

Over the past three years, the sellers’ market conditions have contributed to significant price gains since 2021, according to CREB.

The pace of price growth slowed in Cochrane in 2023; it was nearly 4% higher than last year’s record high at an annual benchmark, taking some of the pressure off home prices.

Okotoks

Bench price in 2023: $571,742

Tight market conditions have contributed to the high price increase over the past three years.

In 2023, the annual benchmark price reached a record high of $571,742, an annual gain of 6%.

Even though listings should improve in 2024, the board says the supply adjustments
needed to bring the Okotoks market back to balance will take some time.

Chestermere

Benchmark price in 2023: $651,900

When considering the sales-to-new listings ratio, the months of supply conditions in Chestermere are not as tight as some of the other surrounding areas, as prices in this market are much higher than in other surrounding areas and new home construction
levels have improved compared to last year and levels seen prior to the pandemic.

By the end of the year, there were some signs that conditions were shifting with a more balanced sales-to-new listings ratio and months of supply.

If the trend stays the same as we get into 2024, the pace of price growth could slow
from the rapid growth seen over the past several years.

High River

Benchmark price in 2023: $440,775

Supply levels are expected to improve in 2024, but seeing more balanced conditions in this market will take time.

Nonetheless, as we transition to more balanced conditions, we should start to see price growth slow to a more moderate pace.

Supply levels are expected to improve in 2024, but it will take time to see more
balanced conditions in this market.

Strathmore

Benchmark price in 2023: $402,858

Strathmore was on the same trend as other markets throughout 2023.

CREB said its relative affordability compared to Calgary and other surrounding areas kept the sales trending well above the long-term average despite reporting a year-over-year decline.

The market is showing signs of improving supply in the upper price ranges, a trend that
will likely continue into 2024.

Canmore

Benchmark price in 2023: $914,050

Thanks to a pullback in new listings, inventory levels remained relatively unchanged over last year’s levels, which were still below long-term trends.

Canmore has experienced exceptionally tight conditions during the pandemic, according to CREB. Over the past two years, the market has seen the months of supply trend up over those exceptionally low levels.

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