Two cities around Calgary just saw detached home prices hit BIG numbers
It’s no secret that home prices in Calgary have been skyrocketing, and it looks like other nearby cities are falling to the same fate.
According to new statistics released by the Calgary Real Estate Board (CREB), both Airdrie and Okotoks are seeing detached home prices explode, with prices in one city inching closer to Calgary’s.
CREB
Benchmark detached home prices in Okotoks are sitting at $705,300, just cracking the $700,000 mark. While detached homes in Okotoks are still comparatively more affordable than Calgary’s, it doesn’t mean you’ll always find a better deal further south.
On a whole, the benchmark price for all property types in Okotoks is $622,700, which is over $20,000 higher than Calgary’s. That number has increased by 7% since this time last year, a shift which the report attributes to a boost in home sales.
Home prices in Airdrie aren’t quite as steep as the ones in Okotoks, but they’re still on the rise. With detached home prices now sitting at $655,800, Airdrie is catching up with the unaffordable prices found in most other areas around Calgary.
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If you’re on a budget, there is still only one spot around the city where you’ll find detached home prices for below $550,000: Strathmore. You’ll want to buy fast if you can, as it is also the spot with the highest year-over-year increase at 11.5%.
The most eye-popping stats are further west into the Rockies. Home prices in Canmore are second only to Strathmore in year-over-year increases, with a whopping $1,675,700 benchmark home price.
So if your dream is to escape to the mountains, you might have to look elsewhere for a good home deal.