These nearby spots have WAY cheaper detached home prices than Calgary

If you are looking to save some money on your hunt for a detached home, several nearby spots have much lower benchmark prices than can be found in Calgary.

The Calgary Real Estate Board (CREB) outlined in its February statistics package that when you compare detached benchmark prices in towns and cities around Calgary, the price is much lower in many compared to what you pay in YYC.

Calgary has seen a 5.1 per cent year-over-year increase in the benchmark price of detached homes, settling at $760,500.

That price is surpassed by just two surrounding communities: Chestermere, which has a detached benchmark price of $796,400, and Canmore, which has a detached benchmark price of a whopping $1,631,900.

There are plenty of spots where you can find lower detached benchmark prices, ranging from a tad over $60,000 to more than $200,000.

Looking at Okotoks, the detached benchmark price in that community sits at $696,800, followed by Cochrane at $670,000, Airdrie at $638,700, High River at $561,500, and Strathmore at $546,200.

When it comes to a year-over-year jump in detached benchmark prices, Chestermere saw the smallest rise of just 0.5 per cent, while Canmore saw the biggest rise at 6.2 per cent.

CREB

The CREB reports that in February, Calgary saw inventory levels have substantial year-over-year growth for the second month in a row, rising by 76 per cent to 4,145 units. While inventory increases were seen across all price ranges, the largest increases were in homes priced under $500,000.

“Even though more people listed their homes for sale, there were actually fewer sales than in February 2024. So, we’re seeing the seller’s market of the past two or three years ease off,” said Alan Tennant, president and CEO of CREB. “In turn, that’s caused the pace at which prices are increasing to slow down a bit, which should come as welcome news for buyers.”