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, a number of nearby spots have much lower benchmark prices than can be found in Calgary.

The Calgary Real Estate Board (CREB) outlined in its January 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 7% year-over-year increase in the benchmark price of detached homes, settling at $750,800.

That price is surpassed by just two surrounding communities: Chestermere, which has a detached benchmark price of $792,700, and Canmore, which has a detached benchmark price of a whopping $1,606,700.

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

Looking at Okotoks, the detached benchmark price in that community sits at $692,500, followed by Cochrane at $658,300, Airdrie at $636,100, High River at $555,900, and Strathmore at $538,400.

CREB

The CREB reports that in January, Calgary saw inventories rise across all property types, with apartment-style condominiums driving some of the largest gains.

“Supply levels are expected to improve this year, contributing to more balanced conditions and slower price growth,” said Ann-Marie Lurie, chief economist at CREB. “However, the adjustment in supply is not equal amongst all property types. Compared with sales, we continue to see persistently tight conditions for detached, semi-detached and row properties while apartment condominiums show signs of excess supply for higher priced units.”