Detached home prices in a town near Calgary have DOUBLED since 2020
If you thought the real estate market in Calgary has skyrocketed, a town just outside of the city has seen average detached home prices more than double since 2020.
The Calgary Real Estate Board (CREB) outlined in its 2025 outlook report that some towns and cities in the area have seen a meteoric rise in detached home prices in recent years, but one spot takes the cake.
The CREB says Strathmore experienced a slowdown in sales activity for the second consecutive year, likely due to limited supply.
Declining new listings drove annual inventory levels to near-record lows, and lower levels of new home construction further tightened supply.
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The average sales-to-new-listings ratio of 82% and months of supply at 1.5 months reflected persistent seller’s market conditions, with prices rising across all property types in the town, with row homes seeing the highest growth at 15%.
Detached and semi-detached homes reported annual benchmark price gains of nearly 12%, while detached home prices specifically averaged $538,441 in 2024, a whopping 56% increase since 2020.
Strathmore took the top spot when it came to detached home prices spiking around Calgary; however, two other spots saw a spike since 2020 as well.
The CREB stated that Okotoks endured a 49% gain over four years, with the average price of a detached home landing at $615,708, while Cochrane saw a 48% surge in detached home prices since 2020 sitting at $664,625,
The average annual benchmark of detached homes in Calgary hit $748,684, a nearly 10.8% year-over-year increase, according to the CREB.
CREB
“A limited supply of lower-priced detached homes constrained sales activity in 2024, with declines in the lower price ranges outweighing growth in the upper end of the market,” the CREB stated.
Looking ahead to this year, the market is expected to shift toward more balanced conditions allowing for more moderate price growth pegged at 3%.
“Price trends will vary by location and price range, with lower-priced homes within their respective communities experiencing stronger growth than higher-priced properties.”
Check out the full CREB 2025 outlook report.