Home inventory spikes in these three areas near Calgary
Have you been toying with the idea of moving out of the city? You might be in luck because home inventory is on the rise in these three areas near Calgary.
According to the Calgary Real Estate Board (CREB) June housing statistics, inventory levels are on the rise in Calgary, and neighbouring communities seem to be following suit. While sales are also falling in some areas, other regions near Calgary are seeing prices rise as more buyers look outside the city.
Here’s what you need to know about the housing market around Calgary, along with which three areas have seen the biggest spikes in inventory.
Airdrie
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Just north of Calgary, the city of Airdrie is seeing a big drop in sales activity, especially for detached homes. Although when compared to last year’s numbers, inventory is up by a staggering 122.3 per cent.
Sales in June dropped to 164 units, while new listings simultaneously rose to 324. The gap between sales and new listings means a lot more inventory sitting around, with supply currently above three months. This is the first time Airdrie has seen supply like this since 2020.
Resale prices have also taken a slight hit, trending down for the second month in a row. The benchmark home price for June was $538,300, three per cent lower than the same time last year.
Cochrane
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To the west of Calgary, Cochrane is seeing sales gains for detached and semi-detached homes, but pullbacks for row homes and apartments. This offset means that overall June sales numbers look similar to last year. Although inventory is still higher than this time last year by 103.4 per cent.
The town of Cochrane is currently sitting at just below three months of supply, but conditions are more balanced than they have been in the past. Prices are still rising, but more slowly than before, which is good news for hopeful buyers in the area.
As of June, the unadjusted benchmark price was $593,700, which is about one per cent higher than last month and four per cent higher than last year.
Okotoks
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South of Calgary in Okotoks, both sales and new listings are on a downward trend. The town is currently looking at below two months of supply as of June, but options in nearby communities have prevented crazy price jumps. While not as generous as the other areas on this list, inventory in Okotoks is still 56.1 per cent higher than last year.
The unadjusted benchmark price was $632,800, which is nearly three per cent higher than last year, but similar to the previous month of May. Overall, conditions are still tight in this desirable area, but look pretty consistent when comparing previous months.
Have you considered making the leap to a smaller town around Calgary? Let us know in the comments what you think of these latest trends.