Only one nearby city is seeing a bigger drop in home prices than Calgary

Detached home prices in Calgary are seeing a dip, and only one of the surrounding communities is besting YYC when it comes to the largest year-over-year drop.

The Calgary Real Estate Board (CREB) has released its July 2025 statistics report, and while Calgary’s prices are cooling, all but one of the surrounding areas are seeing detached benchmark prices coming down year-over-year. 

Sales are down across the board, with Airdrie topping the list with a 14 per cent drop in sales compared to last year. There has been a gain in inventory due to a significant improvement in new listings. 

As for Cochrane, July sales are down seven per cent compared to last year, but year-to-date sales have only seen a two per cent decline. 

New listings reached a record high for the month, pushing inventory to its highest July level since 2019. Despite the inventory levels, the housing prices remain resilient, with the benchmark price hitting $590,000, two per cent higher than last year and four per cent higher than year-to-date sales. 

Okotoks is experiencing tighter market conditions compared to Airdrie and Cochrane. The sales-to-new-listing ratio sits at 71 per cent, and the months of supply is just over two, which is higher than previous years, but still lower than what’s currently being seen in Airdrie and Cochrane.

In July, the benchmark price in Okotoks was $628,000, a slight drop from the month of June, but higher than last year’s level. Year-to-date prices are over two per cent higher than last year.

Looking at the detached benchmark price comparison for the communities that surround Calgary, just one city has seen a decline like YYC has, and it’s even bigger, too.

Airdrie has seen a 3.3 per cent decline in detached benchmark prices year-over-year, larger than Calgary’s 0.8 per cent dip.

Every other community has seen a rise, with Strathmore leading the pack with a 3.8 per cent rise to sit at $562,000, followed by High River with 3.4 per cent to land at $587,100.

CREB

The CREB report suggests that Calgary’s housing market is on a cooldown, but it is not being reflected equally in surrounding areas.

You can read the full report from CREB online.