Town near Calgary seeing massive 108% spike in home inventory levels
According to an August report from the Calgary Real Estate Board (CREB), home inventory levels are on the rise around Calgary, with one town in particular standing out.
The Town of Cochrane is leading the way in the Calgary region in terms of home inventory levels. In August, Cochrane had 297 homes on the market, a 107.7 per cent jump compared to last year, making it the largest spike in the region.
The increase came as a result of 70 sales being met by 139 new listings, pushing the sales-to-new-listings ratio down to 50 per cent, the lowest it has been reported in August since 2015.
With more listings than sales, the months of supply rose to 4.24 months, a 140.3 per cent increase from this time last year. Despite the surge in available homes, the benchmark price remained relatively stable, rising 1.8 per cent to $589,100.
CREB
Other areas around Calgary are also seeing spikes in inventory. Airdrie saw a 72.6 per cent increase, with 535 units available. Like Cochrane, 265 new listings were met with only 152 sales, 11.6 percent lower than last August, and increasing the months of supply by 95.3 per cent.
Strathmore followed the trend, with an 81.6 per cent gain in inventory in August. Only 17 sales were recorded against the inventory of 89, sending the months of supply to 5.24, a 167.1 per cent increase, meaning it would take just over five months to sell all of the available homes on the market.
Much like Cochrane, both areas’ benchmark prices were not overly affected by the gain in inventory. Strathmore’s benchmark price is sitting at $562,300, a 2.8 per cent gain since last year. Airdrie’s benchmark price went down 3.3 per cent, now sitting at $634,400.