Listings are up in surrounding communities, but supply continues to tighten with strong sales
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Demand for single-family detached homes continues to power communities surrounding Calgary, the most recent figures from the Calgary Real Estate Board show.
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“There hasn’t been much let up in demand in these markets,” says Ann-Marie Lurie, chief economist with the Calgary Real Estate Board.
New listings may have increased in Calgary in June by 24 per cent, year over year, leading to an increase in months of supply of 2.37 — up from May (2.27) and April (1.89).
But communities including Airdrie, Okotoks and Cochrane continued to experience decreases in supply.
Airdrie’s months of supply, for instance, fell by 51.1 per cent year over year in June to 1.29 months despite new listings growing by more than 14 per cent.
Inventory also fell by 25 per cent even though sales — 247 transactions in all — grew by almost 52 per cent.
In turn, its benchmark price grew by about 14 per cent year over year to $385,200.
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Airdrie remains the most active of all communities for sales. It is also the most affordable outside of High River with a benchmark price of $377,600. Canmore remains the most expensive market at more than $901,000.
The mountain community also stands out because its market is not driven by single-family homes sales. In contrast, Cochrane, where the benchmark price rose about 10 per cent in June year over year, saw more than 70 of its 126 sales for single-family homes.
Lurie says most surrounding communities are seeing demand for single-family homes drive their resale markets as Calgary buyers look outside city limits to get more for their dollar.
“That’s why these markets are so tight.”
