House prices rise amid tight supply in surrounding communities
Calgary’s outlying communities are seeing prices climb amid short supply for single-family detached homes.
Calgary Real Estate Board statistics from July showed gains in the benchmark price in all major surrounding communities, which feature supplies of mostly single-family homes.
In the largest market, Airdrie, the benchmark price gained more than four per cent year over year reaching $514,100, driven by just over one month of supply in the market.
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Cochrane also saw gains in its benchmark price up nearly four per cent to reach $529,700. That’s despite sales declining year over year by 4.5 per cent. Inventory also jumped slightly, but supply remains tight by historical measures, below two months.
High River saw the largest year-over-year increase in its benchmark price rising nearly nine per cent to reach $453,800. Again, sales declined, down 13 per cent, but supply remains low at less than two months.
Okotoks has among the lowest supply of homes on the resale market in the region with just over one month of inventory relative to sales.
Its benchmark price also was among the leaders in growth up seven per cent to reach $586,900 in July.
Only Chestermere and Canmore have higher benchmark prices. In July, Chestermere’s benchmark increased about six per cent year over year to reach $668,500. Canmore also saw its benchmark increase six per cent to $923,300. The priciest market, Canmore also has the most supply at nearly three months.
The lowest priced market continues to be Strathmore, which saw its benchmark rise year over year nearly five per cent to $404,800. It also saw increasing sales, up nearly 15 per cent amid falling inventory, down 29 per cent, or just over one more of supply.