The Calgary Real Estate Board has reported a 76 percent increase in available units for sale over the course of February. Over the past year, inventory increases have overwhelmingly consisted of houses priced over $500 000. However, the majority of increases we’ve seen over February have been in houses priced under $500 000. This marks an interesting shift in market trends, suggesting that inventory will continue to offer more affordable options. Year over year statistics explain the distinct differences between this March and last March. They show that sales in Calgary are just under 20% lower than last year, and new listings are up by almost 5%. Total inventory in the city has reached 4 145 as of the end of February, which is a whopping 75% higher than last year.
In terms of pricing, Calgary homes are at an average of $587 600, with detached homes costing an average of $760 500, and semi-detached homes at about $684 000. The average cost of townhomes in Calgary is $447 000, and apartments are at $334 200 on average. The benchmark residential price in Calgary is about $2 000 higher than this time last year, market trends suggest that prices will not experience the same level of increases that are normally seen in spring and summer.
Meanwhile, Airdrie, Okotoks, and Cochrane’s prices have all gone up just a little bit over this past month. Airdrie’s inventory increased 23 percent, and the benchmark in the city is at $537 600, while Okotoks has an average of about $617 000. Inventory in Cochrane increased as well, to levels that are apparently the highest the town has seen since before the pandemic! The average in Cochrane is $577 000, 5 percent more than last year. While sales in Airdrie and Okotoks have decreased since last year, sales in Cochrane have increased by over 15%. Since demand is high in Cochrane at this time, now could be a great time to sell if you are located in or around the town.