Seven main ‘satellite’ communities orbit the City of Calgary, with a combined population of just over 207,000, compared to the populations of Red Deer (~107,000) and Lethbridge (~133,000)..The seven serve as bedroom communities for people working in the big city, but each has its own economy, local business and housing markets, the latter falling under the auspices of the Calgary Real Estate Board (CREB)..CREB’s new year report includes overviews of the seven markets..Airdrie - population 76,500.Sales in 2022 set a record, says CREB, due to an increase in new listings early in the year. Regardless, tight conditions resulted in significant price increases..Sales eased over the second half of 2022 and inventory increased, shifting the market away from sellers’ conditions. .Slower sales in 2023 are expected, however supply will be low both on the resale and new home side, putting limits on price adjustments..Sales: 2,300 in 2021, up 63% from 2020. Sales in 2022, 2,469, a 7% year-over-year (yoy) increase..Benchmark price in 2021 $406,792 up 12% yoy. Benchmark in 2022 $489,550 up 20% yoy..Cochrane - population 34,467 .Sales in 2022 were higher than long-term trends, says CREB. New listings rose slightly compared to 2021, supporting some gains in inventories, taking the market out of sellers’ conditions. Supply is still historically low, preventing a significant price adjustment. .Cochrane should see more balanced conditions in 2023..Sales: 1,235 in 2021, up 72% yoy. Sales in 2022 1,136, down 8% yoy. Benchmark price in 2021 $432,158 up 9% yoy. Benchmark in 2022 $504,083, up 17% yoy..Okotoks - population 30,405..In 2022 an increase in new listings supported further sales growth, reaching record-high levels. Easing sales in the last quarter of the year supported increased inventory levels, but supply remained historically low, says CREB. Conditions in 2023 will be relatively tight, with a shift to a more balanced market. .Sales: 827 in 2021, up 51% yoy. Sales in 2022, 843 up 2%. Benchmark price in 2021 $469,425, up 13% yoy. Benchmark in 2022 $542,908, up 16% yoy..High River 14,324.Sales in 2022 approached the record set in 2006, says CREB, due to an increase in listings. However, new listing growth was not enough to result in a significant shift in inventory levels, which by the end of the year remained lower than the levels in 2022. This also ensured the months of supply remained relatively tight at less than two months. .The typical detached home price in High River is much lower than most surrounding areas, which could continue to draw people to the area in an environment of higher lending rates. .The record-low supply could hinder sales, slowing upward price pressures..Sales: 380 in 2021, up 35% yoy. Sales in 2022, 386 up 2% yoy. Benchmark price in 2021 $357,042 up 14% yoy. Benchmark in 2022, $407,600 up 14% yoy..Chestermere - population 22,163.As in other markets, the story of 2022 was early highs, later lows. The pullback in sales in the latter half of 2022 resulted in a gain in new listings, supporting a shift to more balanced conditions, says CREB. The typical single-family home is larger in Chestermere compared to Calgary, as are prices, with the benchmark price hitting just under $700,000. .This could cause Chestermere to be more affected by higher lending rates, with some price adjustments in 2023, but the adjustments will be limited due to low supply levels, says CREB. .Sales: 617 in 2021, up 99% yoy. Sales 2022, 534 down 13% yoy. Benchmark price in 2021, $540,767, up 12% yoy Benchmark in 2022 $626,833, up 16% yoy..Strathmore 14,810.Sales in 2022 were relatively unchanged from 2021, says CREB. Some modest gains in new listings were not enough to enhance inventory, which was 50% per cent lower than traditional levels. Tight conditions did support price gains, especially early in the year. .In 2023, higher lending rates will slow sales, however low supply should keep deep price declines at bay..Sales: 401 in 2021, up 60% yoy. Sales in 2022, 403 up .5% yoy. Benchmark price in 2021, $336,442, up 12% yoy. Benchmark in 2022, $382,958 up 11% yoy..Canmore 14,370.Sales in 2021 reached a record, easing in 2022, but still above long-term trends, says CREB. New listings declined, impairing stronger sales, with new listings increasing inventory, causing a shift from a sellers’ market to more balanced conditions. This took some pressure off prices, after a record high in June. Price growth was strongest for single-family homes, with the annual benchmark price reaching $1,307,808, a 23% increase over 2021..Sales: 762 in 2021, up 45% yoy. Sales in 2022, 530, down 30% yoy. Benchmark in 2021 $714,808, up 13% yoy. Benchmark in 2022 $839,175, up 17% yoy.. CanmoreCanmore
Seven main ‘satellite’ communities orbit the City of Calgary, with a combined population of just over 207,000, compared to the populations of Red Deer (~107,000) and Lethbridge (~133,000)..The seven serve as bedroom communities for people working in the big city, but each has its own economy, local business and housing markets, the latter falling under the auspices of the Calgary Real Estate Board (CREB)..CREB’s new year report includes overviews of the seven markets..Airdrie - population 76,500.Sales in 2022 set a record, says CREB, due to an increase in new listings early in the year. Regardless, tight conditions resulted in significant price increases..Sales eased over the second half of 2022 and inventory increased, shifting the market away from sellers’ conditions. .Slower sales in 2023 are expected, however supply will be low both on the resale and new home side, putting limits on price adjustments..Sales: 2,300 in 2021, up 63% from 2020. Sales in 2022, 2,469, a 7% year-over-year (yoy) increase..Benchmark price in 2021 $406,792 up 12% yoy. Benchmark in 2022 $489,550 up 20% yoy..Cochrane - population 34,467 .Sales in 2022 were higher than long-term trends, says CREB. New listings rose slightly compared to 2021, supporting some gains in inventories, taking the market out of sellers’ conditions. Supply is still historically low, preventing a significant price adjustment. .Cochrane should see more balanced conditions in 2023..Sales: 1,235 in 2021, up 72% yoy. Sales in 2022 1,136, down 8% yoy. Benchmark price in 2021 $432,158 up 9% yoy. Benchmark in 2022 $504,083, up 17% yoy..Okotoks - population 30,405..In 2022 an increase in new listings supported further sales growth, reaching record-high levels. Easing sales in the last quarter of the year supported increased inventory levels, but supply remained historically low, says CREB. Conditions in 2023 will be relatively tight, with a shift to a more balanced market. .Sales: 827 in 2021, up 51% yoy. Sales in 2022, 843 up 2%. Benchmark price in 2021 $469,425, up 13% yoy. Benchmark in 2022 $542,908, up 16% yoy..High River 14,324.Sales in 2022 approached the record set in 2006, says CREB, due to an increase in listings. However, new listing growth was not enough to result in a significant shift in inventory levels, which by the end of the year remained lower than the levels in 2022. This also ensured the months of supply remained relatively tight at less than two months. .The typical detached home price in High River is much lower than most surrounding areas, which could continue to draw people to the area in an environment of higher lending rates. .The record-low supply could hinder sales, slowing upward price pressures..Sales: 380 in 2021, up 35% yoy. Sales in 2022, 386 up 2% yoy. Benchmark price in 2021 $357,042 up 14% yoy. Benchmark in 2022, $407,600 up 14% yoy..Chestermere - population 22,163.As in other markets, the story of 2022 was early highs, later lows. The pullback in sales in the latter half of 2022 resulted in a gain in new listings, supporting a shift to more balanced conditions, says CREB. The typical single-family home is larger in Chestermere compared to Calgary, as are prices, with the benchmark price hitting just under $700,000. .This could cause Chestermere to be more affected by higher lending rates, with some price adjustments in 2023, but the adjustments will be limited due to low supply levels, says CREB. .Sales: 617 in 2021, up 99% yoy. Sales 2022, 534 down 13% yoy. Benchmark price in 2021, $540,767, up 12% yoy Benchmark in 2022 $626,833, up 16% yoy..Strathmore 14,810.Sales in 2022 were relatively unchanged from 2021, says CREB. Some modest gains in new listings were not enough to enhance inventory, which was 50% per cent lower than traditional levels. Tight conditions did support price gains, especially early in the year. .In 2023, higher lending rates will slow sales, however low supply should keep deep price declines at bay..Sales: 401 in 2021, up 60% yoy. Sales in 2022, 403 up .5% yoy. Benchmark price in 2021, $336,442, up 12% yoy. Benchmark in 2022, $382,958 up 11% yoy..Canmore 14,370.Sales in 2021 reached a record, easing in 2022, but still above long-term trends, says CREB. New listings declined, impairing stronger sales, with new listings increasing inventory, causing a shift from a sellers’ market to more balanced conditions. This took some pressure off prices, after a record high in June. Price growth was strongest for single-family homes, with the annual benchmark price reaching $1,307,808, a 23% increase over 2021..Sales: 762 in 2021, up 45% yoy. Sales in 2022, 530, down 30% yoy. Benchmark in 2021 $714,808, up 13% yoy. Benchmark in 2022 $839,175, up 17% yoy.. CanmoreCanmore
