CALGARY — A “diminished” supply of single-family homes in Calgary has pushed MLS® sales upwards in towns surrounding the city, says the Calgary Real Estate Board.
On Wednesday, the board said sales activity in towns hit double-digit growth in the third quarter, continuing the brisk pace set in the first half of the year.
For example, MLS® sales in Cochrane were up 20.34 per cent in the third quarter compared with a year ago and year-to-date sales have increased by 24.70 per cent. Airdrie has seen quarterly growth of 31.16 per cent and year-to-date growth of 30.86 per cent while Okotoks has experienced increases of 21.32 per cent and 12.77 per cent on a quarterly and annual basis respectively.
“We keep seeing strong sales growth in the surrounding municipalities because, when it comes to single-family homes, the supply is down in Calgary proper,” said Bob Jablonski, president of CREB. “Plus, generally speaking, you can find more house at a more affordable price in these areas and other areas outside the city.”
Year-to-date town sales totalled 4,110 units, a 41-per-cent increase over the previous year.
The benchmark price for the typical home in Airdrie was $338,600 in September, the lowest of the top three surrounding areas and 22 per cent less than the benchmark single-family home in Calgary. Meanwhile, Cochrane was highest of the three towns at $388,600, but 11 per cent less than single-family homes in Calgary.