CREB®’s Q1 2021 Housing Report Released

Table of Contents:

City of Calgary, April 20, 2021 – The economic challenges associated with COVID-19 brought about a dramatic rate cut from the Bank of Canada and an even more significant drop in the discount rates for mortgages.

The low-interest-rate environment, combined with pent-up demand and increased savings among those who remained employed throughout the pandemic, is supporting stronger-than-expected gains in resale sales activity.

By the end of the first quarter, there were 5,945 sales in Calgary, 43 per cent higher than the 10-year average and the best start to the year since 2007.

“Sales activity is currently exceeding expectations. However, rising prices are expected to support new listings growth and also impact the pace of sales growth especially if discount rates continue to rise. This will help eventually support more balanced conditions,” said CREB® chief economist Ann-Marie Lurie.

New listings rose to the highest first-quarter levels seen in over a decade, but it did little to move overall inventory levels, which averaged 4,687 units in the first quarter. This kept market conditions exceptionally tight, with citywide months of supply of just over two months.

The tightening conditions that started halfway through last year have caused prices to trend up, with the pace of growth rising in the first quarter of this year. This price growth was enough to push quarterly prices four per cent higher than the first quarter of last year.

“This price growth has been counterintuitive to many, considering the job loss and economic challenges that face this province and city. However, we also need to keep in mind that this is still a story of recovery for prices, which currently remain well below the highs recorded in 2014.”

CITY OF CALGARY HOUSING SUMMARY

Prior to COVID-19, the economic challenges in our city created an environment of weak resale housing demand. When adjusting sales relative to the population from 2018-19, it was the slowest sales per capita on record. Over this same period, the housing market was struggling with excess supply and declining prices.

The economic challenges associated with COVID-19 brought about a dramatic rate cut from the Bank of Canada and an even more significant drop in the discount rates for mortgages. The low-interest-rate environment is supporting stronger-than-expected gains in resale sales activity. By the end of the first quarter, there were 5,945 sales in Calgary, 43 per cent higher than the 10-year average and the best start to the year since 2007.

New listings also rose in the first quarter to the highest first-quarter levels seen in over a decade, but it did little to move overall inventory levels, which averaged 4,687 units in the first quarter. This kept market conditions exceptionally tight, with citywide months of supply of just over two months.

The tightening conditions that started halfway through last year have caused prices to trend up, with the pace of growth rising in the first quarter of this year. This price growth has been counterintuitive to many, considering the job loss and economic challenges that face this province and city. However, in comparison to many parts of the country, this is still a story of price recovery and not record highs. Even with the recent gains, quarterly benchmark prices remain over seven per cent lower than the highs recorded in 2014.

The recent gains in prices are expected to continue to boost new listings, supporting some supply growth into the next quarter. This should help shift the market back toward balanced conditions by the end of the year. 

While the Bank of Canada is not expected to increase rates, there have been some recent gains in discounted mortgage rates. Additionally, there is some indication by the Office of the Superintendent of Financial Institutions (OSFI) they will be increasing the qualification rate for uninsured mortgages. If these conditions occur, we could see an impact on sales later in the year. Nonetheless, sales activity is expected to remain relatively strong on an annual basis.

ECONOMIC UPDATE

Unsurprisingly, COVID-19 continued to weigh on economic activity in the first quarter. Despite some changes in restrictions throughout the quarter, Alberta largely maintained strict gathering, travel and business occupancy restrictions.

This is weighing on economic activity and migration, but higher-than-expected energy prices are supporting some improvements in the energy sector. For the job market, this has produced mixed results.

Improvements in the energy sector have translated into job growth in both the primary and utilities sector and the professional, scientific and technical services. Those two industries combined saw 9,000 more jobs this quarter than what we had in the last quarter of 2020. There were also significant gains in the educational services sector, which recorded over 14,000 new jobs in the first quarter compared to the last quarter of 2020.

Some sectors continue to struggle. Quarterly job loss was recorded in sectors impacted by restrictions, including entertainment, food, transportation, wholesale trade and other services. There was also significant job loss in public administration positions and manufacturing. Job losses in these sectors offset the gains and Calgary saw nearly 8,000 jobs lost overall compared to the fourth quarter of 2020.

Vaccinations are rising, but the recent spike in COVID-19 variant cases will likely result in restrictions persisting throughout most of the second quarter. This is also causing some shifts in the employment forecast, with job improvements now being delayed into the third and fourth quarters of this year. Despite these shifts, a stronger-than-expected energy sector has sped up the predicted pace of full post-pandemic job recovery from 2023 to next year.

HOUSING MARKET DETACHED

Detached homes sales rose to record their best first quarter since 2014.

Improving sales started last year in this market, but much of the gains were driven by lower-priced homes. Moving into the first quarter, sales activity not only improved in the lower price ranges, but in the upper price ranges as well. Low lending rates and the desire for more space have driven up demand for detached homes, which had struggled prior to COVID-19.

The rise in new listings in the first quarter helped support some of the sales growth. The gap between sales and new listings widened in the first quarter, especially compared to last quarter, but inventories still trended down on a quarterly basis and were well below levels traditionally seen at this time of year.

The months of supply for the first quarter averaged less than two months. This reflects some of the strongest sellers’ market conditions seen in the detached sector and is well below balanced levels. The tight market conditions have supported some of the highest price gains relative to other product types, as citywide prices trended up by nearly three per cent relative to last quarter and were over five per cent higher than prices recorded in the first quarter of last year.

Sellers’ market conditions were fairly prevalent across most districts of the city, with the months of supply below two months for all districts except the City Centre. Most districts also recorded yearover-year price gains of more than three per cent, with the strongest first-quarter gains occurring in both the North and South East districts at over eight per cent.

The City Centre has lagged behind some of the other districts due to oversupply that was the highest relative to the rest of the city prior to the pandemic. However, recent declines in inventories and improvements in sales have supported some modest price gains in the district this quarter.

HOUSING MARKET SEMI-DETACHED

Thanks to growth across all districts in the city, sales activity for semi-detached homes reached record levels in the first quarter. Less choice in the lower-priced detached market has likely caused many to turn to the semi-detached sector.

However, increasing new listings in the first quarter were not enough to offset the growth in sales and inventory levels eased relative to the previous quarter and the same period last year.

Inventory reduction and recordhigh first-quarter sales caused the months of supply to drop below two months in the first quarter. This is significantly lower than the five months recorded last year, as well as the typical levels recorded in the first quarter, which is closer to four months of supply.

With the conditions shifting to favour the seller, prices have trended up for three consecutive quarters. The benchmark price in the first quarter of this year rose above $400,000, over three per cent higher than this time last year.

The areas with the tightest market conditions generally recorded the largest yearover-year price gains. However, the North district recorded the largest year-overyear gain at over seven per cent and is the only district to reach a record-high quarterly price at $342,700. Prices continued to ease in the West district, with a year-over-year decline of over two per cent.

HOUSING MARKET ROW

Sales in the first quarter totalled just under 800 units, making it the strongest first quarter for sales since 2007.

However, new listings also rose to relatively high levels. The pace of sales growth outpaced the growth in new listings, slowing the typical quarterly gains in inventories and causing inventories to ease relative to last year. Despite the year-over-year declines, inventories remain elevated relative to the levels recorded prior to the economic downturn caused by the energy sector back in 2014.

Strong sales growth and easing inventory levels caused the months of supply to trend down to three months, the lowest level seen in over five years. The months of supply for this sector has been trending down over the past several quarters, but it was only in the past two quarters that levels were either consistent with or below longer-term trends.

As this segment of the market is generally more balanced relative to the detached sector, price gains have stayed at moderate levels. Prices have been trending up over the past three quarters and now sit over one per cent higher than prices from the first quarter of 2020.

However, price movements have varied across each district. The most significant year-over-year gain occurred in the City Centre at over six per cent, pushing this district much closer to price recovery.

Prices remained lower than last year’s levels in the North, North West and South East districts. This could be related to competition from new builds in those areas, placing some limits on resale prices.

HOUSING MARKET APARTMENT

This product type remains far from record highs, but apartment condominium sales improved in the first quarter and are at the highest levels seen since 2014.

The rise in sales was met with a gain in new listings. However, unlike other sectors, the gain in new listings was enough to keep the sales-to-new-listings ratio relatively low in the 40 per cent range. Inventories also trended up slightly compared to last quarter and remained higher than last year’s levels.

Despite the inventory gain, this market did see a reduction in the months of supply. When considering a quarterly average, the months of supply eased to just over five months in the first quarter, an improvement relative to the previous quarter and to the first quarter of last year, when it was above seven months.

As the months of supply is trending down, we are starting to see some signs of improvement in prices. At a benchmark price of $247,167, apartment condominium prices are similar to levels recorded last quarter and are one per cent higher than last year’s levels.

Despite the recent shifts, prices remain nearly 18 per cent below previous highs from 2014. There is also variation in pricing activity based on location. Yearover-year price gains were the highest in the North East district at nearly eight per cent, followed by the South district at four per cent.

Meanwhile, prices were relatively stable for both the City Centre and North West districts. The only district to record further price declines was the South East.

For more information on stats, view the Q1 2021 Report PDF: Q12021Report.pdf


View Calgary Homes for Sale

3919 Properties
Page 1 of 327
$240,000
Neighbourhood: Signal Hill
2
Beds
2
Baths
1,079
Sq.Ft.
1997
Year Built
1
Day on Site
A2003441
MLS®
Enjoy the gorgeous downtown city views from your own living room in your beautiful new condo in the sought after Dana Village! This 2 bedroom 1,079 square foot lovely home is a game changer! It is...
$189,900
Neighbourhood: Beltline
2
Beds
1
Baths
709
Sq.Ft.
1979
Year Built
1
Day on Site
A1245099
MLS®
Welcome to Monticello Estates a great apartment in the heart of the Beltline! A well-managed complex that is pet friendly with board approval. This unit has a massive private patio with easy access...
$539,000
Neighbourhood: Highwood
5
Beds
3F11/2
Baths
1,600
Sq.Ft.
2007
Year Built
1
Day on Site
A1259243
MLS®
LIVE UP & RENT DOWN OR RENT OUT TWO UNITS. The upstairs was rented for $1800 + utilities and the basement at $1000 + utilities. OUTSTANDING VALUE! | UPDATED | ILLEGAL BASEMENT SUITE | 5 BEDROOMS...
$794,900
Neighbourhood: Killarney/Glengarry
4
Beds
2F11/2
Baths
1,720
Sq.Ft.
1941
Year Built
1
Day on Site
A2002494
MLS®
This is the first time this home has hit the market! Welcome to 2233 26a Street, located in the heart of Killarney on a 50x125 foot lot! This meticulously maintained home has housed a loving family...
5
Beds
2F21/2
Baths
1,813
Sq.Ft.
1993
Year Built
1
Day on Site
A1229244
MLS®
INVESTOR ALERT! Rare and Amazing Investment Opportunity! This acreage sits on a 2.99 ACRE PARCEL situated INSIDE CITY LIMITS and is in CLOSE PROXIMITY to the NEW HOMESTEAD DEVELOPMENT in NE Calgary...
$639,900
Neighbourhood: Cedarbrae
5
Beds
3
Baths
1,410
Sq.Ft.
1981
Year Built
1
Day on Site
A2002012
MLS®
Enjoy the open concept fully renovated bungalow in this great family friendly neighborhood, with over 2600 sqft of living space. As you enter your will be greeted by a large living room, vaulted...
$529,900
Neighbourhood: Taradale
3
Beds
2F11/2
Baths
1,641
Sq.Ft.
2000
Year Built
1
Day on Site
A2003384
MLS®
ORIGINAL OWNER!! FIRST TIME ON THE MARKET!!! IMMACULATE CONDITION!! With close proximity to all manners of shopping, schools as well as quick access to the Ring Road here is the quality home you...
$489,900
Neighbourhood: Dover
5
Beds
2F11/2
Baths
1,105
Sq.Ft.
1974
Year Built
1
Day on Site
A2003404
MLS®
Step inside this extensively RENOVATED home superbly located in close proximity to day care, playgrounds and a school. This fully developed 4-level split home features tons of upgrades: NEW KITCHEN...
$589,000
Neighbourhood: Citadel
3
Beds
2F11/2
Baths
1,937
Sq.Ft.
1998
Year Built
1
Day on Site
A2003168
MLS®
Immaculate property that has been extremely well maintained and located on one of Citadels most desired streets! As you enter the home you are greeted by the open concept kitchen, living room and...
$478,800
Neighbourhood: Country Hills
4
Beds
2
Baths
1,162
Sq.Ft.
1998
Year Built
1
Day on Site
A2003102
MLS®
Beautiful 4 level split offering over 1600 square feet of living space located in Country Hills! Spacious and bright living room, high ceiling, an open kitchen with stainless steel appliances, large...
Open 10/2
5026 22 St SW Calgary, AB T2T 5G9
$764,900
Neighbourhood: Altadore
4
Beds
3F11/2
Baths
1,525
Sq.Ft.
2015
Year Built
1
Day on Site
A2002849
MLS®
--> OPEN HOUSE: Sunday, Oct 2nd from 1:00 to 3:00pm - COME BY TO COLLECT A FREE PUMPKIN! <-- The best value for a semi-detached property in the area! An ultra modern home directly across from a...
$849,900
Neighbourhood: Tuxedo Park
4
Beds
3F11/2
Baths
2,032
Sq.Ft.
2022
Year Built
1
Day on Site
A1258886
MLS®
Find true modern farmhouse luxury in this upcoming brand new 4-bedroom, over 2,600 sq/ft total living space, SEMI-DETACHED infill in the heart of Tuxedo, just blocks away from parks, schools,...

AIRDRIE

For the third quarter in a row, sales reached new record highs . Most of the gains in the first quarter were driven by exceptionally strong detached home sales.

While low interest rates have been driving much of the growth in housing demand, Airdrie also benefits from its relative affordability compared to Calgary. This relative affordability and the growing services and businesses within the city are contributing to significant growth in population.

Over the 2019-20 measurement period, Airdrie’s population topped 75,000 people, a four per cent improvement over the previous year . A potential shift towards more permanent flexible work arrangements could support housing demand growth in the city .The exceptionally strong sales that started in the second half of last year have outpaced any growth in new listings, as inventory levels are well below levels recorded over the past six years . COVID-19 also impacted the new-home construction sector last year, limiting potential supply pressure coming from that segment of the market.

Strong demand and lower inventory levels have contributed to a steady decline in the months of supply .In the first quarter, the months of supply averaged less than two months, which is tighter than anything seen last year . This is well below historical averages and nearly as tight as levels seen in 2014.

Persistent sellers’ market conditions are contributing to gains in home prices . Total residential prices have risen over the past three quarters, with the strongest quarterly gain occurring in the first quarter of this year.

This has caused the first-quarter benchmark price to rise above $350,000, nearly seven per cent higher than last year. The gains were even stronger in the detached sector, which improved by over eight per cent compared to last year for a quarterly price of $391,733.

The recent gains in prices have narrowed the gap between the previous record-high prices, as detached home prices in the first quarter were only one per cent lower than the high levels reported in 2014.


View Airdrie Homes for Sale

222 Properties
Page 1 of 19
Open 10/1
658 Coopers Dr SW Airdrie, AB T4B 2R6
$679,800
Neighbourhood: Coopers Crossing
3
Beds
2F11/2
Baths
1,962
Sq.Ft.
2006
Year Built
1
Day on Site
A1259212
MLS®
Welcome Home! Now is your chance to own this stunning RENOVATED home in the award winning community of Cooper's Crossing. Voted Airdries nicest community 10+ years in a row! From the moment you...
$625,000
Neighbourhood: Kings Heights
4
Beds
2
Baths
1,340
Sq.Ft.
2008
Year Built
1
Day on Site
A1259214
MLS®
Welcome Home! This spectacular walkout bungalow features over 2200 sq ft of family living! You will be amazed when you walk through the front door to the welcoming foyer leading to a beautiful...
3
Beds
1F11/2
Baths
986
Sq.Ft.
2004
Year Built
1
Day on Site
A2003656
MLS®
A great first-time-buyers home or investment property. This 2 storey mid town home is situated within a quiet complex & the sought after community of Sagewood. There are two assigned parking stalls...
$335,000
Condo: Chinook Estates
2
Beds
1F11/2
Baths
1,217
Sq.Ft.
2003
Year Built
1
Day on Site
A2003659
MLS®
RUN DON'T WALK - to see this renovated TOWNHOUSE in The Canals of Airdrie with a deluxe kitchen that will envy all your friends!!! Plus all new stainless steel appliances..be sure to Check out the...
3
Beds
3
Baths
4
Acres
2002
Year Built
1
Day on Site
A1259275
MLS®
CUSTOM BUNGALOW on 4 Acres boasting unobstructed panoramic views of the mountains, Airdrie & you can even see downtown Calgary! Beautiful COUNTRY CURB APPEAL with inviting landscaping sets the tone...
$635,000
Neighbourhood: Kings Heights
5
Beds
3F11/2
Baths
2,372
Sq.Ft.
2006
Year Built
2
Days on Site
A1258994
MLS®
Great opportunity in the prestigious and desirable community of Kings Heights! This stunning 2 storey home has 3,369 SqFt developed space and some light recent renovations. Spacious & inviting open...
$157,900
Neighbourhood: Willowbrook
2
Beds
2
Baths
918
Sq.Ft.
2008
Year Built
2
Days on Site
A1257699
MLS®
HOME SWEET HOME! Calling all investors and first-time home buyers, this is the opportunity you have been searching for to enjoy affordable, maintenance free living in the heart of Willowbrook in...
$260,000
Neighbourhood: East Lake Industrial
2
Beds
2
Baths
976
Sq.Ft.
2008
Year Built
2
Days on Site
A1258966
MLS®
HOME SWEET HOME! Bask in modern, maintenance free living in this FORMER SHOW SUITE situated in desirable East Lake in Airdrie steps from Genesis Place Recreation Centre and East Lake Pond with its...
$539,900
Neighbourhood: Hillcrest
3
Beds
2F11/2
Baths
1,340
Sq.Ft.
2019
Year Built
2
Days on Site
A2002748
MLS®
Welcome to this DUPLEX built by SHANE HOMES in 2019! This home is FULL OF UPGRADES! LOCATED in the sought after community of HILLCREST! This home has been upgraded with an OVERSIZED GARAGE with a...
$309,000
Neighbourhood: Ravenswood
2
Beds
1F11/2
Baths
1,204
Sq.Ft.
2017
Year Built
3
Days on Site
A2003312
MLS®
Welcome to the Zen at Ravenswood. If you're looking for the perfect blend of style and convenience, look no further. This immaculate unit is in brand new condition, has a fully developed basement...
$899,900
Neighbourhood: Bayside
3
Beds
3F11/2
Baths
2,501
Sq.Ft.
2019
Year Built
3
Days on Site
A1259089
MLS®
UNBELIEVABLE VALUE for this 2019 Home - There is only ONE canal in Bayside Estates with no public pathways on either side - and you are on it! Private access lets you grab your kayak any time....
$899,900
Neighbourhood: Coopers Crossing
4
Beds
4
Baths
2,783
Sq.Ft.
2022
Year Built
3
Days on Site
A1259129
MLS®
Brand New, Green backing lot, practical 4 bedroom plan with two master bedrooms and 4 full washrooms at an unbelievable price for Coopers Crossing, 2783 SQUARE FEET, office/bedroom on the main...

Cochrane

Cochrane sales have been exceptional strong since the second half of 2020 and this trend has continued in 2021, with first-quarter sales reaching a record high for any quarter.

Growth in sales at the end of last year was limited by the lack of new listings coming into the market, as the sales-to-new-listings ratio averaged above 90 per cent over the previous two quarters. In the first quarter there were nearly 400 new listings, helping support stronger sales. However, this was not enough to offset the exceptionally strong sales and inventories trended down for the third quarter in a row to the lowest first-quarter level since 2014.

Like other centres, supply levels could not keep pace with demand and the months of supply averaged less than two months in the first quarter. For Cochrane, this is the lowest months of supply recorded since before the financial crisis back in 2006.

New-home starts did rise at the end of last year, but given the current pace of demand it will take further supply gains from both the resale and new-home markets to help bring this market out of conditions that favour sellers . While months of supply trended down for all property types, the tightest conditions exist for detached homes.

Tight market conditions have supported rising prices in the market. Quarterly growth stabilized over the fourth quarter of last year due to some weaker pricing in January and February, but benchmark prices remain over four per cent higher than last year’s levels.


View Cochrane Homes for Sale

146 Properties
Page 1 of 13
$410,000
Neighbourhood: River Heights
3
Beds
2F11/2
Baths
1,495
Sq.Ft.
2014
Year Built
1
Day on Site
A2003537
MLS®
END UNIT || PARKING FOR 2 VEHICLES || 3 BED & 3 BATH || MODERN DESIGN ||
Here is the TURNKEY PROPERTY you have been looking for! With 3 BEDS and 3 BATHS as well as over 1500 sqft of finished...
$655,000
Neighbourhood: Fireside
3
Beds
2F11/2
Baths
2,070
Sq.Ft.
2022
Year Built
2
Days on Site
A1259173
MLS®
"This beautiful Janssen Homes home is now at drywall and waiting for you to join in on making the remainder of color selections your own!. The 'Janssen Custom model - 2,070 sqft, 3 bedroom, 2.5...
$663,000
Neighbourhood: The Willows
3
Beds
2F11/2
Baths
1,844
Sq.Ft.
2022
Year Built
3
Days on Site
A1259022
MLS®
Dec / Jan Possession | Select Your Interior Finishes | See Virtual Tour | This smart & affordable, Janssen built, 3-bedroom, 2.5 bath, with bonus room, 2-storey home features 1,844 sq.ft. of modern...
3
Beds
2F11/2
Baths
2,727
Sq.Ft.
2022
Year Built
3
Days on Site
A1258912
MLS®
Built by Trico Homes, building homes for 30 years, The Cambridge 28, perched on the ridge overlooking the Bow River and Rocky Mountains offers unbelievable views from every level of the home. This...
$559,900
Neighbourhood: Heartland
3
Beds
2F11/2
Baths
1,949
Sq.Ft.
2022
Year Built
3
Days on Site
A1259043
MLS®
The Lima, by award winning Rohit Communities, will wow your friends and family with its open kitchen including tons of counter space, quartz counter tops and SS appliances. The versatile closed in...
$494,900
Neighbourhood: Sunset Ridge
3
Beds
2F11/2
Baths
1,495
Sq.Ft.
2022
Year Built
3
Days on Site
A1259061
MLS®
Award winning Rohit Communities presents the Landon, an open concept, double attached garage, home with a main floor featuring luxurious laminate flooring, a kitchen with island including flush...
$629,000
Neighbourhood: River Song
3
Beds
2F11/2
Baths
2,282
Sq.Ft.
2012
Year Built
4
Days on Site
A1234279
MLS®
This 3 bed, 4 bath home is sure to impress. The entry opens into a WELCOMING FOYER that leads to the kitchen / living room area. Rich, DARK, HARDWOOD, 9' ceilings, and a large gas fireplace convey a...
$649,000
Neighbourhood: Sunset Ridge
3
Beds
2F11/2
Baths
2,135
Sq.Ft.
2014
Year Built
4
Days on Site
A2003158
MLS®
Great home in the family oriented neighbourhood of Sunset Ridge! As you walk in you will be amazed by the space and the high ceilings throughout. The main floor features 9' ceilings, hardwood...
$648,900
Neighbourhood: Sunset Ridge
4
Beds
3F11/2
Baths
2,248
Sq.Ft.
2014
Year Built
4
Days on Site
A1258891
MLS®
CENTRAL BONUS ROOM | OVSD GARAGE | FINISHED BASEMENT | 4 BEDROOMS | Welcome to 22 Sundown Grove, just steps away from Rancheview School, in Sunset Ridge. Spacious entrance leads you into the main...
$289,000
Condo: Vantage Fireside
2
Beds
1F11/2
Baths
1,105
Sq.Ft.
2016
Year Built
6
Days on Site
A2002573
MLS®
The beautiful End-unit, with west-facing windows, is located in one of Cochrane's most popular communities, with two good-sized bedrooms, and a covered parking stall. The main level living area is...
$244,900
Neighbourhood: East End
3
Beds
1F11/2
Baths
1,012
Sq.Ft.
1978
Year Built
7
Days on Site
A1258623
MLS®
24 hours' notice required to show. Tenant occupied and they are great tenants who would love to stay. Cochranes east end nestled in a very private quiet atmosphere. Great space with 3 bedrooms up...
$525,000
Neighbourhood: Heartland
3
Beds
3F11/2
Baths
1,498
Sq.Ft.
2018
Year Built
7
Days on Site
A1258686
MLS®
Welcome to this beautiful semi-detached located in the desirable community of Heartland! This 2 storey offers over 2100 sq feet of developed living space with 3 bedrooms, 3.5 baths, and Double...

Okotoks

Thanks to a recent bump in new listings, Okotoks sales activity in the first quarter rose to the best levels recorded in over a decade.

Over the past several quarters, demand was somewhat restricted by the lack of new listings coming onto the market. New listings did rise this quarter, but the strong sales response did little to change the persistent sellers’ market conditions.

Inventory levels have been exceptionally low for the town, remaining over 40 per cent lower than levels typically seen in the first quarter. Low inventory levels and strong sales caused the months of supply to average less than two months. This is significantly lower than longer-term trends that have seen an average of just over five months.

Tight market conditions have persisted for the past three quarters . Sellers’ market conditions have placed significant upward pressure on benchmark prices, which climbed from $414,000 in the second quarter of 2020 to over $442,000 in the first quarter of this year.

Prices currently sit over five per cent higher than last year’s levels and are comparable to previous highs . However, there are differences depending on product type, with most of the gains coming from the detached sector of the market.

There have been some improvements in the prices for higher-density product, but those sectors still have prices that remain well below previous highs.

85 Properties
Page 1 of 8
$625,000
Neighbourhood: Crystalridge
5
Beds
3
Baths
1,617
Sq.Ft.
2000
Year Built
1
Day on Site
A2001264
MLS®
Beautiful family home nestled in a crescent close to paths, parks, walkways, and schools. This well appointed WALKOUT home checks off all the boxes. Nicely updated with newer LUXURY VINYL PLANK...
$219,900
Neighbourhood: Central Heights
2
Beds
2
Baths
1,252
Sq.Ft.
1992
Year Built
1
Day on Site
A2003180
MLS®
EXTENSIVELY RENOVATED | OVER 45 ADULT LIVING | NORTH WEST Facing Balcony Over the Ravine | Expensive Finishes | 2 Bed & 2 Bath | Underground Parking | Over 1250 SQ FT of living space | Second Floor...
$479,800
Neighbourhood: Crystal Shores
3
Beds
2F11/2
Baths
1,468
Sq.Ft.
2004
Year Built
1
Day on Site
A2003339
MLS®
Go ahead and fall in love - this time you can afford it! Be first in line to check out this adorable home, ideally located on a quiet, safe street with stylish curb appeal and charming simplicity...
$575,000
Neighbourhood: Drake Landing
4
Beds
2F11/2
Baths
2,225
Sq.Ft.
2007
Year Built
1
Day on Site
A1258555
MLS®
New carpets just installed throughout upper level and stairway, newer laminate and vinyl on main floor and lower walkout level. . Excellent fully developed walkout family home (over 2850 total sq...
$500,000
Neighbourhood: Cimarron Meadows
4
Beds
3F11/2
Baths
1,688
Sq.Ft.
2001
Year Built
2
Days on Site
A2003298
MLS®
Find home in the heart of Okotoks! Located in the sought after community of Cimarron this Fantastic 2,314 Total Sq.Ft FULLY DEVELOPED 4 BED & 3 BATH Double Attached Garage House offers any family an...
$279,900
Neighbourhood: Crystal Shores
2
Beds
2
Baths
871
Sq.Ft.
2007
Year Built
5
Days on Site
A1258909
MLS®
West facing , Mountain Views, and Lake privileges are some of the features this fabulous 2 bed, 2 bath unit has to offer. No shortage of parking as this unit comes with 2 titled stalls, one inside...
$428,000
Neighbourhood: Cimarron Springs
4
Beds
3
Baths
1,143
Sq.Ft.
2004
Year Built
5
Days on Site
A2002757
MLS®
Welcome to this beautiful bilevel style, 4 bedroom, 3 full bathroom, family home in the sought after community of Cimarron. This amazing property is well maintained, move in ready/turnkey and shows...
$174,900
Neighbourhood: Heritage Okotoks
2
Beds
1
Baths
789
Sq.Ft.
2002
Year Built
6
Days on Site
A2002931
MLS®
Top floor end unit! Terrific 2 bedroom renovated apartment for under $175,000! New luxury vinyl plank flooring, baseboards and fresh paint throughout! Excellent for investor or first time buyer....
$749,000
Neighbourhood: Darcy Ranch
3
Beds
2F11/2
Baths
2,257
Sq.Ft.
2022
Year Built
6
Days on Site
A2002570
MLS®
This beautiful, brand new Anthem built home in Okotoks master planned community of D ARCY checks off everything on your wish list. As you walk into the home, you are greeted by 9 ft ceilings and a...
$614,900
Neighbourhood: Crystalridge
5
Beds
3F11/2
Baths
1,909
Sq.Ft.
2002
Year Built
7
Days on Site
A2002763
MLS®
Welcome to Crystal Ridge Okotoks! This open concept two storey home is easy to fall in love with and a great investment. This location is walking distance to schools, parks, and your private...
$469,900
Neighbourhood: Cimarron Meadows
4
Beds
3F11/2
Baths
1,425
Sq.Ft.
2003
Year Built
7
Days on Site
A2002945
MLS®
LOVELY FULLY FINISHED HOME with DOUBLE ATTACHED GARAGE in CIMARRON MEADOWS. SOUTH FACING BACKYARD , PIE-SHAPED LOT with RV PARKING. TOTAL OF 4 BEDROOMS 3 1/2 BATHS. SPACIOUS LIVING ROOM, ISLAND with...
$509,800
Neighbourhood: Darcy Ranch
3
Beds
2F11/2
Baths
1,455
Sq.Ft.
2022
Year Built
9
Days on Site
A1258263
MLS®
Masterfully designed by Customer Experience Award Winner Sterling Homes, The Shelby offers unique standard features that are perfect for any lifestyle. Live in a neighbourhood that offers all the big...

Chestermere

Sales reached a record high by the end of the first quarter. While the typical detached home in Chestermere is priced higher than the typical home in Calgary, it is also generally larger and newer.

Low interest rates and the desire for additional space among many buyers have helped create the strong demand seen in this town.

Like in many other centres, Chestermere’s improvements in new listings in the first quarter were not enough to fully offset the gains in sales. As a result, inventories remained low relative to levels we typically see in the first quarter of the year. This caused the months of supply to drop to just under three months, the lowest level recorded in the first quarter since 2006.

This is not as tight as in some of the other surrounding areas, but Chestermere typically records a month of supply closer to seven months in the first quarter.

Tighter market conditions have been causing prices gains in this market . Benchmark prices have risen by over two per cent each quarter since the third quarter of 2020.

By the end of the first quarter in 2021, benchmark prices pushed up to $509,900, nearly seven per cent higher than last year’s levels. The gains were even higher in the detached sector, where year-over-year gains surpassed eight per cent for a new quarterly record at $531,033

104 Properties
Page 1 of 9
Open 10/2
813 East Chestermere Dr Chestermere, AB T1X 1A7
$1,599,900
Neighbourhood: East Chestermere
4
Beds
3F11/2
Baths
2,775
Sq.Ft.
2018
Year Built
1
Day on Site
A1259051
MLS®
***OPEN HOUSE ON SUNDAY, OCTOBER 2, 2022 FROM 2:00 P.M. TO 4:00 P.M.*** 813 East Chestermere Drive is a stunning, custom home, built by Vicon in 2018! As soon as you enter this home, you are...
$799,900
Neighbourhood: Dawsons Landing
4
Beds
2F11/2
Baths
2,392
Sq.Ft.
2021
Year Built
1
Day on Site
A1259064
MLS®
A stunning 2 storey in the new neighborhood of Dawson's Landing! Offering close to 2400 SQ FT of Luxurious Living Space with 4 Bedrooms, 3 Baths and Attached Double Garage! Built in 2021, this home...
$1,199,900
Neighbourhood: Kinniburgh
7
Beds
5
Baths
3,422
Sq.Ft.
2020
Year Built
1
Day on Site
A2003617
MLS®
Beautiful, Luxury, home built on on huge pie shape lot with 7 bedrooms and 5 full bath rooms. Main floor has 10 foot ceiling and open to above in the living room, good size family room with a gas...
$369,900
Neighbourhood: Rainbow Falls
3
Beds
2F11/2
Baths
1,421
Sq.Ft.
2017
Year Built
2
Days on Site
A2002993
MLS®
Welcome to this RARE, Modern, Bright and Stunning 3 BEDROOM, 2.5 bathroom townhome, in the sought-after neighbourhood of Rainbow Falls in Chestermere! This END UNIT offers extra windows and the East...
$875,000
Neighbourhood: Kinniburgh
4
Beds
4
Baths
2,578
Sq.Ft.
2022
Year Built
3
Days on Site
A1259059
MLS®
Brand New, backing on to Canal and walking path, sunny south backyard, TRIPLE FRONT GARAGE, Main floor bedroom, and full bathroom, practical 5 bedroom plan with two master bedrooms and 4 full...
$719,999
Neighbourhood: The Cove
5
Beds
3F11/2
Baths
2,221
Sq.Ft.
2002
Year Built
4
Days on Site
A1258984
MLS®
Welcome to this beautiful 2 storey home with a illegal suited walk-out basement located in The Cove, one of Chestermere's most demanded areas! The Cove is in high demand due to its prime location. It...
$649,950
Neighbourhood: Westmere
4
Beds
3F11/2
Baths
1,740
Sq.Ft.
2002
Year Built
6
Days on Site
A2002247
MLS®
Welcome home to this unique 4 level split home with a walk out basement located on a friendly, safe cul-de-sac in Westmere of Chestermere. Stunning vaulted ceilings and dramatic angles create an...
$799,000
Neighbourhood: Chelsea_Ch
3
Beds
2F11/2
Baths
2,257
Sq.Ft.
2022
Year Built
6
Days on Site
A2002569
MLS®
This beautiful, brand new Anthem built home in Chestermere s master planned community of Chelsea checks off everything on your wish list. As you walk into the home, you are greeted by 9 ft ceilings...
$800,000
Neighbourhood: Rainbow Falls
4
Beds
2F11/2
Baths
2,818
Sq.Ft.
2007
Year Built
7
Days on Site
A2002786
MLS®
Welcome to 104 Lavender Way, in the community of Rainbow Falls in Chestermere!! Located on a quiet street is this home on an amazing CORNER LOT, with an abundance of PARKING for all those great...
$849,999
Neighbourhood: The Cove
5
Beds
4
Baths
2,162
Sq.Ft.
1998
Year Built
7
Days on Site
A2002622
MLS®
Welcome to 116 Cove Road! Don't miss out on this rare opportunity to purchase this stunning, 5 bedroom, 4 full bath, 2-storey estate home situated on a massive west-facing corner lot located in the...
$679,900
Neighbourhood: Lakeside Greens
4
Beds
3F11/2
Baths
2,217
Sq.Ft.
1994
Year Built
8
Days on Site
A1258672
MLS®
STOP THE CAR.....Your search has ended. This beautiful 2 Storey is located on the Chestermere Golf Course. Recently renovated with new flooring throughout the main floor & newer light fixtures....
$1,199,000
Neighbourhood: Kinniburgh
6
Beds
5
Baths
3,067
Sq.Ft.
2022
Year Built
8
Days on Site
A1258631
MLS®
Welcome to 150 SANDPIPER PARK in Chestermere SEPRATE ENTRANCE and WALK OUT backing into the CANAL and GREENERY UP TO $ 200,000 IN UPGRADES . The moment you stand at your front door and see the...

High River

High River sales have been somewhat dampened by weak levels of new listings. Gains in new listings in the first quarter helped support stronger sales compared to last year. However, the lack of new listings over the past three quarters has caused significant declines in inventories. The average inventory of less than 60 units in the first quarter is the lowest it has been since 2007.

Stronger sales and low inventories caused the months of supply to fall to just above two months, well below longer-term averages of over six months. Tight market conditions have been driving up prices in this market over the past several quarters.

By the end of the first quarter the benchmark price averaged $334,267, nearly three per cent higher than last quarter and five per cent higher than levels recorded last year. Price gains have been occurring across most product types, but prices remain below previous highs in all categories.

43 Properties
Page 1 of 4
4
Beds
3F11/2
Baths
2,200
Sq.Ft.
1960
Year Built
6
Days on Site
A2002482
MLS®
Welcome home to this 2,200 sqt ft bungalow in SW High River....a highly sought after location. Main level of the home consists of 4 ample sized bedrooms, 1 (4 pc ensuite), 1 (4 pc bath) and 1 (1/2...
$679,000
Neighbourhood: Montrose
5
Beds
3F11/2
Baths
2,401
Sq.Ft.
2007
Year Built
8
Days on Site
A2002378
MLS®
Great family home with Triple Garage, this spacious 2-Storey Walkout backs onto a pathway and pond in Montrose. The main level is bright and open from the minute you walk in the front door with an...
$340,000
Neighbourhood: Monteith
3
Beds
2F11/2
Baths
1,307
Sq.Ft.
2023
Year Built
8
Days on Site
A2002458
MLS®
Contemporary living with an affordable price, The Villas on Monteith, a nicely appointed & designed townhome ideal for active owners. 3 bedroom up including a master suite with three piece ensuite....
2
Beds
2F11/2
Baths
997
Sq.Ft.
1994
Year Built
8
Days on Site
A2002645
MLS®
Come and make this place home in the wonderful community of Polo Park in High River. Enjoy the affordable adult living Condo in Polo Park where the outside lawn maintenance & snow removal is taken...
$289,900
Neighbourhood: Eagleview Estates
2
Beds
1F11/2
Baths
1,135
Sq.Ft.
2015
Year Built
10
Days on Site
A2002282
MLS®
Visit REALTOR website for additional information.
Great Townhouse - Move-in Ready! Upon entering the property, you will be impressed with how modern these units are!
Granite counter space,...
3
Beds
3
Baths
1,202
Sq.Ft.
1990
Year Built
10
Days on Site
A2002331
MLS®
AMAZING LOCATION!! Beautiful WALK-OUT BUNGALOW Located in a Quiet CUL-DE-SAC on the Highwood Golf and Country Club. Enjoy low-maintenance living while surrounded by gorgeous VIEWS and landscaping....
$295,000
Neighbourhood: Southeast Central High River
2
Beds
1
Baths
838
Sq.Ft.
1948
Year Built
13
Days on Site
A1258070
MLS®
Welcome to this beautiful single family detached bungalow! This home has been recently renovated with NEW windows, doors, electrical and more - it's practically like a brand new home! The huge 5000...
$345,000
Neighbourhood: Central High River
2
Beds
1
Baths
1,035
Sq.Ft.
1988
Year Built
16
Days on Site
A2001514
MLS®
This two bedroom bungalow is in excellent condition and offers a simplified retirement lifestyle with zero stairs, no basement, with no condo fees. It has two large bedrooms, a spacious living room...
$2,950,000
Neighbourhood: Industrial Park High River
5.65
Acres
19
Days on Site
A1253773
MLS®
This flat 5.65 acre parcel is ideal for commercial or mixed commercial residential development within close proximity of retail and hospitality developments across the street from new retail and...
$449,900
Neighbourhood: Southeast Central High River
5
Beds
2F11/2
Baths
1,206
Sq.Ft.
1975
Year Built
21
Days on Site
A1256353
MLS®
With one of the best views in High River, this 5 bedroom, 2.5 bathroom home is also a 5min walk to downtown! Overlooking beautiful Birchwood Park through the living room bay window, you will...
2
Beds
2
Baths
989
Sq.Ft.
2012
Year Built
23
Days on Site
A1256420
MLS®
NO STAIRS! NO BASEMENTS! Perfect for retirement. Freshly painted, like new end unit. Open concept, living, dining kitchen. 2 bedrooms. 3 pce ensuite off the primary. 4 pce main bathroom....
$279,900
Neighbourhood: Eagleview Estates
2
Beds
2F11/2
Baths
1,221
Sq.Ft.
2015
Year Built
27
Days on Site
A2000673
MLS®
Visit REALTOR website for additional information. Great Townhouse - Move-in Ready! Upon entering the property, you will be impressed with how modern these
units are! Granite counter space,...

Strathmore

Sales activity in Strathmore improved relative to last year’s levels, but it remains somewhat constrained by the low level of new listings coming onto the market.

The sales-to-new-listings ratio did improve, going from over 110 per cent last quarter to 66 per cent this quarter, but the level of new listings coming onto the market did little to help the low inventory situation.

Average inventory levels in the first quarter have not been this low since 2007, causing the months of supply to fall to an average of three months in the first quarter. This is a significant improvement compared to the nine months recorded at the same time last year and reflects the tightest conditions recorded in over a decade.

Unlike other markets, Strathmore did not see tighter market conditions until the fourth quarter of last year. Prices did remain soft in the second half of 2020, but they are showing signs of improvement in the first quarter of 2021 Benchmark prices improved by over three per cent compared to last quarter. However, the gains have not been enough to offset earlier pullbacks and overall prices in the first quarter remain lower than levels recorded last year.

70 Properties
Page 1 of 6
$399,900
Neighbourhood: Maplewood
3
Beds
2F11/2
Baths
1,641
Sq.Ft.
1992
Year Built
1
Day on Site
A1259280
MLS®
Such a fantastic LOCATION in the established neighborhood of Maplewood. This 3 bedroom family home is not only close to a kids park, but also walking distance to elementary, junior and senior high...
$190,000
Neighbourhood: Brentwood_Strathmore
2
Beds
1
Baths
912
Sq.Ft.
1977
Year Built
2
Days on Site
A2003357
MLS®
Welcome Home! This open concept 912 sq/ft manufactured home provides a lot of natural light throughout the unit. Featuring 2 large bedrooms at the back with separation from the living area and a 4...
$324,900
Neighbourhood: Parkwood
2
Beds
1F11/2
Baths
1,079
Sq.Ft.
1993
Year Built
2
Days on Site
A1257878
MLS®
Great adult living, semi-detached unit, with a fantastic location near Kinsmen Park, Gray's Park, walking paths and walking distance to downtown! This home has been meticulously maintained and...
$548,900
Neighbourhood: Hillview Estates
3
Beds
3F11/2
Baths
1,857
Sq.Ft.
2002
Year Built
2
Days on Site
A2003315
MLS®
Welcome to this well kept 2 storey home in Hillview Estates. As you walk up you will notice the lovely porch, which has been redone recently. As you walk into the welcoming entry way you will...
$249,900
Neighbourhood: Downtown_Strathmore
3
Beds
1F11/2
Baths
1,184
Sq.Ft.
2007
Year Built
2
Days on Site
A1259063
MLS®
Super location and exceptional value with IMMEDIATE POSSESSION! This well thought out home is complete with air conditioning, fresh paint, custom blinds, and newly shampooed carpets plus off street...
$349,900
Neighbourhood: Downtown_Strathmore
2
Beds
1
Baths
879
Sq.Ft.
1934
Year Built
3
Days on Site
A2003097
MLS®
*LOCATION, LOCATION, LOCATION* DO NOT MISS out on this OPPORTUNITY to get into a FANTASTIC DOWNTOWN LOCATION!! LOCATED in the HEART of the DOWNTOWN DISTRICT on a "50 x 120 "CORNER LOT that is zoned...
$990,000
Neighbourhood: Hillview Estates
5
Beds
3F11/2
Baths
2,843
Sq.Ft.
2011
Year Built
3
Days on Site
A2003293
MLS®
Welcome to Hillcrest Manor Estate! This stunning, custom built home sits on a massive lot of 60' x 170', backs onto the canal and has amazing mountain views. A 27' x32' oversized heated garage with...
Open 9/30
712  Edgefield Crescent Strathmore, AB T1P 0G1
$499,900
Neighbourhood: Edgefield
4
Beds
3F11/2
Baths
1,567
Sq.Ft.
2015
Year Built
5
Days on Site
A2002271
MLS®
Join us for an open house Friday September 30th 5-7pm! Welcome to 712 Edgefield Crescent, a move-in ready home looking for its new owners! Built by Aquilla Homes, this well maintained 2 story home...
$215,000
Neighbourhood: Strathaven
3
Beds
1F11/2
Baths
1,045
Sq.Ft.
2007
Year Built
6
Days on Site
A1258470
MLS®
Welcome to Strathaven Mews. Nestled in a quiet community this home has a lot to offer. Great size entry way leads you to your open concept floor plan. The Living room boasts large bright windows....
$509,900
Neighbourhood: Wildflower
3
Beds
2F11/2
Baths
1,816
Sq.Ft.
2015
Year Built
7
Days on Site
A1258071
MLS®
Welcome to this beautiful home located in the amazing "one of a kind" community known as Wildrose in Strathmore Alberta. Located on the outer east boundary of Strathmore, the ease of coming and going...
$669,900
Neighbourhood: Edgefield
4
Beds
2F11/2
Baths
2,317
Sq.Ft.
2023
Year Built
8
Days on Site
A1258261
MLS®
BRAND NEW PROPERTY IN THE DESIRED AND UPCOMING NEIGHBORHOOD OF EDGEFIELD! This 2 storey offers over 2300 SQ FT of Luxurious Living Space with 4 Bedrooms, 3 Baths and Attached Double Garage! Simple...
$155,000
Neighbourhood: Downtown_Strathmore
1
Beds
1
Baths
771
Sq.Ft.
1996
Year Built
9
Days on Site
A1257430
MLS®
Welcome to Lambert Village in the beautiful community of Strathmore!


This BRIGHT and spacious ADULT LIVING (55+) condo comes with MANY recent upgrades including new Vinyl Plank Flooring...

Rural Rockyview

Low lending rates and a growing desire for more space caused sales activity in the Rural Rockyview region to reach record highs in the first quarter.

While there is diversity within the region, nearly 70 per cent of the inventory reflects homes priced above $1 million, mostly located in Springbank and Bearspaw.

Due to the slowdown in the energy sector, sales of higher-priced homes have struggled and elevated inventories relative to sales resulted in buyers’ market conditions and price declines. These trends did start to shift by the last quarter of 2020, as improving sales relative to the new listings in the market helped reduce inventory levels.

New listings did rise in the first quarter, but it was not enough to offset the gains in sales and inventory levels trended down for the second quarter in a row. This caused the months of supply to ease to just below five months.

The months of supply is still elevated relative to levels recorded in Calgary, but this is the lowest level recorded in the region since 2006. Tighter conditions are also starting to support both quarterly and year-over-year gains in prices . However, prices remain well below previous highs.




Considering Buying or Selling Your Home?

Feel free to reach out with any inquiries

Phone(403) 270-7601

Email[email protected]

Address Ray Riley
#115 8820 Blackfoot Trail SE
Calgary, AB T2J 3J1

Post a Comment