Airdrie represents an affordable alternative to Calgary. It has proven to be especially attractive for young families and working-age individuals, as 78 per cent of the residents are under the age of 50. Over the past decade, Airdrie’s population has surged from 34,116 to 68,091.
Despite the positive demographics, challenges in the broader economy and changes in the lending market weighed on the housing markets across the region. In 2018, Airdrie’s housing market experienced reduced sales, increased inventory and a decline in benchmark prices.
- Residential sales in 2018 totalled 1,146 units, well below activity recorded over the past five years and comparable to 2012 activity. Year-over-year sales levels were lower for all property types across the resale market and well below previous highs.
- New listings remained above previous highs at 2,398 units. This contributed to supply gains in the resale market, with inventory levels 17 per cent higher than the previous year at 536 units.
- Airdrie’s new-home market has been adjusting to slower demand conditions, as starts activity eased compared to last year and remained below long-term averages. The amount of product under construction has trended down in 2018 and levels are well below what was seen prior to the recession. Overall, conditions are pointing to less supply pressure coming from the new-home side of the market.
- Due to oversupply, price recovery was stalled. Benchmark prices eased this year by two per cent and were well below previous highs. There are some indications that there will be less inventory pressure from both the resale and new-home sector. However, it will take some time for inventories to return to normal levels, prolonging the time it takes for prices to stabilize.