Cochrane provides relatively affordable properties compared to Calgary’s North West and West districts. Along with lifestyle preferences, this has encouraged people to move to the town. In 2018, Cochrane’s population grew to nearly 28,000, a six per cent increase over the previous year.
- While residential sales declined in 2018, totalling 599 units, levels remained generally consistent with activity over the past three years. However, new listings reached a new historical peak, which contributed to record-high inventory levels.
- While easing sales and high inventories did cause months of supply to trend up this year, levels remained well below the highs recorded in 2009.
- Detached prices started to trend down in the third and fourth quarters, but it was not enough to offset earlier gains.
- The new-home market has shown some signs of slowing down, as both product under construction and starts trended down in 2018. If the adjustment in starts persists, this could limit the risk of oversupply and steeper price adjustments.
- Elevated levels of supply compared to demand are expected to slow the pace of price recovery in this market. However, if adjustments in new listings compared to sales continue, this could help ease the downward pressure on prices in 2019.