Following challenging housing market conditions in 2018, 2019 brought some notable improvements to the Airdrie market. Driven by growth in both the detached and attached sectors, sales activity improved compared to last year’s levels and is now more consistent with longer-term averages. The improvement in sales is likely a reflection of the drive from consumers to move toward more affordable product, especially in the detached market. Airdrie has also benefited from relatively strong population growth over the past several years.
At the same time, the number of new listings coming onto the market eased, pushing down inventory levels. There was also a pullback in housing starts in 2019, which will help reduce overall housing supply as we move into 2020.
Improving demand and easing supply are helping push the market closer to balanced conditions. However, the market continues to remain oversupplied, weighing on prices, which declined by three per cent in 2019. It will take some time before prices stabilize, but if these adjustments continue, we could start to see prices level off in 2020.