Sales activity in the town improved in 2019 compared to the previous year, thanks to growth in both the detached and apartment sectors. Cochrane has benefited from strong population growth over the past several years, supporting relatively high levels of housing activity. Since 2014, the population has increased by nearly 9,000 and is now nearly double the number of residents from a decade ago.
As the centre has grown, so too has the amount of supply in the market. The new-home sector has added nearly 4,000 new homes to the area since 2014. This has, in part, contributed to the oversupply recorded in the market throughout most of 2018 and 2019. However, in 2019, easing starts and new listings on the resale side of the market started to reduce inventories in the resale market.
While this market remains oversupplied, if adjustments in supply and relatively stable sales activity persist, this should support more stability in pricing. However, this market remains far from achieving price recovery. The competition from new-home product and the existing supply have caused resale benchmark prices to ease by nearly four per cent in 2019, and prices remain over seven per cent lower than the highs recorded in 2015.