Following a slow start to the year, Okotoks saw continual improvement in sales each quarter. At the same time, the number of new listings eased compared to last year, supporting declines in inventory levels and improvements in market conditions. The new-home sector in Okotoks has not seen any significant change in starts activity, which has trended down over the past several years.
Despite reductions in resale oversupply in the second half of the year, buyers’ market conditions persisted throughout most of the year, causing prices to ease. In 2019, prices eased by nearly four per cent, resulting in a total downward price adjustment of nearly six per cent since 2015 peak levels.
Nonetheless, if the trend of sales growth persists, while new listings ease, this should start to help support more balanced conditions and price stability in this market.