Aggregate sales in the communities surrounding Calgary grew by nearly 12 per cent in 2013 for a total of 4,400 units. Unlike trends in the city, the level of new listings in surrounding areas fell by one per cent in 2013 compared to the previous year. Rising sales activity, combined with a decline in new listings, helped reduce somewhat elevated supply levels and supported some price growth.
Areas surrounding the city have not only benefited from the strong economic fundamentals in the region, but have attracted many consumers looking for more affordable product with existing amenities in place.
Annual sales activity in Airdrie, Cochrane and Okotoks all came close to or surpassed the record high sales of 2007. While lifestyle preferences play a role in demand in surrounding communities, declining supply of affordable single-family homes within Calgary encouraged consumers to consider surrounding areas.
On an annual basis, the average typical single-family home in Calgary was $458,017, compared to an overall average of $348,575 in surrounding towns. While each surrounding town is different, on the aggregate, single-family homes in surrounding communities tend to provide newer and larger homes at a lower cost than Calgary.
Read the full report here:Towns Quarterly Report – 2013 Q4 – CREB®