CALGARY — A “diminished” supply of single-family homes in Calgary has pushed MLS sales upwards in towns surrounding the city, says the Calgary Real Estate Board.
On Wednesday, the board said sales activity in towns hit double-digit growth in the third quarter, continuing the brisk pace set in the first half of the year.
For example, MLS sales in Cochrane were up 20.34 per cent in the third quarter compared with a year ago and year-to-date sales have increased by 24.70 per cent. Airdrie has seen quarterly growth of 31.16 per cent and year-to-date growth of 30.86 per cent while Okotoks has experienced increases of 21.32 per cent and 12.77 per cent on a quarterly and annual basis respectively.
“We keep seeing strong sales growth in the surrounding municipalities because, when it comes to single-family homes, the supply is down in Calgary proper,” said Bob Jablonski, president of CREB. “Plus, generally speaking, you can find more house at a more affordable price in these areas and other areas outside the city.”
Year-to-date town sales totalled 4,110 units, a 41-per-cent increase over the previous year.
The benchmark price for the typical home in Airdrie was $338,600 in September, the lowest of the top three surrounding areas and 22 per cent less than the benchmark single-family home in Calgary. Meanwhile, Cochrane was highest of the three towns at $388,600, but 11 per cent less than single-family homes in Calgary.