Both Calgary and Airdrie have something in common. They are both experiencing hot real estate markets so far this year. While the market is softer across most of Canada, Calgary and Airdrie continue to set new records.
Last month, 140 real estate transactions were recorded in Airdrie and this was a record for the month of September. As well, it was a 26.13% increase when compared to the number of sales recorded last September.
An annual record has been set this year in Airdrie during the first 3 quarters of 2014. People that want to buy a new home but can't afford the prices in Calgary are turning to Airdrie as a viable option for affordable housing.
The commute into the city isn't too long when you live in Airdrie and it's a small price to pay when you consider the cost savings of purchasing a new home there. It has a strong seller's market and the prices are continually rising, but it remains a much more affordable marketplace than what you would find in Calgary.
The average sale price for a home in Airdrie was $393,209 in September, which was 8.67% higher than the numbers recorded in September 2013. At the same time, the average price for a home in Calgary was $487,300, which was a rise of 7.3% on a year-over-year basis.
Many potential buyers are taking notice of this small town right beside Calgary. There is the potential to save approximately $100,000 for a home that's comparable in size and value when shopping in Airdrie. As the community continues to grow, more opportunities and jobs are also becoming available in this town.
With the opening of the Ring Road, more and more people are looking at the possibility of moving into town. Previously, it was mostly only potential buyers that had a job in the northern section of Calgary that were looking at Airdrie as a possible home. Now anyone that's working in any part of Calgary can easily commute from Airdrie into the big city.