Records were set during the second quarter of 2014 for home sales in Calgary's surrounding communities. Cochrane, Okotoks and Airdrie all saw brisk housing activity with quarterly sales that were record-breaking. In total, 2,938 sales took place in the surrounding towns, which was a 31% increase when compared to the sales that took place during the same time last year.
According to the president of the Calgary Real Estate Board, Bill Kirk, the demand for properties in these areas was fueled by a tight supply of homes in the city of Calgary and by more affordable pricing. As well, some people were choosing to live in these towns due to lifestyle preferences.
As the supply of homes in Calgary remained tight, the surrounding towns saw a rise in the number of new listings. There was a 13% increase in new listings. In total, 4,379 new units were added.
Homes remained more affordable in the smaller towns as well. During the first six months of this year, 43% of the new listings had a price point that was lower than $400,000. In Calgary, only 23% of the listings were below this price.
In Cochrane, record high new listings stood at 574. There were 407 sales made during the first six months, which was also a record. Market conditions in this town remained quite balanced and price growth was relatively moderate. The benchmark price for a single-family dwelling during the second quarter was $421,833, which was a 4.5% rise when compared to the first half of 2013. These benchmark prices on a monthly basis remained just below the 2007 peak levels.
In Okotoks, records were also set for sales activity with 272 units sold. The benchmark price for a single-family home went up 5.65% over the numbers recorded last year to $404,350.
Airdrie also recorded its best quarter with a total of 563 units sold during the second quarter. There were 759 new listings added, which was a spike in numbers when compared to the long-term trends. The single-family benchmark price for a home went up to $385,677 in the second quarter. When compared to the same time period in 2013, this was an increase of 7.5%.