Airdrie’s housing market is feeling the strain as the city’s rapid population growth drives competition for housing, pushing prices higher and keeping inventory tight.
The city’s population reached 85,806 in 2024, an increase of more than 15,000 residents since 2019. This surge in growth fueled a 4.44 per cent jump in home sales last year, with 1,951 homes sold, according to the Calgary Real Estate Board (CREB®).
Despite new construction efforts, including a rise in row-style homes, Airdrie’s housing inventory has struggled to keep pace with demand. By the end of 2024, the city had just 1.73 months of supply, well below balanced market conditions. Detached homes now come with a benchmark price tag of $642,075, up 9.14 per cent from the previous year.
For first-time buyers, affordability remains a significant challenge. Even with easing lending rates offering some relief, high home prices and limited inventory make entering the market increasingly difficult. Airdrie’s affordability compared to Calgary has long been a draw, but rising prices may test the resilience of that appeal.
The Calgary region as a whole is navigating similar challenges. CREB® forecasts regional sales to surpass 26,000 units in 2025, 20 per cent above long-term trends. However, factors like competition from new home construction and economic uncertainties are expected to temper growth in resale activity.
Nearby communities are also feeling the heat. Cochrane saw home sales rise by 6.03 per cent in 2024, with 967 properties sold. However, the town’s inventory levels stayed tight, with only 2.3 months of supply. Detached homes in Cochrane reached a benchmark price of $664,625, reflecting a 9.03 per cent increase over the previous year and a staggering 48 per cent rise since 2020.
Okotoks has fared no better. The town had only 1.32 months of supply in 2024 with inventory levels at just half of historical averages. Detached home prices rose 9.1 per cent year-over-year to $693,933, a 49 per cent increase over the past four years.
Alberta’s economy will play a pivotal role in shaping the housing market. Alternative energy and technology investments are expected to support demand, but economic risks loom. Trade uncertainties, including potential tariffs and slowing migration, could temper activity in the housing sector.
"Affordability challenges and inventory constraints remain critical issues for buyers in 2025," said Ann-Marie Lurie, CREB® Chief Economist.
As Airdrie’s population grows, the city’s housing market tells a story of opportunity and challenge. Easing lending rates may help some buyers, but affordability and supply will remain defining factors for the market in 2025 and beyond.
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