Cochrane’s housing market held steady in July, with the benchmark price hitting $590,000, a number more than two per cent higher than the same time last year.
According to the Calgary Real Estate Board [CREB], “unlike other areas, Cochrane has not seen the same level of pullback in sales compared to long-term trends.”
While July sales were down seven per cent year-over-year, CREB notes that year-to-date sales are still “two per cent lower than last year and 23 per cent higher than long-term trends.”
The market saw a surge in new listings last month, driving inventory up to 125 units, the highest level reported in July since 2019. As a result, months of supply climbed to 3.39, easing what had been a very tight market.
“New listings in July did reach a record high for the month,” says CREB. “This likely contributed to some of the monthly decline in price.”
Despite this, they report the benchmark price remains over two per cent higher than last year and four per cent higher on a year-to-date basis.
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When compared to neighbouring markets, Cochrane continues to perform well. Airdrie's benchmark price fell to $532,800, a nearly four per cent drop from last year. CREB says Airdrie's market has been impacted by a significant improvement in new listings, which boosted inventory to 543 units and kept months of supply above three.
Meanwhile, Okotoks remains the priciest of the three with a benchmark of $628,500. Like Cochrane, it experienced a rise in supply, but still maintains a strong sales-to-new-listings ratio and tighter conditions.
"Unlike other areas, Cochrane continues to benefit from long-term demand that supports price stability."