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Airdie Residential Market
- Record high prices were set in Airdrie ($430,600), Okotoks ($522,300), Cochrane ($491,200) and Chestermere ($607,900) in February.
- Airdrie — the largest of the nearby communities — saw its previous benchmark high set in January at $408,900. In fact, CREB figuresCR show the community has set new benchmark highs every month since June, when it surpassed the previous record set in September 2014 of $383,200.
- Average sale price in Airdrie for detached homes was 8.3 per cent above the list price; that’s compared to Calgary’s 4.9 per cent above the list price.”
- One upside for buyers, however, is Airdrie set an all-time record for new listings last month at 385, up from 338 set in April last year, which could help ease its supply crunch, Lurie adds.
- Much like Calgary, demand in Airdrie is being partially fuelled by out-of-province buyers.
- “The last time we saw these tight conditions in the region was in 2005 and 2006 — the last big boom in Alberta” – chief economist Ann-Marie Lurie with the Calgary Real Estate Board.
- Airdrie had 362 sales in March 2022, the second-highest, beat out by Calgary. Airdrie’s sales made up 7 per cent of total sales for the month in the region. While the benchmark price was $473,400, the average price for a home in Airdrie was $503,017. When asked if these prices might indicate a sudden bubble bursting in real estate, Lurie said there are several factors that should be considered.
- Housing supply is exceptionally low in the Calgary real estate market, according to the latest data from the Calgary Real Estate Board (CREB). CREB figures show that active residential listings tumbled at an annualized rate of 20.4 per cent, totalling 3,600 units in February.This is the **lowest level since 2006**.
- The average residential sale price climbed 16.1 per centyear-over-year to $499,400. All property types recorded gains inFebruary:
- Detached: +18.9% to $596,400
- Semi-Detached: +15.8% to $461,400
- Row: +13.2% to $321,100
- Apartment: +4.6% to $257,500
- The unadjusted benchmark price is now $518,600, up by almost $55,000 since December, and 18 per cent higher over March 2021.
- The CMHC report notes the average monthly rent was $1,523 for a two-bedroom condominium on the secondary market in 2021. By comparison, the average rent of a purpose-built two-bedroom, purpose-built rental unit was $1,355 a month.
- “All in all, rental supply grew by over six per cent in 2021, which is fairly high above average compared with previous years, but at the same time vacancy dropped by 1.5 per cent so there is definitely rental demand coming back,” – senior analyst Michael Mak with CMHC.
About Alberta Tourism
- Alberta tourism industry went from generating $8.2 billion pre-pandemic to a low of $4.7 billion when there were strict public health measures in place. It is expected to rebound somewhat this year, bringing in about $5.2 billion.