A report by the Calgary Real Estate Board (CREB) has observed that due to continued tight market conditions in Airdrie throughout the second quarter (Q2) of 2023, it was ‘one of the tightest markets seen in the past decade.’
The Q2 2023 real estate report released by CREB on Wednesday, observed that rising lending rates combined with limited supply choice slowed year-over-year sales for the fourth consecutive quarter.
“While the detached market drove most of the sales declines, all types of residential sales are still trending well above the long-term average. Meanwhile, relatively slower new listings throughout the second quarter pushed the sales-to-new listings ratio to over 90 per cent, resulting in the average quarterly inventory.”
Highlights from Airdrie’s real estate report include quite a significant drop in sales year-over-year.
“Limited supply relative to the demand caused the unadjusted benchmark price to reach a new record high of $503,767, a four per cent increase over the previous quarter and one per cent higher than the last year’s.”
In neighbouring areas, such as rural Rocky View County, CREB reported a ‘modest decline over the last year’s level.’
“Overall, the inventory level remains comparable to the levels reported last year. Conditions have become much tighter than reported over the previous three quarters, causing upward price pressure.”
The benchmark price in rural Rocky View County was recorded at nearly $700,000. The only area in the region to have shown a decline in benchmark pricing for Q2 was Cochrane.
Cochrane’s benchmark price fell $516,300, a decline of 0.01% year over year. Other areas all reported increases in benchmark pricing, with Airdrie being the third most expensive area to buy a home. Chestemere’s benchmark pricing was the highest at $660,067, while Strathmore’s benchmark price was the lowest at $403,633.
“While economic growth is expected to slow compared to 2022 growth, Alberta is expected to report stronger economic growth than most other provinces in the country,” the report added.
In response to Canada’s Online News Act and Meta (Facebook and Instagram) removing access to local news from their platforms, DiscoverAirdrie encourages you to get your news directly from your trusted source by bookmarking this page and downloading the DiscoveryAirdrie app
Send your news tips, story ideas, pictures, and videos to news@discoverairdrie.com. You can also message and follow us on Twitter: @AIR1061FM