Real estate market in Airdrie ‘exceptionally tight’ with record prices

According to its third-quarter report of 2023, the Calgary Real Estate Board (CREB) noted that Airdrie’s home prices have set another record, with the unadjusted benchmark price at $515,900.

The report noted that, ‘the persistently tight conditions have likely supported additional price growth.’

“In Airdrie, the unadjusted benchmark price reached a record high in the third quarter, over two per cent higher than the previous quarter and nearly six per cent above levels reported last year.”

The report added that there were also increased sales and new listings throughout the third quarter in the city.

“While year-to-date sales are still lower than last year, sales have been restricted by pullbacks in new listings. This quarter’s recent gain in new listings and sales primarily occurred in homes over $500,000.”

There were 541 sales and 640 new listings; with the sales-to-new listings ratio remaining relatively high at 85 per cent.

Real estate in Airdrie continues to favour the seller, with prices reaching well over half a million dollars. (Graphic Credit to Calgary Real Estate Board (CREB))

Airdrie has the fourth highest benchmark prices in the Calgary region (excluding Calgary itself), while Chestemere leads the region with prices over $600,000. Strathmore and Okotoks’ prices are some of the lowest in the region.

Real estate in the Calgary region continues to see record-high prices. (Graphic credit to Calgary Real Estate Board (CREB))

CREB also noted key economic factors that shaped third-quarter real estate in the Calgary region, stating that inflation continues to remain high.

“…but the Bank of Canada maintained target interest rates in October as the Canadian economy shows signs of weakening. While economic conditions are expected to slow due to pullbacks from consumer and business investment,  Alberta is expected to fare better than other provinces  thanks to the energy sector and strong international and interprovincial migration inflows.”

Looking to 2024, CREB said that the high interest rates and continued high inflation will factor into the real estate market.

“While economic growth is expected to slow, Alberta benefits from higher commodity prices and strong international and interprovincial migration. This will help offset the impact on the economy and our housing market. While migration levels are expected to slow in 2024, levels are still likely to remain relatively strong, providing fundamental support for housing demand.”

Looking to 2024 CREB said that the high interest rates and continued high inflation will factor into the real estate market. (Graphic credit to Calgary Real Estate Board (CREB))

However, CREB underlined that there are several risk factors including an overall slowdown in the global economy, which could impact employment; coupled with continued migration.

“Should migration levels remain relatively strong, especially from interprovincial sources, we will likely continue to experience challenges with housing supply, limiting sales due to a lack of options and causing stronger-than-expected upward pressure on home prices.”

Calgary continues to lead the region in housing prices, with an unadjusted benchmark price of $694,433. However, housing prices in the city’s centre and west side averaged nearly $900,000, with the city’s eastern area proving the cheapest, with housing prices at approximately $456,000. 

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