Cochrane’s Home Inventory Surges 108% Amid Regional Trends

Home inventory levels in the Calgary region have seen a significant increase, with the Town of Cochrane leading the way. According to a report by the Calgary Real Estate Board (CREB), Cochrane’s inventory reached 297 homes available for sale in August 2023, marking a remarkable 107.7 percent increase compared to the same period last year. This surge represents the largest spike in the Calgary area, driven by a combination of new listings and sales activity.

In August, Cochrane experienced 70 sales against 139 new listings, resulting in a sales-to-new-listings ratio of just 50 percent. This figure is the lowest recorded for August since 2015. The imbalance between new listings and sales has led to an increase in the months of supply, which now stands at 4.24 months, a 140.3 percent rise from August 2022. Despite the increased availability of homes, Cochrane’s benchmark price has remained relatively stable, reflecting a modest increase of 1.8 percent to $589,100.

Regional Trends in Inventory Levels

Other towns in the Calgary region are also experiencing significant increases in home inventory. Airdrie, for instance, recorded a 72.6 percent increase in inventory, with 535 homes now available. Similar to Cochrane, Airdrie’s 265 new listings resulted in only 152 sales, marking an 11.6 percent decline in sales compared to last August. This has pushed the months of supply in Airdrie up by 95.3 percent.

Strathmore has also followed this upward trend in inventory levels. The town saw an 81.6 percent increase in available homes, with 89 units on the market. Strathmore recorded only 17 sales, leading to a months of supply figure of 5.24 months, which represents a substantial 167.1 percent increase year-over-year. The benchmark price in Strathmore now sits at $562,300, reflecting a 2.8 percent increase from the previous year, while Airdrie’s benchmark price has decreased by 3.3 percent, now at $634,400.

As the Calgary region adapts to these inventory changes, it remains to be seen how these trends will affect the overall real estate market. The significant rise in available properties suggests a shift in supply dynamics, which could have lasting implications for buyers and sellers alike. The full report from the Calgary Real Estate Board provides a comprehensive overview of these developments and their potential impact on the housing landscape in the area.