Last year was an amazing time for the smaller towns and cities on the outskirts of Calgary. In fact, sales were up 21% last year in the housing market, which outpaced even Calgary's sales growth. Cochrane, Okotoks and Airdrie each saw a sales growth in the double digits during the 4th quarter of last year.
The CREB released its figures showing sales increases in Okotoks and Cochrane when compared to the numbers seen in 2011 during the same time period. For Airdrie, however, the numbers decreased by 3% due to a 30% drop in listings. This listings decrease was definitely a limitation for the sales growth potential for Airdrie.
People are heading to the country for the atmosphere and the lower prices. The least expensive homes can be found in Airdrie at a price of $337,067 with Cochrane having the highest price of these three towns with a single-family typical home having a benchmark price of $440,436.The cost of an Airdrie home is almost 21% less than what you'd have to pay for a common home in the city.
According to the chief economist at CREB, Ann-Marie Lurie, homebuyers are doing their due diligence and looking for the most affordable homes possible in the area. As well, she added that you can get more home for your money in these smaller surrounding towns then you would in Calgary.
Homes in the surrounding communities are less expensive for the most part and are becoming increasingly appealing to people as the supply tightens in Calgary for single-family homes.
All of these communities have their own spirit and are worth looking at if you're planning a move to Calgary or are already a resident and are looking for an upgrade. These communities are only going to flourish over the following years and now is the best time to grab yourself a property while the interest rates keep to remain so low.