Spike in demand for Cochrane townhomes

Part of the growth in demand for multi-family development in the Calgary area last year came from a smaller centre near the city’s northwest edge.

Both Canada Mortgage and Housing Corp. and the Calgary Real Estate Board have numbers that indicate a busier year for the condo, townhome and duplex market in Cochrane last year than in 2016.

Market research and advisory firm Urban Analytics says a number of factors are bringing multifamily buyers to the heritage town.

“We began tracking the Cochrane new multi-family home market in mid-2017, where we found in particular that the townhome product type was especially desirable,” says Kimberly Poffenroth, senior market analyst with Urban Analytics.

“We have seen a mixture of entry-level purchasers and downsizers leaning toward this townhome style product.

Poffenroth adds: “An emphasis on garage and storage space has been a key factor in the purchase of a home in Cochrane.

“The majority of entry- level purchasers commute to Calgary for work, whereas the downsizers are often retirees looking for the ‘ lock up and go’ aspect in a townhome, at a lower price point than one would find in the Calgary market.

“Although we did experience a decrease in sales in the fourth quarter of 2017 compared to the third quarter, we do expect Cochrane to continue to be a desirable place to live due to its proximity to the mountains, good schools and charm that it offers.”