6 THINGS

What to know about home sales in Airdrie and Cochrane markets

The housing markets in two centres on the north side of Calgary limits have followed a similar path in 2018. While the volume is larger in Airdrie than Cochrane, possibly due to the variance in population, they’ve each had more single-family homes under construction, fewer resale transactions, and a hike in previously owned inventory. Here are six comparisons of the singlefamily home markets in Airdrie and Cochrane this year.

STARTS STEADY

For new construction of singlefamily homes in both Airdrie and Cochrane, respectively, not much has changed from the same time in 2017. Between Jan. 1 and the end of August, there were starts on 328 such homes in Airdrie, easing from 332 year over year, says Canada Mortgage and Housing Corp. In Cochrane, activity increased by a single start. Eight months into 2018, 170 homes broke ground, up from 169.

CONSTRUCTION PICKS UP

Builders have been busier in Airdrie and Cochrane communities this year than in 2017. At the end of August, which is the most current data available, there were 318 single-family homes in various stages of construction in Airdrie, says CMHC. This marks a 12.5 per cent hike from 278 year over year. The number of single-family homes under construction in Cochrane grew 19 per cent. There were 140 underway at the end of August, up from 113.

INVENTORY

While the number of constructed but unabsorbed single-family homes in Airdrie last month was comparable with the same period a year ago, Cochrane recorded an up- tick. People in the market for a new home that was ready for immediate possession saw 40 such options in Cochrane in August, up from the 32 year over year, says CMHC. Meanwhile, Airdrie’s supply of new and complete single-family homes slipped to 45 from 48.

RESALE COOLS

Both Airdrie and Cochrane have seen a slowdown in previously owned home sales year to date than the same time in 2017. Eight months into 2018, 246 single-family homes sold through the resale market in Cochrane, a setback of 15 per cent year over year, says the Calgary Real Estate Board. At the same time, Airdrie had 567 such transactions, nine per cent short of last year’s mark.

RESALE CHOICES SOAR

House hunters seeking previously owned single-family options saw broader selection in Airdrie and Cochrane. Cochrane’s jump in supply was the more substantial. The heritage town’s year to date inventory is 202, says CREB, increasing 40 per cent from the same days last year. Airdrie’s year to date inventory of 355 climbed 31 per cent year over year.

BUYERS’ POSITION BETTER

People looking to purchase a resale single-family home in Airdrie or Cochrane saw lower prices than the same period last year. The benchmark price on single-family homes in Airdrie, between Jan. 1 and the end of August, was $371,700, says CREB. This falls short of the same days in 2017 by 1.5 per cent. Meanwhile, Cochrane’s single-family benchmark of $425,762 eased 0.7 per cent year over year. Benchmark prices are that of a typical home based on a formula that uses various factors to ensure accurate comparisons.