Calgary's Surrounding Housing Markets Experience Widespread Declines in March
Activity in Calgary's surrounding real estate markets showed significant declines during March compared to the same period last year, continuing a trend of decreasing demand and growing housing supply in most outlying communities. Statistics released by the Calgary Real Estate Board reveal that all but one community experienced year-over-year drops in home resales, indicating a cooling market across the region.
Strathmore Stands Out as Lone Growth Market
The community of Strathmore emerged as the only outlier in the March data, with sales growing more than 37 percent compared to March of the previous year. Despite this significant increase in transaction volume, Strathmore's benchmark price showed only modest growth, edging up less than one percent to reach $446,200.
Price Declines Across Multiple Communities
Airdrie experienced the most substantial percentage decline in benchmark price, dropping close to six percent year-over-year to $512,800. The community also recorded the largest percentage decrease in sales activity, with transactions falling nearly 16 percent compared to March of the previous year.
Other communities showed varying degrees of price softening:
- Cochrane's benchmark price declined nearly four percent to $561,200
- Chestermere's benchmark price fell almost two percent to $707,900
- Okotoks saw benchmark prices drop almost two percent to $618,100
- Canmore, the region's most expensive market, experienced a 1.5 percent decline to $1,074,300
Sales Activity Reflects Broader Market Trends
Sales declines accompanied most price reductions across the region. High River presented an interesting case where benchmark prices actually grew about three percent to $510,300, yet resales in the community dropped nearly 15 percent year-over-year, indicating a disconnect between pricing and transaction volume.
Other communities showed more aligned patterns:
- Cochrane's resales declined more than five percent
- Chestermere's resales fell almost five percent
- Okotoks experienced nearly two percent fewer sales
- Canmore saw resales decline about six percent
Supply Dynamics Vary Across Communities
The CREB report highlighted significant differences in housing supply across the region. Chestermere maintained the highest inventory level with nearly four months of supply, indicating a buyer's market with ample selection. In contrast, High River showed the tightest supply conditions with just over two months of inventory, suggesting more competitive conditions despite declining sales.
Year-to-Date Performance Shows Consistent Pattern
Looking at broader trends, the CREB data reveals that sales were down year-to-date in all communities except Strathmore and Canmore. However, both of these communities continue to experience less activity than during the pandemic market peak, indicating that even areas showing relative strength have not returned to previous highs.
The March statistics paint a clear picture of a regional housing market experiencing cooling conditions, with most communities seeing both declining prices and reduced sales activity. The data suggests buyers are gaining more negotiating power as supply increases and demand moderates across Calgary's surrounding markets.
