The Town of Cochrane must construct over 5,500 homes by 2031 to meet the housing needs of its growing population, according to a recent study. The Housing Needs Assessment, released by the town on Monday, projects a requirement for 5,555 housing units within the next seven years to sustain long-term growth and affordability.
Housing Demand Outpacing Supply
The assessment highlights significant demand for rental units, smaller homes, affordable options, and housing that supports aging in place. Since 2021, Cochrane has added 3,144 units, but the town now needs an average of 241 homes per year to hit the 2031 target.
Matt Knox, director of social development for the Town of Cochrane, emphasized that the figure is a community-wide estimate, not a municipal construction mandate. “The housing assessment gives us the evidence,” Knox said. “The next step is turning that evidence into a practical and feasible Affordable Housing Strategy and Action Plan that supports responsible growth, better housing choice, and a more complete community for residents at every stage of life.”
Population Boom and Demographic Shifts
Cochrane’s population grew by 83 percent between 2011 and 2021, with projections reaching 60,645 by 2047. The senior population (ages 65 and older) surged by 192 percent in the same period and is expected to increase another 155 percent by 2051. Meanwhile, 57 percent of households now consist of one or two people, yet single-detached homes with three or more bedrooms make up 60 percent of the housing stock.
“We have residents who want to stay in our community but can’t find housing that fits their income, household, or accessibility needs,” Knox said. “Our assessment points to more rental, more non-market housing, more smaller units, and more age-friendly and accessible housing.”
Future Housing Mix and Affordability
Demand for one-bedroom units is projected to increase by 52 percent over the next decade, driven by seniors downsizing and young adults entering the market. Semi-detached and row homes are already showing growth, but the town needs a broader mix to address affordability pressures. The assessment underscores that affordable housing options are lagging behind demand for all demographics, from young families to retirees.
Knox noted that the findings will guide Cochrane’s upcoming Affordable Housing Strategy and Action Plan, aiming to create a more balanced and inclusive community.
