Despite market setbacks and price drops in nearby Calgary, the Okotoks housing market managed to emerge relatively unscathed from 2018.

Okotoks REALTOR® Alison Marshall says there is still strong demand for the amenities and small-town charm inherent to the Okotoks lifestyle.

CREB®Now sat down with the mayors of Calgary's four primary satellite communities – Airdrie, Okotoks, Chestermere and Cochrane – to find out what makes their town or city unique and a great place to live.

Many Canadian energy-related municipalities within Alberta and Saskatchewan have seen housing markets struggle over the past few years, resulting in price declines.

The recent mortgage rule changes and higher lending rates are factors weighing on demand and prices across some of those areas.

May sales activity continued to ease, with the largest declines occurring in the detached sector. Additional gains in new listings continued to increase inventory levels.

Citywide sales activity in May totalled 1,726 units, 19 per cent below last year's levels and 24 per cent below longer-term averages. Sales activity in the detached sector declined to levels not seen in over a decade.

"The impact of rising lending rates and stricter qualification levels is causing demand to ease across all product types," said CREB® chief economist Ann-Marie Lurie.

Prices steady, but struggles in Alberta economy weigh on housing

Changes to the lending industry and a challenging economic recovery are weighing on sales activity in Calgary's housing market.

Supply levels have not adjusted to the weaker demand environment, and that is preventing price recovery.

"Slower sales do not come as a surprise, given the economy has not yet improved enough to offset the impact of changes in the lending industry," said CREB® chief economist Ann-Marie Lurie.

"While the rising inventories are being monitored, prices have remained relatively flat as gains in some areas of the city have been offset by declines in other areas."

Prices remain stable compared to last year


As expected, slow sales this quarter have persisted through March in the City of Calgary. This is not a surprise, after stronger growth in sales at the end of last year following the announced changes to the lending market.

First quarter sales totaled 3,423 units, nearly 18 per cent below last year's levels and 24 per cent below long-term averages. Easing sales and modest gains in new listings caused inventories to rise and months of supply to remain above four months.

Calgary housing market prices hold, but sales fall

Residential home sales declined in February, but a decline in new listings helped keep prices steady this month.

Sales totaled 1,094 units in February, 18 per cent below last year's activity. Easing sales occurred across all property types this month, which outpaced the sales growth that occurred in January. After the first two months of the year, sales activity remains well below longer-term averages.

Classic timber-frame and log homes are the perfect fit for many Alberta acreage properties

Attractive acreage properties lend themselves beautifully to some classic building methods: timber-frame construction and natural log homes.

Each has its own appeal, and while the homes come at a premium cost, Alberta specialty builders say the results are worth the money.