Affordability driving sales growth in Airdrie, Cochrane and Okotoks

Calgary's surrounding communities and their respective residential resale housing markets are continuing their torrid pace in 2014, with 4,449 homes overall exchanging hands for the first nine months of the year, a 26 per cent increase compared with 2013, according to CREB®.

Airdrie, Cochrane and Okotoks all saw double-digit sales growth on a year-over-year basis.

Communities surrounding Calgary see double-digit sales growth in the first quarter of the year

Getting more for less can mean a lot to a first time homebuyer.

When it came to the purchase of their first home, engaged couple Kristie Bogle and Erin Dorscht set their sights on Bogle's hometown of Airdrie.

"I just kept seeing all these signs, crazy cheap new developments throughout [Airdrie] and I came home one day and was like 'Look how cheap this is compared to what we're paying in Calgary'," said Dorscht.

For the third consecutive quarter, sales growth in all communities surrounding Calgary was in the double digits. In addition to lifestyle preferences, demand in surrounding areas has improved due to the relative price advantage over Calgary and less supply constraints in many of the surrounding markets.

During the first quarter of the year, 44 per cent of new listings in surrounding areas were priced below $400,000. Within the city of Calgary, 23 per cent of single family homes were under this price point.