The benchmark price for a home in Cochrane has increased by $40,000 over the last year, according to statistics released today by the Calgary Real Estate Board (CREB).

Sales dropped last year but were countered by a fall in new listings, forcing up the price of houses in what has been a seller's market for several years.

"However, recent gains in new listings relative to sales did help support some inventory gains," states the CREB report. "While inventory levels have improved over the low levels reported last year, they remain over 40 per cent below what we traditionally see in the market."

A total of 112 homes were on the market at the end of 2023, estimated to be a 2.38-month supply, 13.1 per cent higher year-to-year.

"However, conditions are still relatively tight, and prices continue to rise," notes the report. 

As of Jan. 2, the total residential benchmark is $540,400, a 9.5 per cent increase year-to-year.

The detachment (single-family home) benchmark price is currently $635,000, a 9.1 per cent increase year-to-year.

Homes continue to be more expensive in Cochrane than in Airdrie, Strathmore, and High River, but lower than Calgary, Okotoks, and Chestermere.

Canmore is in a world of its own. The detached benchmark price there is $1.498,400 and the total residential benchmark price is $948,900.

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