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House prices rise significantly in Okotoks

Despite a slight dip over the last couple of months, house prices in Okotoks are up considerably from a year ago.
NEWS-House prices
The Okotoks real estate market saw 73 new listings and 71 sales during a busy July. The most active sector of the market was between $600,000 and $699,999, which saw 19 sales.

A typical Okotoks home is worth 16 per cent more than a year ago, according to statistics released last week by the Calgary Real Estate Board. 

The benchmark price, which the board says is the price of a typical home in an area, in Okotoks in July was $551,400. That number is down slightly from the month before ($556,200 in June), but up considerably from six or 12 months ago. 

“Although conditions remain relatively tight, home prices did trend down relative to previous months. Home prices in Okotoks rose far above expectations earlier in the year and despite recent adjustments that have occurred over the past two months, July prices are still over 16 per cent higher than levels seen last year and nine per cent higher than levels reported in January,” according to the board. 

There were 71 sales in Okotoks last month, making it the busiest July since 2014. More than 50 of the properties sold last month were detached houses. 

The busiest sector of the market was between $600,000 and $699,999, which saw 19 sales, up from only six in that price range last July. 

There were 10 sales between $700,000 and $999,999, up from six in that category in the same month last year. 

The 14 sales between $500,000 and $599,999 were comparable to last July, but the 15 sales between $400,000 and $499,999 were down from 23 in that price range last July. The seven sales between $300,000 and $399,999 were down from 16 last July. 

There were six sales under $300,000, similar to the number last July. 

There were no sales of properties above $1 million. 

Seventy-three new listings came on the market in Okotoks in July. 

“While easing from earlier in the year, sales activity in Okotoks remained consistent with levels reported last year, contributing to a year-to-date gain of nearly 12 per cent,” according to the Calgary Real Estate Board. “The pullback in new listings likely prevented stronger sales in the town as the sales-to-new-listings ratio pushed up to 97 per cent and inventory levels trended down.” 

Home prices were up 12 per cent in Calgary in July year over year, a figure that was exceeded in all but one outlying area (Strathmore), topped by Airdrie where prices have risen 20 per cent since this time a year ago. 

There were 38 sales in High River last month, making it the busiest July in the last decade. The benchmark price in High River is $414,600, up 14.5 per cent year over year.