Calgary's house prices fall as Okotoks and High River lead regional slide

Home prices across Calgary's surrounding region are sliding, with Okotoks taking the sharper hit. The benchmark price for a typical home in Okotoks dropped to $608,400 in August, down 1.8 per cent from a year earlier. Detached homes fared worse, falling 2.3 per cent to $685,800.

The pattern extends across the region. Airdrie's benchmark dropped 4.5 per cent, the steepest decline anywhere. Cochrane fell 2.3 per cent, Chestermere 1.6 per cent, High River 1.1 per cent, and Calgary itself down 1.1 per cent.

Okotoks saw a complex year. Prices rebounded through April, hitting $627,600, but have declined steadily since. In High River, the benchmark stood at $499,100 in August, down from $505,400 a year earlier — though up from the $489,100 closing at year's end.

August sales activity in Okotoks stayed in line with history. The area recorded 55 sales, on par with the 10-year average for the month, but inventory remains constrained. Sixty-eight new listings came to market, marginally boosting supply that the Calgary Real Estate Board says has been the lowest in the region since 2021. Of the sales completed, sales fell between $700,000 and $799,999, while others landed between $600,000 and $699,999.