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Record or near-record lows for inventory amid strong sales for homes continues to push up prices to new highs in Calgary’s outlying communities.
Recent Calgary Real Estate Board statistics for August show that benchmark prices increased across all communities with sales also growing year over year in every market, except for High River.
There, sales fell more than 24 per cent year over year as inventory climbed nearly 42 per cent. Still, with less than two months of supply, demand pushed the benchmark price up eight per cent to $449,400.
Other communities saw less price growth while seeing sales increase as inventory fell, including the largest municipality Airdrie.
There, sales grew nearly 21 per cent from last August while the benchmark price reached $515,600, up nearly six per cent. At the same time, inventory plunged year over year by more than 38 per cent.
Cochrane also saw its benchmark grow four per cent to $534,700 while sales gained nearly 15 per cent. Inventory fell nearly 12 per cent.
Chestermere sales grew almost 77 per cent in August from last year. Its benchmark also increased about five per cent to $662,200 — though inventory only dropped one per cent.
Okotoks sales increased about 11 per cent while its benchmark price was up nearly seven per cent to $582,000 year over year. Inventory there was down 34 per cent reaching a record low.
Strathmore, the least pricey market, saw its benchmark increase four per cent to $407,300 as sales grew 44 per cent year over year. Inventory was also down about 31 per cent.
Canmore, the most expensive market, experienced 17 per cent higher sales in August compared with last year, while the benchmark increased about seven per cent to $927,900. There, inventory decreased nearly 20 per cent year over year.