Airdrie Rapid Growth: How the Real Estate Market is Responding
April 3, 2023
Airdrie is one of the fastest growing municipalities in Canada. Located less than 30 minutes north of Calgary’s downtown, its the perfect location for those who want to be close to the all the amenities and job opportunities a bigger city offers, but far enough away that they can live in a safe place with a friendly small-town vibe to raise their families. Add all the natural and man-made amenities and affordable housing options this city offers and it’s no wonder people from other provinces are flocking to this thriving community.
Airdrie is also a young city with half of its population under the age of 50. The city’s population has grown 4% from 73,580 to 76,500 between 2021 to 2022. It’s expected to reach over 100,000 by 2030.
As one of the top 25 fastest growing municipalities in the country, Airdrie’s housing market forecast for 2023 is expected to remain strong. Although the number of sales are predicted to be slightly lower than 2022’s pandemic boom, the predictions forecast higher sales than the 2019 pre-pandemic market.
The benchmark price of houses in Airdrie’s housing market increased by 12% last year. The pricing for 2023 is expected to remain the same or slightly higher. But with the average single-family home around $470,000 compared to Calgary where the average price for a single-family home is $518,000, Airdrie’s housing market is still one of more affordable markets in the country.
As the trends of the younger Canadians from other provinces relocating to Airdrie continues, the demand for affordable single detached housing remains high and is outweighing the supply of available family homes.
To meet Airdrie’s housing market need, the city is working with investors to build new housing developments in the south end of the city. Part of Airdrie’s real estate plan is the development of new residential areas in the south end of the city. Over 1,000 new single-family homes, town houses, condos and apartment buildings in. The housing projects are currently in various planning and construction stages. Some homes will be completed this year while others will be finished over the next two years to help meet the need.
Along with affordable housing options, the new community developments will also have commercial buildings for stores and other services, schools, recreational facilities and other indoor and outdoor amenities. A 38 acre Commercial village is coming east to the existing master-planned community of Southpoint in SW Airdrie.
Because the need remains high for affordable houses in Airdrie, the Bank of Canada’s high interest rates and the country’s rising cost of living are not having the same effect on Airdrie’s real estate market that other cities are experiencing. A strong provincial economy and high demand for affordable housing means Airdrie’s housing prices are expected remain stable during the next 12 months.
Overall, Airdrie’s housing market forecast for 2023 is expected to remain strong. There was a slight decline in real estate sales between 2021 and 2022 with sales decreasing by 24% in December 2022 compared to sales in December 2021. However, 2023 is not predicted to see the same decline in affordable home sales because the need is still outweighing the supply.
The future is bright for this beautiful and diverse community. Airdrie is and continues to be a thriving and growing city. As the area continues to attract new residents, Airdrie’s real estate market is responding to the demand for housing by remaining highly competitive.
This is great news for buyers and investors because unlike other major cities that are seeing a decline in housing prices, as one of the fastest growing municipalities in Canada, Airdrie’s housing prices are increasing steadily.
The city and real estate market is responding and ready for the city’s continued rapid growth.