Lack of housing inventory keeps prices up

House prices in High River were up just over ten per cent in January of 2024 compared to the same month a year earlier.

In Okotoks, prices were up 11.3 per cent year-over-year.

The benchmark price for detached homes in High River is up 10.8 per cent while in Okotoks it's up 12.4 per cent.

The benchmark price for a detached home in High River last month was $529,100 while in Okotoks it was pegged at $658,800.

The Calgary Real Estate Board says both sales and new listings rose in Okotoks in January compared to last month's, however, the sudden gain in new listings wasn't enough to cause big changes to the low inventory levels.

With just over one month of supply, conditions remain tight in Okotoks and that's driving prices up. 

The number of homes available in both Okotoks and High River did not change in January compared to January of 2023 according to the board.

There were 43 homes sold in Okotoks last month, a jump of over 53 per cent from January of 2023.

In High River, 23 home sales were registered, up over 53 per cent year-over-year.