Cochrane Real Estate Then & Now

The Cochrane real estate market has been a story of highs, lows, and steady climbs over the past few years. From the initial COVID-19 boom to the cooling off period, and now a resurging demand, Cochrane has consistently proven its appeal to homebuyers. But what’s driving these shifts, and what does it mean for buyers and sellers today?

If you're thinking about entering the Cochrane real estate market, exploring its trends and understanding its ebb and flow can guide you. Here’s an in-depth look at how the market has evolved and why 2024-2025 is shaping up to be an exciting time  for Cochrane real estate.

The COVID Boom 2020 to 2022

Space and Lifestyle Redefined 

When the world was thrown into lockdown in 2020, priorities changed globally, and Cochrane was no exception. Suddenly, space became a top priority. Remote work fueled demand for home offices, families sought larger homes for more functionality, and buyers stretched beyond Calgary to areas offering more value.

Cochrane met these demands perfectly. With its family-friendly neighborhoods, stunning mountain views, and a greater price-per-square-foot than Calgary, it quickly became a real estate hotspot. Key drivers of the boom included:

• Sharp interest rate drops, dipping below 2%, made larger mortgages affordable.
• Increased preference for detached homes as buyers sought space and privacy.
• Buyers looking for lifestyle changes with proximity to nature.

This demand sent prices soaring, often with significant year-over-year increases of 15-20%. It wasn’t uncommon to see bidding wars or homes selling within days of listing. Cochrane became the go-to market for buyers seeking value without sacrificing lifestyle appeal.

Post-COVID Cool Down

By mid-2022, the Bank of Canada began raising interest rates to combat soaring inflation. This influenced affordability and sparked a cool down in real estate across the board:

• Some buyers were priced out of the market.
• Listings began to linger, especially when overpriced.
• There was a notable slowdown in sales pace.

Nevertheless, Cochrane didn’t experience a crash. Its resilience stemmed from ongoing factors like relative affordability compared to Calgary, strong community appeal, and continued inflow of families moving from other parts of Canada such as Ontario and British Columbia. Sure, the frenzy of 2020 might have eased, but Cochrane’s allure stayed steady.

Turning the Tide Cochrane Today 2024 and Beyond

New Construction Bounce Back 

Fast forward to 2024, and Cochrane is once again one of the most sought-after towns in the Calgary region. Builders, once stalled by pandemic-driven labor shortages and supply chain issues, are now in full swing. Construction has ramped up, delivering much-needed new housing to meet growing demand. The push to counteract Canada’s ongoing housing shortage means more new builds, giving buyers additional options and fueling market activity.

Tight Inventory 

Despite this resurgence in construction, inventory remains tight, especially for certain segments of the market. Detached homes, particularly those with garages and priced under $600,000-$700,000, are incredibly competitive. These homes sell quickly and are frequently in high demand among families and first-time buyers.

Price Growth and Stability 

The Cochrane real estate market is showing steady growth once again. For instance, the benchmark price for detached homes climbed to $685,800 in May, reflecting a 3% year-over-year increase. Townhomes, condos, and duplexes aren’t far behind, with many sub-markets experiencing a similar upward trend. While prices are not increasing as aggressively as during 2020-2021, the steady climb reflects sustainable, long-term demand.

A Magnet for Out-of-Towners 

Cochrane continues to draw interest from outside Alberta. Buyers from Calgary, Canmore, Ontario, and British Columbia are drawn to Cochrane for its:

• Spacious homes at competitive prices
• Laid-back lifestyle and strong community vibe
• Proximity to nature and recreational activities in the Rockies

Whether relocating for work, family, or retirement, Cochrane consistently stands out for its ability to combine affordability and quality of life.

Buyer Adaptation 

While higher interest rates persist compared to the COVID period, buyers are adapting. Some are getting pre-approved earlier, others are leveraging creative solutions like shared financing models or exploring slightly smaller homes to meet their budgets. The perceived cost of waiting is driving many to purchase before prices climb further. For renters, rising rents or limited lease availability are also prompting a shift from renting to buying.

What Buyers and Sellers Need to Know

For Sellers

It’s a great time to list, especially if your home is priced under $700,000. Homes in this range, particularly those in good condition and with features like attached garages, are selling quickly. To maximize your sale:

• Partner with a local expert who knows the Cochrane market inside-out.
• Ensure your home is prepped, staged, and well-presented for listing.
• Price appropriately to attract motivated buyers.

For Buyers 

Patience and preparation are key. Cochrane continues to see steady price growth, so waiting may only result in paying more down the line. Follow these steps:

• Get pre-approved so you’re purchase-ready.
• Stay informed on new listings to act quickly when the right home appears.
• Work with a trusted real estate agent who can negotiate in a competitive market.

By being proactive, buyers can tap into some of the most appealing aspects of Cochrane’s market without breaking the bank.

Moving Forward 

Cochrane has cemented itself as one of Alberta’s premier real estate markets. Whether you’re buying or selling, timing and strategy are just as important as knowing the market nuances. Cochrane’s appeal isn’t just a temporary phenomenon; it’s a lasting reflection of quality living and long-term investment potential.

If you’ve been considering jumping into the Cochrane market, now’s the time to make your move. Call me today to chat about how I can help you make the most of your next real estate step. From expanding your living space to achieving your lifestyle goals, I’m here to help you navigate Cochrane’s market with confidence.