Cochrane townhome sales surged this summer, according to a market analysis firm that keeps a close eye on the real estate market in Alberta.
Last week, Urban Analytics —a research and advisory company – released its third quarter results, which revealed that condo and town home sales surged in Cochrane throughout the summer months.
Market analyst Jayne McKay said they noted an 84% increase in sales in the third quarter of 2017 over Q2.
“There were serious buyers looking in the summer market,” she said. “It’s a positive sign for sure.”
Further research showed that families looking to purchase in Cochrane were a mixture of entry-level purchasers commuting to and from Calgary, as well as couples with young children and retirees looking to downsize.
“People were wanting to move into move-in ready units … They are looking for the … ‘lock up and leave’ aspect,” said McKay. “They can go and travel for a couple of months and not worry about yard maintenance.”
According to Urban Analytics, the top selling new developments included the Stepper Homes townhomes in Heritage Hills and Excel Homes’ offerings in Sunset Ridge. Fireside’s stacked townhouses also performed well. The research firm added that Jumping Pound Ridge Townhomes by Slokker West continued a strong showing through both spring and summer.
Incentives like free internet and television, quick possession and discounts on certain floorplans have helped drive the traffic to townhomes in the area, said McKay.
She added that Cochrane home buyers also placed great value on garage and storage space, since the town’s proximity to the mountains usually means people often need somewhere to keep their recreational vehicles, tents and other outdoor toys.
Urban Analytics is keeping an eye on 11 ongoing projects in Cochrane, with no new developments slated to break ground in the last quarter.
McKay said “it will be interesting to monitor” the summer surge to see whether townhome sales will continue to perform well into the remainder of the year, since Cochrane is traditionally a desirable market for many different types of buyers.
“The affordability perspective, as well as the mountain access,” she said. “It’s generally a good place to raise a family.”
