Cochrane, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $510,000 |
| Monthly growth | 1.3% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $305,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $510,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $255,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The Cochrane real estate market currently exhibits steady growth with median house prices at $510,000, marking a 4% increase year-over-year. This trend reflects a healthy demand for housing in the area, which is likely fueled by the town’s appealing lifestyle and proximity to Calgary. Similarly, the median apartment price stands at $305,000, with a slightly lower growth rate of 2.5% year-over-year. The differential in growth rates suggests that single-family homes are in higher demand compared to apartments, potentially indicating a market preference for more spacious living accommodations.
The demographic trend in Cochrane also plays a significant role in shaping the real estate market. With a population of 15,500 that has grown by 3.3%, there is a continuous influx of residents which supports the demand for housing and could be attributed to the town’s economic opportunities, lifestyle, and amenities.
Investment Opportunities and Potential
Cochrane’s consistent population growth combined with its proximity to major urban centers makes it an attractive location for real estate investment. The town’s ongoing development projects and infrastructure improvements suggest that property values are likely to continue their upward trajectory. Investors looking at Cochrane can consider both residential properties for long-term appreciation and rental income, as well as commercial real estate due to the expanding local economy.
Given the higher appreciation rate for houses compared to apartments, investors might see greater potential in single-family homes. However, apartments should not be overlooked as they offer more affordable entry points into the market and appeal to individuals or small families seeking lower maintenance living options or those unable to afford higher-priced detached homes.
Future Market Outlook
The future outlook for Cochrane’s real estate market remains optimistic. The sustained population growth suggests that demand for housing will persist. Moreover, if current trends continue, we can anticipate further increases in property values. However, investors should monitor economic indicators such as employment rates, interest rates, and regional economic policies as they have the potential to impact housing affordability and market dynamics.
Cochrane may also benefit from spillover effects from Calgary’s real estate market as buyers look for more affordable alternatives within commuting distance. This could exert additional upward pressure on prices especially in the detached home segment. Long-term investments appear promising provided that careful attention is paid to market fluctuations and broader economic factors.
