With its mountain views and rural feel, Cochrane residents may want to keep this gem of a community hidden but it appears that this town has officially been discovered by its nearby neighbours in Calgary. In the last 10 years, the communities surrounding Calgary have grown with a similar trajectory as the city itself. And, as the city has become more populated, there been people who would prefer the slower pace and country air of communities including, Airdrie, Black Diamond, Okotoks, and Chestermere. While the real estate markets in these areas have shown similar growth to Calgary in the past decade so to have they showed a similar slowdown, with one exception. While housing starts, housing completions and average house prices have dropped in Calgary and most of its surrounding communities, housing starts and completions have gone up in Cochrane. According to the Canada Mortgage and Housing Corporation, housing starts in November 2007 to November 2008 have risen from 19 to 31 and housing starts year over year, from January to November have risen from 257 to 531. While these metrics do not suggest that Cochrane’s real estate market is going to weather this economic storm, unhindered, it proves the community’s desirability with potential home owners. And ultimately, people’s desire to live in a specific location over another is what drives real estate prices higher. So, while Calgary’s real estate market is forecast for a slow down this year, Cochrane may fair better than most Canadian real estate markets or maybe even do well.
As always, visit my Calgary Real Estate website for further information regarding the Calgary Real Estate market.
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