If you're drawn towards the smaller communities but want to live beside a bigger city to have access to more amenities, Cochrane may be the place for you. As an added bonus, you'll find lower prices in this area for housing than you would in Calgary.
A lot of people are looking outside of the city to explore their housing options. The real estate market in Calgary is tight right now and even other bedroom communities like Okotoks and Airdrie are experiencing tighter than usual markets. Cochrane, on the other hand, is seeing a better balance of demand and supply due to a new construction boom.
Cochrane has one of the highest averages when it comes to the annual household income in Alberta. The average is more than $80,000 per year, which helps to make homes all the more affordable.
The Cochrane rental market
While there is plenty of housing available for people that are ready to jump into home ownership, the same cannot be said for the rental market. The average rental rate for a unit is approximately $1,700, making it difficult for young families that are just starting out to move into the area.
This high cost of rental units causes problems in other areas as well. For example, the new businesses that are opening their doors in the Quarry site are having a difficult time finding the accommodations they need. It has even been suggested by senior manager of development and planning for the Town of Cochrane, Suzanne Gaida, that business owners may want to look at housing opportunities for their employees.
The current rental market in Cochrane is causing a lot of people to take a look at buying a home earlier than originally anticipated. Paying $1,700 per month for a rental unit is costly and makes it difficult for anyone to save up for a down payment for a new home.