The cost of condos and detached houses in Okotoks and High River saw a jump this year.

A recent survey from Century 21 Real Estate showing cost per square foot shows some prices having increased in most regions of the province, though two areas stood out.

Century 21 Foothills broker Blair Gordon says price jumps were particularly pronounced in Okotoks and High River.

“The condo market has been tremendously undervalued for a number of years and arguably might still be. In High River, condos went from an average price of $176 a square to $223, so it was an increase of about 26 per cent. Okotoks increased just under 15 per cent but still, year over year, showing undervalued prices in the condo market in both areas.”

Those prices follow increases in detached home prices, which were up 19.4 per cent in Okotoks compared to 2021 and 13.2 per cent in High River.

Gordon says it’s attracted buyers for a few reasons.

“We’ve had an increase in out-of-province buyers for both detached homes and condominiums, and the condos were a mix of first-time homebuyers and some investment opportunities. People saw an opportunity to buy, as the price of detached homes goes up, the condo market looks quite attractive, keeping in consideration, of course, condo fees which people have to recognize when purchasing.”

The trend can be seen in other Southern Alberta communities, says Gordon.

“As you move south from Calgary, Okotoks is a little bit more reasonably priced than Calgary is, then you go to High River and it looks like a better deal. Of course, as you travel further south, in any of our offices in Southern Alberta, whether it’s Nanton or Claresholm, it seems to get more attractive as you go south.”

That same trend can be seen in communities surrounding Edmonton and Red Deer, though Gordon remarks the gas prices might not be so favourable.