Okotoks, with a population approaching 30,000, trails only Airdrie as the municipality that houses the most people who travel to Calgary for work.
The Calgary Real Estate Board reports sales activity in Okotoks in 2017 was comparable to the level reached in 2016, but below long-term averages.
New listings also remained similar, keeping months of supply relatively stable.
With no significant changes to the market and months of supply remaining slightly higher than longer term averages for the town, the annual benchmark price in 2017 eased slightly over 2016.
The average single-family homebenchmark price was $429,733 in 2017, nearly one percent lower than 2016 and four percent below recent highs.
New home starts in Okotoks improved in 2017, causing a rise in new home inventories.
The additional supply is likely placing some limits on resale price recovery in the market.
Overall, improving economic conditions will likely prevent easing sales, but the impact on prices in Okotoks will continue to be influenced by any supply pressures coming from the new homes sector.
