Average home prices climb in Lethbridge as buyers seek lower prices
The average price to buy a detached home in Lethbridge rose to $438,325, but it's still well below the provincial average, making the city an enticing place to buy and invest.
The average price of a home in Lethbridge has jumped by more than 19 per cent over the past year, statistics indicate.
That number, $391,104, is based on the price of all types of homes in the city, according to the Alberta Real Estate Association.
The association says Alberta's home prices increased last month by 8.3 per cent.
The strongest price gains in Lethbridge are being seen in detached homes, which rose by 14.6 per cent to an average $438,325.
A realtor CTV News spoke with said one of the biggest drivers of home sales in Lethbridge is inter-provincial migration. As prices are also increasing in Calgary and Edmonton, buyers are flocking to the southern Alberta centre.
"Lethbridge always seems to follow Calgary," said Jennifer Brodoway with Team View Lethbridge.
"When you get a boom in Calgary and then everything gets bought up there, investors and home owners start looking to see where they can get a little more bang for their buck. A lot of them have gone to Lethbridge and, of course, that has raised prices in our area."
Despite the increase, Lethbridge still comes in below the average Alberta price of $493,000.
In July, 199 homes were sold in Lethbridge, bringing the total annual sales in the city to 1,240.
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