Home sales and builds on the decline in Lethbridge
Home sales in Lethbridge were down in June.
According to the Alberta Real Estate Association, last month was the lowest June recorded since 2007.
The association's latest report shows new listings and inventory are also down from a year ago.
"Things are definitely down compared to 2021 and 2022 because those were very active years," said Jennifer Brodoway, a Realtor with Team View Lethbridge.
The report shows home sales are down 15 per cent year over year to 200 units sold.
New listings dropped 27 per cent to 249 and inventory dropped 20 per cent to 459.
Brodoway says this looks concerning on paper but the numbers are returning to what we saw five years ago.
"We find that 2023 is really just similar to what it was in 2018 and 2019," Brodoway told CTV News.
"In 2023, from January to June, we've had about a thousand sales here in Lethbridge."
It's not just home sales that have dropped -- so has the number of new houses being built, according to BILD Lethbridge.
"This has been an unusually slow building cycle for Lethbridge and that's a direct result of seeing the less home sales and, of course, with the inventory already there, you're going to see less new homes being built," said Bridget Mearns, BILD Lethbridge’s executive officer.
As of May, there have been 339 fewer units built year over year, which accounts for the drop in inventory.
Both interest rates and building costs have increased, leading to the decline.
"It's kind of this perfect storm that's happening, where the inflationary pressure on the cost of construction is making things more expensive, and it's also more expensive because of the interest rate in qualifying for a mortgage," said Mearns.
The cost of new homes has increased six per cent from last year.
CTVNews.ca Top Stories
Infant dies in ATV crash, N.S. RCMP says alcohol may be a factor
An infant has died and three others, including another child, were taken to hospital following an ATV crash in Forties, N.S., on Monday.
Canadians are eyeing moves to these cities for more affordable housing
Faced with elevated housing prices, half of Canadians in the country's largest cities are considering moving to places with more affordable housing.
Charges against world's top golfer Scottie Scheffler dropped after arrest outside PGA Championship
Criminal charges against Scottie Scheffler have been dismissed, ending a legal saga that began with images of the world’s top male golfer being arrested and handcuffed in Louisville during the PGA Championship.
'Do not drive': Nissan warns Canadian drivers of explosion risk impacting 48,000 vehicles
Car manufacturer Nissan has issued a do-not-drive warning for some older vehicles equipped with Takata airbag inflators, due to the risk of explosion during a crash.
'Scandals and secrets': On board the world's most exclusive private residential ship
It’s a floating city exclusively home to the 1 per cent, a playground for multimillionaires and billionaires that circumnavigates the world's oceans.
Tessa Virtue reveals she's expecting her first child. Here's what Canadians had to say
Canadian figure-skating icon Tessa Virtue is expecting her first child, she revealed via social media Tuesday.
How Trump's hush money trial verdict could affect the 2024 election
Here is how three potential outcomes from the jury room ─ a guilty verdict, an acquittal or a hung jury ─ could affect the presidential campaign.
'Are you driving?' U.S. man with suspended licence shows up on court Zoom call while behind the wheel
A Michigan man with a suspended driver's licence didn't appear to have thought through a recent court appearance made on video, joining the Zoom call while driving.
An Iceland volcano starts erupting again, spewing lava into the sky
A volcano in southwestern Iceland erupted Wednesday for the fifth time since December, spewing red streams of lava in the latest display of nature’s power and triggering the evacuation of the popular Blue Lagoon geothermal spa.