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
$500K-worth of elvers seized at Toronto airport
Fishery and border service officers seized more than 100 kilograms of unauthorized elvers at the Toronto Pearson International Airport on Wednesday.
Conservatives, NDP should be 'celebrating' EV deals: industry minister
Industry Minister François-Philippe Champagne says federal opposition parties should be 'celebrating' the recently announced electric vehicle deals, despite their criticisms the Liberals refuse to make public the terms and conditions laid out in the contracts.
Banking mogul suing government after intelligence leaks leave him shut out of Canadian economy
Chinese Canadian banking mogul Shenglin Xian has launched a $300 million lawsuit against the federal government. It’s a means to find the source of intelligence leaks which Xian says has cost him his livelihood.
His SUV was stolen on Montreal's South Shore. Then he got a $156 parking ticket
A couple is frustrated after their SUV was stolen from Montreal's South Shore in March and they received a parking ticket for the same vehicle last week.
Jesus is their saviour, Trump is their candidate. Ex-president's backers say he shares faith, values
As Donald Trump increasingly infuses his campaign with Christian trappings while coasting to a third Republican presidential nomination, his support is as strong as ever among evangelicals and other conservative Christians.
Box tree moths have infested Ontario and experts say more are coming. Here's what to do to protect your garden
An invasive moth species is on the rise in Canada and, if you've planted a certain shrub, it could stand to ruin your garden.
Signs of Alzheimer’s were everywhere. Then his brain improved
Blood biomarkers of telltale signs of early Alzheimer’s disease in the brain of his patient, 55-year-old entrepreneur Simon Nicholls, had all but disappeared in a mere 14 months.
VIA Rail service delayed for hours due to suspicious package investigation in Kingston, Ont.
VIA Rail service resumed in the Kingston, Ont. area late Saturday afternoon, after a suspicious package investigation halted train service for more than four hours over the Victoria Day long weekend.
Woman with liver failure rejected for a transplant after medical review highlights alcohol use
For nearly three months, Amanda Huska has been in an Ontario hospital, part of it on life support, because of severe liver failure. Her history of alcohol use is getting in the way of her only potential treatment: a liver transplant.