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
Serial sexual offender linked to unsolved 1970s homicides of four Calgary girls, women
An investigation into unsolved historical homicides from the 1970s has linked the deaths of two girls and two young women in and around Calgary to a now-deceased serial offender.
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.
$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.
Toronto eliminated from PWHL playoffs
Toronto has been eliminated from the PWHL playoffs.
Information commissioner faces $700K funding shortfall, says system is 'overwhelmed'
Canada's information commissioner says her office is facing a $700,000 funding shortfall that could impact its ability to investigate complaints about government transparency and accountability.
B.C. man 'attacked suddenly' by adult grizzly near Alberta boundary: RCMP
A B.C. man is recovering from multiple injuries after he was "attacked suddenly" by an adult grizzly bear near Elkford Thursday afternoon.
Backlash over NFL player Harrison Butker's commencement speech has reached a new level
The NFL is distancing itself from controversial comments by Kansas City Chiefs kicker Harrison Butker during a recent commencement address.
Dabney Coleman, actor who specialized in curmudgeons, dies at 92
Dabney Coleman, the mustachioed character actor who specialized in smarmy villains like the chauvinist boss in '9 to 5' and the nasty TV director in 'Tootsie,' has died. He was 92.
Craig Berube named as next head coach of Toronto Maple Leafs
The Toronto Maple Leafs have named Craig Berube as their new head coach.