Lethbridge home prices continue to rise

LETHBRIDGE -

The average home price in Lethbridge has jumped 11.6 per cent in the last year.

A home in Lethbridge now costs just over $374,000 on average.

That's according to the latest data from the Alberta Real Estate Association.

"There's not a lot of houses and there's a lot of buyers looking to buy at this time, so we are seeing an increase in the average home sale price," said Mike Shanks, a Realtor with View Lethbridge.

"Looking at last year this time, our average detached home price was around $375,000 whereas now, we're around $425,000."

Experts say there are several factors causing the price hikes, with one of the biggest being a lack of home inventory.

"Here in Lethbridge, our inventory right now is sitting at 297 units. That's down 32 per cent from last year,” said Cathy Maxwell, CEO of the Lethbridge and District Association of Realtors.

More homes could be on the way, however.

After a slow 2023 that saw fewer than 50 housing starts, 2024 will see close to 150.

"2023 was definitely a difficult year," said Bridget Mearns, chief executive officer of the Building Industry and Land Development Association, Lethbridge Region.

"We started to see housing starts increase near the end of 2023 and that's just carried on into 2024."

More homes may not be enough to slow the rise in prices.

High interest rates are helping to keep prices high.

Realtors say anyone looking to get into the housing market will need to act fast.

"Right now more than ever, it's really good to have a Realtor helping you out because things are moving quickly. Especially first-time home buyers, if you're in that $350,000 or below price range, things are moving very quickly," Shanks said.

"So having someone on your side to help you look and find things the moment they come on the market helps you to have an advantage moving forward."

The average home in Lethbridge is still less than the provincial average of nearly $500,000.

Calgary has the most expensive housing market in the province, with an average home going for $603,000.