Real estate prices have been on the rise in Lethbridge, Alberta, signaling what could be a property gold rush in one of the fastest-rising areas in the region.
According to the Alberta Real Estate Association, over agents sold up to two hundred and sixty homes in March of 2022 alone, showing a 17.1% increase from the same period in 2021. The association also noted 356 units in inventory in March 2022, which is notably 34% lower than last year’s count and the lowest ever since 2007.
Because of the rising real estate costs in places like Calgary and Vancouver, Canadians have been opting to relocate to cities like Lethbridge, where houses are more affordable. “My wife and I were expecting our first child, so it got us thinking of buying a new place,” shares Kevin Schoenewolf, who lived in Vancouver but recently purchased a single-family home in Lethbridge with his wife. “My brother mentioned that you could buy a place in Lethbridge for under $500,000, and I didn’t even believe him. Where I was in Coquitlam, just outside of Vancouver, you needed about $2 million to get an equivalent house like this.”
Real estate professional Jennifer Brodoway with LethbridgeRealEstate.com has also recently noted the recent spike in home buyers from Edmonton and Calgary. She shares how Kevin and his wife are some of the many who are now flocking into the newest real estate market.
Comparably, the houses in Calgary might be $250,000 more expensive than those in Lethbridge. While that’s not a difference that matches with Vancouver properties, it can mean the world to some families. Jennifer Brodoway also notes how houses in Calgary might get anywhere up to ten competing offers where those in Lethbridge might only see four. “Most of the time, listings sell within 30 days,” she said. “Many listings are getting multiple offers with only a few days on the market.”
Lethbridge homes averaged around $341,435 in March, a 5.3% uptick from last year.
