2014 was a huge year in the Lethbridge real estate market. Homes in the city remain among the lowest priced of any city in Alberta, and it’s not taking long for sale signs to turn into sold ones.
The total dollar amount of homes sold in 2014 year was almost 15% higher than in 2013. The average house price rose nearly two percent, and over 2500 houses were sold – good for nearly a 9% increase over 2013.
Chief Executive Officer of the Lethbridge and District Association of Realtors, Cathy Maxwell, works in the market every day. She believes the main reason for these high numbers is largely due to the economics of the province, saying:
“Alberta has a very strong economy and we have really good net migration here. That is expected to decrease a little bit in 2015, but overall Alberta has had one of the strongest economies. So that’s played a significant part.”
In 2014, the west side of Lethbridge saw 681 homes sold. 497 homes on the south side changed owners, and the north end of the city sold 366. Maxwell expects to see similar numbers in 2015.
“I think in Lethbridge it’s probably going to be close to 2014. We’ll probably have a little bit of growth, but really it depends on consumer confidence with these oil prices changing.”
The good news for local realtors is our economy isn’t tied to the oil and gas sector as much as other cities in Alberta, which should provide more stability.
Comments