Monday, November 15, 2021
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Red hot Lethbridge real estate market favouring sellers; home prices increasing

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LETHBRIDGE, AB – If you’re currently selling or looking to sell your home, the Lethbridge market right now is tilled in your favour.

The city is coming off its best first quarter (January-March) for real estate sales on record and homes which are listed are selling in very short order right now.

Cathy Maxwell with the Lethbridge and District Association of Realtors (LDAR) says the market is red hot.

“The other piece to this is we’ve got 539 units available (as of March 31, 2021) in the resale market and that represents the lowest we’ve seen for the end of March since 2008,” says Maxwell.

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That equates to just two-and-a-half months of local inventory.

The average selling price has has gone up a lot too from $288,000 at this time last year to around $326,000 right now. That’s an increase of 11% in just one year.

Maxwell notes it’s always important to price your home correctly, but in this market when demand outweighs supply, prices tend to increase.

She says it’s amazing to see what happening here especially during this ongoing pandemic. When it comes to the rest of 2021, Maxwell says it’s anyone’s guess how things will play out, however she expects the market will remain strong in the months ahead.

How the overall employment picture takes shape for the rest of the year could impact the real estate picture as well. Maxwell well notes “we have excellent” mortgage rates at the moment too which will likely play a factor in keeping the Lethbridge market fairly strong.

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Patrick Siedlecki

Pat has been a mainstay in the CJOC News department from the time the station launched in 2007. He’s been in the position of News Director since then and has been anchoring daily news casts as well as reporting and working behind the scenes.

Community is important to him and keeping CJOC listeners and readers informed about what’s happening across southern Alberta and beyond.

Pat has been in radio broadcasting for the past 24 years, starting in Port Alberni on Vancouver Island in 1997 and then moving up island to Nanaimo for another few years before heading to Lethbridge in 2007.

Pat grew up in the small Saskatchewan farming town of Foam Lake. After high school, he went to Western Academy Broadcasting College (WABC) in Saskatoon prior to moving to the island.

Pat also spent several years broadcasting hockey in the BCHL as well as seven years as the radio voice of the Lethbridge Hurricanes in the WHL.

Pat has been working at Cornerstone Funeral Home in Lethbridge as a Certified Life Celebrant and Funeral Assistant since 2016.

News and sports have always been Pat’s passion from the time he was a teenager and he’s always been grateful to have had the opportunity to make that part of what’s been a fun and long radio career!

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