It has been an historic year in Canadian real estate, and the Lethbridge market is no exception. This update includes mostly good news, plus a word or two of caution!
As of this report, the supply in Lethbridge remains low at approximately 2.5 months’ inventory. This is incredible for homeowners who are concerned they missed the (normally) hot spring market. Unlike so many years past, there simply isn’t a lot of competition.
Prospective homebuyers are asking if they’re going to overpay because of this heated market. The short answer is absolutely not. Lethbridge still offers some of the most affordable real estate in this part of the country. Moreover, current home values represent ‘catch-up’ pricing after years of stagnation due to oversupply. To put this into perspective, average house prices have increased from approximately $304k at the start of the global pandemic (March 2020) to $318k today.
Heading into 2022, economists warn that interest rates could start to tick upwards as inflation is rapidly taking hold of the Canadian economy. How quickly interest rates will increase is yet to be seen. The important thing for both homebuyers and homeowners to know is that NOW is a great time to make a move.
Word to the wise: If you’re a homebuyer, know exactly what you’re looking for and be ready to make a clean, well-prepared offer. If you’re selling a home, find that pricing sweet spot to attract multiple buyers who see clear, measurable value in what you have to sell. Overpriced homes are still sitting too long.
Of course, hiring a proven professional will ensure you get the results you deserve. Contact us for a personalized plan to buy or sell in any market.