During what’s been a crushing economic downturn here in Alberta, the city of Lethbridge has remained a bright spot in 2015. As low oil continues to put a wrenching drag on the provincial economy—to the tune of tens of thousands of layoffs in the patch and beyond—Lethbridge may be the last jurisdiction to feel real pain, and it may be a milder sting at that…
Positive trends in our windy city include:
- robust commercial project in The Crossings
- new-home construction remains buoyant
- continued strength in transportation and agriculture
- stable government employment
- a stable housing market for renters and homeowners alike
Todd Hirsch, Chief Economist at ATB, seems to agree:
The Conference Board of Canada also had good things to say in it’s 2015 Mid-Size Cities Outlook:
The Conference Board of Canada’s 2015 Mid-Sized Cities Outlook Report shows stable growth in Lethbridge with strength in both traditional and emerging sectors. Overall, with a GDP of nearly $5 billion, Lethbridge’s GDP increased 1.2 per cent in 2014 and is expected to see modest growth in both 2015 and 2016, which would account for a combined projected growth of 2.8 percent.
~ Diversity in wealth-generating industries means stable growth for Lethbridge economy, Lethbridge Living, June 30, 2015
So, what’s the big story in Lethbridge real estate in 2015?
That volume is increasing slowly and steadily right along with population growth, while at the same time, prices are resistant and appreciation has slowed to a snail’s pace (less than 1% on single-family homes in the city).
This is good news for buyers and perhaps unexciting but not disastrous news for Lethbridge homeowners. As always, the longer you’ve been in your home the better. If you purchased during the boom, however, you may need to analyze the numbers closely before making your next move (I can help you with this!). Likewise, homeowners who purchased new-construction in recent years may find that costs unique to “buying new” did eat a little of that market appreciation.
Of course, every situation is unique and a good real estate professional can help you weigh your options and make the best decision possible going forward.
Check out the hard numbers below and let me know if you have any questions! I’m happy to talk shop any time 🙂