The Canadian real estate market is on fire, and for once, Lethbridge real estate is no exception. However, there is a quiet shift happening which could be good news for homebuyers. In particular, here are a couple of interesting trends I noticed this past week:
- The feeding frenzy in overheated markets such as Toronto and the GTA is starting to chill, slightly. Todays’ homebuyer perhaps learned from the mistakes of their parents, during the last bubble. They are reluctant to overpay for a home.
- Inventory is actually levelling off in Lethbridge. It’s lower than recent historical averages, but it appears to be stabilizing. In other words, month over month, inventory is not decreasing and new listings are replacing sold ones.
While we remain squarely in seller’s market territory, it’s false to say ‘there are no homes to buy.’ Lethbridge real estate has been hovering at approximately 500 listings, for months. (Some communities in the GTA have less than 50!)
It’s a fact that in competing offer situations, Lethbridge homebuyers are still not paying huge dollars over list.
Our market tends to be a sleepy one, so any burst in activity will throw off local consumers—and REALTORS®—momentarily. And, despite price increases, we are still some of the most affordable real estate in Alberta. Everyone take a deep breath. You can buy and sell in this real estate market with great success. They key is to be prepared, hire excellent counsel, and be decisive in your decisions.
Like I always say, we haven’t had a client go homeless yet! Contact Karri Flatla & Associates for your confidential consultation and let’s get you on your way to home buying success.