Monthly Real Estate Market Report for Lethbridge and Area
The market conditions seen for the past few months have continued and are keeping our Lethbridge and area markets well within a Sellers Market Territory. The lack of listings continues and some sellers are concerned about their ability to find a home once they sell theirs. Please keep in mind, this is one of the many reasons I'm here to help. As your Realtor® I will make your offer subject to the finalization of the sale of your currently listed home. This technique is very common and accepted by the majority of buyers and sellers.
The Bank of Canada has just raised interest rates by .25%. Assuming your mortgage company raises their rates by the same amount, a variable mortgage on a $250,000 dollar loan will increase by approximately $33.00 per month. Please keep in mind when you renew a fixed mortgage this will also have a bearing.
Moving onto the war in Ukraine. Gas, oil, shipping, groceries and more will most likely continue to increase in price as the war progresses. Hopefully the sanctions placed on Russia will force a quick resolution to the conflict. Of course the sooner it is over the better it will be for everyone. We may see a slowing of our economy promoting the Bank of Canada to slow raising interest rates, only time will tell.
Highlights below for the month of Feb of both Southern Alberta and also the City of Lethbridge on its own.
The number of transactions were flat year over year with an average sale price that increased almost 8% year over year. The number of listings is down 25% when compared to last year which continues to push the market into heavy Sellers Territory.
City of Lethbridge
The number of Transactions were also flat to last year with an average sale price that increased almost 9% year over year. The number of listings in the City fell 23% when compared to last year and also puts pressure on the Sellers side....
We also saw the sale price to list price stay inside 98%.
Recommendation For Buyers And Sellers
For Buyers is there is no time like the present to purchase as interest rates are still very low. Pricing in the short run may still increase but should slow as interest rates rise. For Sellers, money is still cheap, you can demand a good price for Real Estate right now.
Please note the information provided in this email has been provided by the Lethbridge and District Association Of Realtors (LRAD), RE/MAX Real Estate - Lethbridge and Clark Paul.
Wishing you happiness, great health, and prosperity throughout the remainder of 2022.
Long Live Ukraine and May God Bless Us All!