June 19th, 2024

Lethbridge sees rise in price of real estate transactions

By Lethbridge Herald on January 25, 2023.

Al Beeber – LETHBRIDGE HERALD – abeeber@lethbridgeherald.com

The average real estate transaction price in Lethbridge increased 10 per cent between December of 2021 and last December, according to a financial services website.

Data on the website hellosafe.ca, which provides comparison tools for various financial products, shows that real estate prices in Alberta increased 2.8 per cent last year. But big hikes were noticed in Medicine Hat and Lethbridge.

The Gas City had the highest transaction price increase in the provinces over that one year period of 17.9 per cent, according to hellosafe.

Lethbridge was second at 10 per cent followed by Calgary at 8.1 per cent. The only other centre to see prices increase was Grande Prairie which recorded a 1.1 per cent price hike.

According to hellosafe, the average transaction price in Lethbridge in December of last year was $347,914 compared to $316,279 in 2021.

Medicine Hat saw its average transaction price rise from $273,998 in Dec. 2021 to $322,990 last December.

Calgary prices rose from $468,300 in Dec. 2021 to $506,400 last month.

The provincial capital of Edmonton saw a decrease of 0.8 per cent over the one-year period with the largest decrease in Alberta being in Fort McMurray which saw prices drop 15.1 per cent.

The website says while real estate prices peaked in 2021, last year saw what could be a trend reversal. While prices still rose in seven of 10 Canadian provinces in that same 12-month period, according to hellosafe, they are starting to drop in three of the country’s most populated provinces.

B.C., where prices are down 11.9 per cent and Ontario – where they’ve dropped 12.2 per cent, appear to have passed their peak, says hellosafe. Quebec prices are also beginning to drop, although by a substantially lower amount than those other two provinces with a decline of 0.9 per cent.

In 2022, the average value of real estate transactions rose in all three Prairie provinces with Alberta leading the way followed by Manitoba at 0.7 per cent and Saskatchewan at 0.3 per cent.

The website says Calgary has overtaken Montreal as the country’s fourth most expensive city for real estate.

By the end of December, Vancouver remained No. 1 on the list with an average transaction price of $1.1 million – down 3.3 per cent from 2021, while Toronto was second at $1.08 million. The average transaction price dropped there 8.9 per cent in one year. Ottawa ranks third with an average transaction price of $610,800.

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When we put our home on the market a several weeks ago, a candid conversation with our real estate agent indicated that Lethbridge realtors want prices to reach those of Calgary. How many more people will be left homeless on the streets? Are they nuts?
Greed has prevailed!