By Lara Fominoff @fomsy1 on Twitter

Real estate sales continue to climb in Lethbridge and surrounding area

Jan 16, 2017 | 11:56 AM

LETHBRIDGE – Home sales in Lethbridge are up by 2.18% in 2016, compared with 2015.
 
Lethbridge and District Association of Realtors CEO Cathy Maxwell says 2015 saw 2609 units sold, while 2666 units were sold in 2016. That translates in to $730 million in sales compared to $707 million in 2015.
 
Maxwell says the actual number of listings were down slightly. “For 2016 we ended up with 4,819 listings compared to 4,849 listings at the end of 2015. Very marginal.”
 
She believes that Lethbridge’s unique economic diversity is the reason the region hasn’t seen the same downturn in home sales and prices, like many other parts of the province.
 
 “Lethbridge of course, has a real nice variety and diversity. So we’ve got the schools, the university, the college, the health care providers, the manufacturers, the ag(riculture) business. That all helps to insulate us from severe spikes. And so that has served us well this year.”
 
Still, she’s cautious about what 2017 will bring. “We’re needing more time to see how the new mortgage rules that came into effect in October….. how they’re going to affect the market. Of course new home buyers, or any home buyers are having to get approved at a higher rate. So we’re wondering, are they going to wait until they can get approved? Or are they going to buy lower?” 
 
She says right now there’s enough inventory to last about eight months. That includes a mix of new homes and older homes.