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2017 ends up steady for home sales in Lethbridge

Jan 8, 2018 | 10:59 AM

LETHBRIDGE – Residential real estate sales rebounded in the second half of 2017, according to the Lethbridge Real Estate Board.

Total sales volume in Lethbridge was $741 million, an increase of 1.53 per cent from 2016’s $730 million. The market saw 2,639 homes sold during the year, down by 26 or just under one per cent. At the mid-point of the year, sales volume had been down 4.1 per cent and the number of homes sold was off by 3.6 per cent.

CEO Cathy Maxwell said the numbers are a positive sign in light of new mortgage rules, which include a new minimum qualifying rate.

“We were a little bit nervous,” Maxwell said. “Because of these rules, you don’t know if people are going to wait to buy, and then adjust what they want and what they need, or if they will just go ahead and buy lower.”

But she said Lethbridge, due to its diversified economy, is insulated from the ups and downs other cities see in their real estate markets. That’s why she feels 2018 good end up being a great year. But the impact of the mortgage changes could have an impact.

“I hate to keep harping on these new mortgage rules, but that’s a significant factor in the market going forward, and we probably need at least until March, April, to see if we’re seeing an effect on that.”

December was a particularly strong month, with 160 homes sold, up from 135 in December of 2016. Sales volume was $43 million, an increase of 23 per cent from the same month one year earlier.