By Geoff Smith (@GeoffSmithLNN on Twitter)

Home sales take dip in first quarter of 2018

Apr 20, 2018 | 10:57 AM

LETHBRIDGE – As predicted, mortgage rules appear to have had a negative impact on home sales in Lethbridge.

In the first three months of 2018, 469 homes have been sold, down approximately 6.5 per cent from 502 sold at the same time last year. The dollar value was $128 million, down from $136 million.

Back in January, Cathy Maxwell, CEO of the Lethbridge and District Association of Realtors, said there might be an impact from changes to the mortgage rules, which include a new minimum qualifying rate. Speaking Friday, April 20, she believes that to be the case.

“In talking to the realtors on the street, and our board of directors, it is, we do believe, making a difference,” Maxwell explained. “We’re also seeing a difference even in people renewing their mortgages.”

Another factor she cited is the weather, with winter conditions that were more severe than normal, and persisting later into the year. Spring, she said, is typically the strongest time of year.

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“I don’t know if that sounds superficial, but I do think the weather plays a part,” she said. “We’re heading into our spring market. So, if we talk again in a month or two we’re going to see something different. We’re going to see a higher dollar volume, I’m sure of that. That’s my prediction – we’ll just have to wait and see.”

In March there were 449 listings in the city, down from 497 a year earlier. The average selling price was $279,000, slightly higher than last year’s $275,000.