By Patrick Burles - @PatrickBurles on Twitter

Gains continue in local real estate market

Oct 17, 2016 | 5:40 AM

LETHBRIDGE – The local real estate market continues to see steady gains, as the number of homes sold and total value of sales are up again for Lethbridge.

Through the first three quarters of 2016, 2,164 homes have been sold for $597 million, up from 2,091 homes and $570 million during the same time frame in 2015.

While real-estate numbers have stagnated or even slipped in other parts of the province with the cooling economy, Lethbridge Real Estate Board Executive Director Cathy Maxwell says Lethbridge remains shielded.

“You can’t ignore that we have a really good diversification in industries, the college, the university, the health care profession, it kind of insulates us and protects us,” Maxwell explained.

The average selling price is also up to this point in 2016, climbing to $278,000 from last year’s $268,000.

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The fastest selling homes went between $200,000 and $260,000, with Maxwell noting “a pretty high number of homes” also selling between $500,000 and $750,000.

When asked what we can expect from the local market moving forward, Maxwell stated that new mortgage rules that came into effect today (Oct. 17) are making it a little hard to tell at the moment. The rules limit the amount Canadians can borrow, ensuring they will still be able to make their mortgage payments when interest rates climb.

“These new mortgage rules are affecting about 25-per cent of your purchasing power, so where you were going to buy a house for $300,000, now it drops to $275,000,” Maxwell says. “So the question is, will those people wait until they can buy that $300,000 house, or say, ‘Ok, we’ll go buy a lower priced house.’”

by Patrick Burles - @PatrickBurles on Twitter

Gains continue in local real estate market

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