A new report has found that home prices in Lethbridge were among the fastest-growing in Alberta in January 2024. (Photo: Lethbridge News Now)

By David Opinko

Lethbridge home prices rose 22 per cent in one year

Feb 14, 2024 | 9:33 AM

LETHBRIDGE, AB – A new report shows that home prices in Lethbridge grew at a much faster rate than the provincial average.

The Alberta Real Estate Association (AREA) said that the average price for all types of homes in Lethbridge was $365,279, rising by 21.9 per cent over the last year.

Across Alberta, the average real estate cost rose by 12.2 per cent – just over half of Lethbridge’s increase – to $476,066.

In comparison, Stats Canada reported that the annual rate of inflation in December 2023 was 3.4 per cent, meaning that home prices in Lethbridge outpaced the general inflation rate by more than six times.

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In Lethbridge, detached homes sold for an average of $399,466. While this does represent a decrease from $429,000 in December, it it still up 20.9 per cent from January 2023.

Semi-detached homes and row homes also saw big jumps, rising by 27.9 per cent to $363,980 and by 20.2 per cent to $274,859 respectively.

Apartment prices were more stable, increasing by 3.3 per cent to $174,100.

According to the AREA, 115 real estate sales were made in January in Lethbridge while 129 new listings came onto the market.

There was 2.55 months worth of supply (down 38.5 per cent) in Lethbridge last month, which puts the city into a seller’s market.

The graphs below contain information from the AREA but compiled by LNN:

Average prices for all types of homes in Alberta, January 2024. (Photo: Alberta Real Estate Association/LNN)

Average prices for detached homes in Alberta, January 2024. (Photo: Alberta Real Estate Association/LNN)

Average prices for semi-detached homes in Alberta, January 2024. (Photo: Alberta Real Estate Association/LNN)

Average prices for row homes in Alberta, January 2024. (Photo: Alberta Real Estate Association/LNN)

Average prices for apartments in Alberta, January 2024. (Photo: Alberta Real Estate Association/LNN)

The full report on home prices in Alberta for January 2024 can be found on the AREA website.

READ MORE: Lethbridge home prices rose $126 every day in 2023: study

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