A new report shows housing prices in Lethbridge, and across Alberta, are on the rise. (Photo: Feverpitched | Dreamstime.com)

By David Opinko

Lethbridge home prices up 16.2% in one year

Jul 23, 2024 | 9:17 AM

LETHBRIDGE, AB – Homes across Alberta continue to become more expensive, including in Lethbridge.

The Alberta Real Estate Association has released its Housing Statistics report for June 2024.

Between all residential property types, they say homes in Lethbridge cost an average of $402,527. That is an increase of 16.2 per cent from the same time last year and 5.6 per cent from just one month ago.

Detached homes garnered the highest price tag at $456,879, up 15.3 per cent over the last year. The largest increase by percentage was seen among row homes, which jumped up 33.1 per cent to $309,231.

Semi-detached homes went up by 26.2 per cent to $359,156, while apartments had the smallest increase of 5.2 per cent to $204,052.

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These price hikes are despite the general rate of inflation being just 2.7 per cent in June.

READ MORE: Inflation falls to 2.7% in June, driven by slower growth in gas prices: StatCan

In the month of June, a total of 205 real estate transactions were completed in Lethbridge while there were 242 new listings.

There is 1.77 months of inventory, meaning that if no new properties were added and homes continued to sell at the current pace, that is how long it would take for all properties to be sold. At this level, Lethbridge is firmly in a seller’s market.

The most common price range for home sales in the city last month was $300,000-$399,999. Properties in the bracket immediately below it fell significantly over the last year while homes right above it became more common.

Despite Lethbridge’s housing market becoming more expensive, it it still cheaper than the provincial average.

Across Alberta, the average home price between all types was $507,972. It was driven up by its largest and most expensive city, Calgary, where homes go for $570,972.

On the opposite end of the spectrum, Grande Prairie was the most affordable with an average price of $330,986.

Prices for all types of homes in Alberta for June 2024. (Photo: Alberta Real Estate Association / Pattison Media)

Prices for detached homes in Alberta for June 2024. (Photo: Alberta Real Estate Association / Pattison Media)

Prices for semi-detached homes in Alberta for June 2024. (Photo: Alberta Real Estate Association / Pattison Media)

Prices for row homes in Alberta for June 2024. (Photo: Alberta Real Estate Association / Pattison Media)

Prices for apartments in Alberta for June 2024. (Photo: Alberta Real Estate Association / Pattison Media)

The Housing Statistics reports can be viewed on the Alberta Real Estate Association’s website.

READ MORE: Lethbridge rental prices up 12-25% in one year

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