Hello Southern Alberta and Welcome to Spring (kinda), anyways, welcome to March.

As you are all well aware, the market conditions that we have seen for the past few months continued in February and in fact pushed the market deeper into Sellers Market Territory. The lack of listings continues, which is being driven primarily by Sellers concerned about their ability to find a home once they sell theirs. We do expect with the Bank of Canada having set out a plan for increased rates throughout 2022, that we will see some moderate cooling of the Buyer’s Pool. Having said that, we see the upcoming months looking very similar with tight inventory across the board.

We have provided some highlights below for the month of February of both Southern Alberta and also the City of Lethbridge on its own.

 Southern Alberta

The number of transactions were flat year over year with an average sale price that increased almost 8% year over year. The number of listings is down 25% when compared to last year which continues to push the market into heavy Sellers Territory.

 City of Lethbridge

The number of Transactions were also flat to last year with an average sale price that increased almost 9% year over year. The number of listings in the City fell 23% when compared to 2021 and also puts pressure on the Sellers side. We also saw the sale price to list price stay inside 98%.

What do we see?

Now that the Bank of Canada has increased its borrowing rate, it is expected that this will continue in consecutive quarters in 2022. This will have some impact on the Buyers Pool, however, it will remain very busy as there is currently a backlog of Buyers looking to get into the market. This is still a good time for both Buyers and Sellers as rates are still low for borrowing and we are now seeing some pretty significant price increases on the Sellers side. The other positive is that this time of year, when we usually see the highest number of new listings come on and should help ease the stress of Sellers wanting to sell and find a different property. Lastly, as the Average home price gap between other major centers and Southern Alberta grows. We will continue to look very attractive to people looking to take advantage of our relatively low cost of living.

Owners Message

Dallas Harty says, “Southern Alberta continues to perform well and is showing very steady gains. The market itself is very tricky at the moment, as limited inventory is creating some unique challenges but also great opportunities.  We are in a time where it is really important to work with a knowledgeable, experienced Brokerage/Agent to get you the most from your experience. We are proud of our track record and continue to deliver results to our clients. We want to congratulate all of our RE/MAX agents and support staff as we once again, were #1 in the market for Buyers and Sellers in Southern Alberta. We are proud to have served the area for the past 41 years and look forward to the opportunity to meet with you and your family. Market evaluations and consultations are free and there is no obligation. Reach out today and let us help you get more.”

For a no obligation consult and market evaluation, let us help you get MORE!  You can call Re/Max Real Estate Lethbridge today 327-2221 or text us at 403-635-8888 or click www.realestatelethbridge.alberta.remax.ca or www.realestatetaber.alberta.remax.ca

This monthly Real Estate Market Report analyzes Southwestern Alberta real estate, more specifically the Lethbridge area. Keep in mind that the information does not indicate the actual value of any particular property. Find out what your home may be worth in today’s market, contact one of RE/MAX Real Estate – Lethbridge’s talented agents by clicking here or for the Taber area click here.