A new report shows that housing prices in Lethbridge are rising. (Photo: Feverpitched | Dreamstime.com)

By David Opinko

Lethbridge home prices rise 11.6 per cent in one year

May 15, 2024 | 1:25 PM

LETHBRIDGE, AB – A new report shows an upwards trend in home prices in Lethbridge.

The Alberta Real Estate Association (AREA) has released its Market Trend Summaries for April 2024.

Between all residential property types, they say the cost to buy a home in the city increased by 11.6 per cent over the last year to an average of $374,271.

Detached homes reached $429,256, rising by 14.5 per cent, while semi-detached homes had the largest price jump of 28.7 per cent to $335,629.

Row homes rose by the smallest percentage hike at 8.9 per cent, increasing to $282,173. Apartments remained the most affordable housing type at $216,700, going up by 18.7 per cent.

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A total of 236 new properties came onto the market in Lethbridge while 193 houses sold.

There is just over 1.5 months worth of supply, meaning if there were no new listings and homes continued to sell at the current pace, that is how long it would take for the housing supply to completely dry up. This means that Lethbridge remains firmly in a seller’s market.

Housing prices in Lethbridge by type, April 2024. (Credit: Alberta Real Estate Association / Pattison Media)

Although prices in Lethbridge have gone up, the city remains more affordable than the provincial average of $499,505 (up 7.1 per cent annually).

Calgary is the most expensive community in the province as properties sell for an average of $603,700. Medicine Hat, on the other hand, was the most affordable at $337,972.

Provincial housing price comparisons are shown below:

Prices for all housing types in Alberta, April 2024. (Credit: Alberta Real Estate Association / Pattison Media)

Prices for detached homes in Alberta, April 2024. (Credit: Alberta Real Estate Association / Pattison Media)

Prices for semi-detached homes in Alberta, April 2024. (Credit: Alberta Real Estate Association / Pattison Media)

Prices for row homes in Alberta, April 2024. (Credit: Alberta Real Estate Association / Pattison Media)

Prices for apartments in Alberta, April 2024. (Credit: Alberta Real Estate Association / Pattison Media)

The full report on housing prices across Alberta can be found on the AREA website.

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