Home prices in Lethbridge, and in many other places in Alberta, are on the rise. (Photo: Feverpitched | Dreamstime.com)

By David Opinko

Detached home prices rise to $438K in Lethbridge

Jun 20, 2024 | 11:30 AM

LETHBRIDGE, AB – Home prices continue to rise in Lethbridge and in the rest of Alberta.

The Alberta Real Estate Association (AREA) has released its Housing Statistics reports for May 2024.

Between all property types in Lethbridge, the average home sold for $381,110, an increase of 10.3 per cent compared to the same time last year.

Detached homes jumped up in price by 11.2 per cent to $438,953, while semi-detached properties increased 6.4 per cent to $294,023.

It cost an average of $274,452 to buy a row home, an increase of eight per cent, while apartments crept up by three per cent to $181,935.

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AREA reports that 219 homes sold in Lethbridge in May, a slight drop from the month prior, while there were 291 new listings.

There was just 1.57 “months of supply,” meaning that if homes continued to sell at the same pace but no new listings were added, it would take that long for every remaining property to be sold. This is a decrease of 22.2 per cent over the last year and means that Lethbridge is firmly in a seller’s market.

While prices in Lethbridge are on the rise, the city still remains more affordable than Alberta’s two largest cities.

The provincial average for detached home prices was $597,719, which was largely driven up by Calgary, where that type of property went for $730,000. Detached homes in Edmonton have been going for around $543,736.

Grande Prairie is the cheapest city for real estate in the province. The average cost for all property types was $346,490, and for detached homes, was $389,401.

Housing prices for all property types in Alberta in May 2024. (Photo: Alberta Real Estate Association/Lethbridge News Now)

Prices for detached homes in Alberta in May 2024. (Photo: Alberta Real Estate Association/Lethbridge News Now)

Prices for semi-detached homes in Alberta in May 2024. (Photo: Alberta Real Estate Association/Lethbridge News Now)

Prices for row homes in Alberta in May 2024. (Photo: Alberta Real Estate Association/Lethbridge News Now)

Prices for apartments in Alberta in May 2024. (Photo: Alberta Real Estate Association/Lethbridge News Now)

The full Housing Statistics reports can be found on the Alberta Real Estate Association website.

READ MORE: Lethbridge among most affordable Canadian cities for rent, but prices rising

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