Well so long 2020 and hello 2021! So, we should take a bit of time and reflect on what was truly a very interesting year in Real Estate. Of course, the whole world was taken by surprise with the onset of Covid 19 back in March of 2020. Who could have ever believed that in 45 days, a virus would actually paralyze the world? There were many things happening that no one had ever saw before in their generation…there was lots of fear, shock and concern, as this started to impact every corner of everyone’s life.

For us it was the same. Like anything, when you can’t see the finish line or you are in uncharted territory, it leaves you with lots of questions. As they began to lock down the province in an attempt to curb spread, they had recognized the importance of our Real Estate industry and deemed it essential. Essential because for many folks, the action of procuring a home is vital and they would need the help from our industry professionals. We acted swiftly and carefully and rolled out a new Covid Safe plan for our brokerage, that would see us do things very differently. We had many safe protocols in place, as well as began to engage the public with very low contact and saw most of the real estate transaction done with no contact. Everything from virtual meetings, virtual tours, digital signing platforms and more were rolled out and away we went. We felt the urgency and accepted the responsibility to get things done safely.

What happened next, really couldn’t have been predicted. We experienced a wave of buyers and sellers all across Southern Alberta and the market was changing right in front of us. For several years we were operating under “Buyer’s Market” conditions that seen an overinflated amount of inventory on the market, with not enough buyers to level out the field. Not this year. As things began to chug along and our resilient Southern Alberta market started rolling, we seen the number of transactions jump at a significant pace and the amount of inventory stayed in check which really leveled out the conditions. It had put us in a very balanced market and in fact put several surrounding communities into seller’s markets, where the inventory of homes for sale remains very low.

In the end, the numbers were good…in fact they were great. In the City of Lethbridge home sales were up 7% and average price was up almost 5%. If we include Lethbridge and Surrounding area, the story is even better. Sales transactions were up 15% over the prior year and average price was also up 5%.

So, what about 2021? We are starting off the year in a very balanced market. We predict that with the historical low lending rates going to continue, the economy getting fired back up and the fact that Southern Alberta homes are still very affordable, we see this being a very strong year for Real Estate. We would predict that if activity stays strong for an extended period of time, that there will be upward pressure on pricing. If you are considering a move up in houses, or moving into the market, we would advise that you consider doing it sooner than later to benefit from the steady avg pricing. If you are looking to move up, there probably will not be a better time. With the current rates this low…this is a very good investment.

Dallas Harty, Owner of RE/MAX says ” We have had an incredible run of business in 2020. Even throughout the pandemic and the restriction phase, our RE/MAX Agents did an incredible job of using our tools to keep things moving in a safe environment for Buyers and Sellers. We are proud that as a local Real Estate Company for the past 40 years, we have grown to be the Top Brokerage in all of Southern Alberta and are grateful for all of those who continue to put their trust in us to help with such a valuable asset. If you are considering Buying or Selling in the next while, we would be happy to help and provide you with information that may help you with your decision.”

You can call Re/Max Real Estate Lethbridge today 327-2221 or text us at 403-635-8888 or click www.realestatelethbridge.remax.ca or www.realestatetaber.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.