The shift in lifestyle expectations resulting from the global pandemic has been a boon to many real estate markets across Canada, which saw rising interest by those seeking to trade big city living for more square-footage, ample outdoor living space and perhaps a slight break in price.
However, this trend has taken its toll on the local Lethbridge housing market, where the sales-to-new listings ratio pushed above 90 per cent and inventory fell to 482 units at the end of September 2021.
Year-to-date sales for the first nine months of 2021 set a new record, 50 per cent higher than the 10-year average for home sales, sitting at an impressive 1,857 units, according to the Lethbridge and District Association of REALTORS®.
As the last quarter of the year began, conditions in the Lethbridge real estate market were expected to remain fairly steady.
Leading the charge in home sales were semi-detached units, which saw a year-over-year increase of 160 per cent, and apartments/condo units which increased 75 per cent over the same time frame.
The average price across all property types in Lethbridge during the month of October was up 3.8 per cent compared to October 2020, at $317,971.
Over the month of October, there were 194 homes listed for sale, marking a 6.3-per-cent decrease year-over-year.
However, in order for price growth to moderate, there needs to be a consistent influx of new homes listed on the market.
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