Despite many still struggling due to the COVID-19 pandemic, at least one industry appears to be thriving.
“It’s been the busiest year I’ve seen in real estate in the last 13 years, it’s absolutely insane,” said Courteny Atkinson, CEO of the Atkinson team at eXp Realty.
He said Lethbridge and the surrounding area are seeing a significant umpire from last year.
“The market is up 37 percent when you look at the 2020 transaction volume in the County and City of Lethbridge from last year, so that’s quite a lot.”
Alberta Real Estate Association chief economist Ann-Marie Lurie said the province is experiencing a similar trend.
“If you look at the Alberta numbers, we are on track to hit record sales this year.”
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Lurie added that while other areas of the province have seen great ups and downs in the last 10 years, Lethbridge has been on a steady rise.
“You guys [Lethbridge] It never went through that setback that some areas felt in 2015 and 2016, because its economy is a little different in Lethbridge.
“He’s seen steady increases in prices and this year he’s sitting with year-over-year price increases for freestanding homes topping eight percent.”
According to the Lethbridge and District Realtors Association, 153 homes were listed and 154 sold in November alone. Atkinson said with more people looking to buy and then sell, home prices continue to climb.
“The average price is around $ 340,000. It hasn’t increased drastically, last year we were around $ 325,000. “
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He added that supply chain disruptions and the loss of roads in British Columbia due to flooding have caused problems and delays in the construction of new homes, prompting some people to opt for a resale.
“Those people just don’t want to wait a year, a year and a half, and in some cases two years, depending on the type of construction, to get into their new home, so they are looking at that resale market and that is only increasing. the demand “.
Atkinson said that for those looking to buy, the market is moving fast with the average days on the market in Lethbridge going from 80 days last year to around 55 this year.
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