If you are or have been in the market to buy or sell a home then you know that Lethbridge has a very strong market. With the help of my brokerage, RE/MAX Bridge City Realty, I came across an article that I found very interesting and you might too. http://www.lethbridgeherald.com/article_7918.php Check it out :)
I also spoke with Lindsay Kendall from CHMC via email and she was kind enough to pass on the following information. Its pretty interesting when you take into consideration what a booming little economy we have here in Lethbridge. Thought I would share some of the information she gave me:
- Alberta, Saskatchewan and Manitoba are expected to establish a new record of existing home sales in 2007, driving the Canadian total to new heights.
- Despite the decline in single-detached construction, resale transactions are expected to produce the fifth consecutive record in the Medicine Hat area. A total of 1,925 existing homes are expected to exchange hands, breaking the previous record by nearly three per cent. With demand remaining strong in 2007, the average resale price is expected to increase by roughly 20 per cent.
- The housing markets in Lethbridge are very active in both new home construction and the existing home market. Overall, the housing market performance can be attributed to a strong labour market and relatively affordable prices compared to Lethbridge's neighbouring centres such as Medicine Hat and Calgary. Across all centres, Lethbridge will post the highest growth rate in total starts.
- Resale activity in the Lethbridge area is expected to slip in 2007, declining by just over one per cent, largely impart to strong starts activity and a low selection of existing homes up for sale on the market. Despite this slight moderation, 2007 is projected to be the second best year for sales on record. With high demand and a low amount of homes for sale on the market, the average resale price in the Lethbridge area is expected to increase by just over 36 per cent, representing the second highest growth rate in the province.
- In 2008, resale activity is expected to moderate in Lethbridge and Medicine Hat, as escalating prices and higher mortgage carrying costs hamper demand.
If you have ANY questions or concerns please feel free to email or call me. I look forward to helping you.
Comments(0)