Home prices in Lethbridge appear to be on the way down. The average residential property in Lethbridge is just shy of $425,000—down 2.9 per cent year over year. Inventory is also up to 410 properties—marking a large 22 per cent jump. “I’d say there’s about 40 per cent more inventory than there might have been six months ago,” said Jennifer Brodoway, Realtor with Team View Lethbridge. “And days on market for houses is a little bit longer, too, for a house to be listed until the time it actually sells.” It’s a similar story in the rental market. One-bedroom rents are down 5.1 per cent year over year to just over $1,300 a month. Two bedrooms are up slightly, but the lack of a significant increase is promising. “We’re still seeing Lethbridge as a much more affordable place to rent across the country and a more affordable place across the province,” said Giacomo Ladas, communications manager with Rentals.ca. “But the average rent right now in Alberta is approaching that $1,800-a-month range.” With more properties on the market, those trying to sell may need to be more patient. But if you’re looking to buy, now may be the right time. “Now, there’s more people who’ve seen the prices that they’re able to get, and perhaps that’s why there’s more people listing,” Brodoway said. “But I think there might be just a few less buyers out there right now.” One big factor in lower costs in Lethbridge is lowering costs in major cities. During the peak of the housing crisis, many remote workers looked to smaller cities to save on housing. Prices dropping in major cities have relieved the pressure on secondary markets. “Because asking rents have come down across the country, especially in these major cities, there’s now a whole bunch of supply in the secondary markets where the demand hasn’t rebounded like it was four or five years ago,” Ladas said.
