At the beginning of 2017, some real estate experts were calling this the year of the seller, but is it true for Lethbridge?
In southern Alberta, particularly in Lethbridge, we seem to almost live in an economic bubble so judging national trends isn’t necessarily a great indicator of the local market. In order to get a real understanding of why 2017 is the year to sell your home, we would love to meet with you, but first, here’s a taste of some of the reasons:
- Mortgage rates are still low
Canadian mortgage rates have been low for quite some time and as the Bank of Canada recently announced a 0.25 per cent rate increase, with another gradual increase expected in October, buyers want to lock in the lower mortgage rates. The bank has indicated its target interest rate is around 4 per cent.
- Lack of inventory
While it may seem like there’s a ton of houses on the market, that’s not necessarily the case. Depending on what type of house you own, it could be in high demand for buyers right now, such as single family homes.
- Home prices are rising
Lower inventory and higher demand typically push prices up. Lethbridge has residential developments popping up all over the city, but buying new isn’t always in a buyer’s budget or what they desire.
- Job markets are strengthening
The Conference Board of Canada has reported expected growth in the services sector of 2.2 percent in Lethbridge. With more money coming into the city, such as the expanding agrifood processing industry, there will be a lot of demand for housing.
For more details, please get in touch with us at (403) 329-8899.