One thing to consider when buying or selling a home is whether the market is favouring the buyers or the sellers.
In the case of Lethbridge, experts say it’s favouring neither at the moment – it’s a balanced market.
“There is people looking to buy homes,” real estate agent Darren Gugyelka said. “There are certain price points that are stronger than others. However, our team is experiencing wherever your home is, that we’re getting some good activity and we are getting some results for our sellers.”
Lethbridge real estate booms in 2014
Home prices also rising dramatically in suburbs
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Gugyelka said the average home is selling for approximately $285,000 with the bulk of the transactions falling within the $200,000 to $400,000 price range. He said most of the buzz is happening on the west side of the city, thanks to a variety of options.
“If you just look at the demographics of the west side right now, you’ve got seven subdivisions that are currently being built along with the existing neighbourhoods,” Gugyelka said. “With that growth and that development over there, obviously we are seeing more choices for consumers over on the west side versus the south and the north.”
The warmer months are typically when new home construction starts to boom and subdivisions really start to take shape. Cedar Ridge Quality Homes owner Lonny Hoy said they too are seeing a spike in interest on the west side, especially in the new crossings neighbourhood.
“Part of it is just the new recreation facilities that are opening up here in the next year and the new commercial projects,” Hoy said. “It’s been a long time coming for Lethbridge and people on the west side are excited about it.”
“We’re looking forward to seeing those things open and I think the market has been responding to that. We’ve been extremely busy, it’s been our most popular area in the city.”
While oil prices continue to lag, both Hoy and Gugyelka are optimistic a strong agriculture sector will continue to help the Lethbridge market thrive.