This Year in Real Estate 2011 byBrent Black
We Live in One of the Best areas of our Country.
Real estate in Canada has faced many challenges over the past year. One of the most misunderstood features of the North American market is that we suffered the same fate as the USA in regards to mortgages. In Canada, our banking system has stricter regulations and we do not have sub-prime mortgages. This has allowed Canada to avoid large amounts of mortgage foreclosure properties, eliminating the market drag. However, the US market does have an effect on Canada; it slows our market rebound year-to-date regarding increased sales and increased prices. That being said, we live in one of the best areas of our country; we benefit from general economic diversity, as well as a thriving oil and gas sector.
Despite the doom and gloom in the news about the US and Europe our market has shown a small improvement over 2010. Unit sales for 2011 year-to-date November 30th are 1560 units; an increase of 129 over last year. The average selling price is also up by $4,123.00; to $262,282.00 for an average house. One should not be misled by lackluster stats. There are strong feelings that Alberta will boom again soon. A stronger story applies to acreages and farmland, as there are less of these listings available in the marketplace today.
The Real Estate Market in Lethbridge & Southern Alberta is amongst the strongest in Canada.
The cost to borrow money is at or near a 51 year low; mortgage rates stand at 2.95 to 4.5% for a 5 year term. As the demand increases and supply dwindles, I believe that the Spring Market will be brisk and prices will be on the rise again. In 1971, an average 3 bedroom, 1.5 bath home sold for $20,995.00, in 1980 the price was 64,200.00 with lending rates at 12%. In January 1982 rates were at 18%. In 2006 prices were a sensational $221,400.00. In 2009 the average price as of November 30th was $258,681.00; down from 2008, but up from the 3 years prior.
For first time home buyers, market and rates are extremely important. Interest rates are very low, and the base cost of owning a home will continue to rise. Waiting until spring, summer, or another year will add to the cost of your first home. For the empty nesters, it is a great time for a smaller home or condo; creating a nice opportunity to put away a nice sum of money for whatever you want.
We've had numerous calls from other areas in Alberta and Canada from people wanting to relocate to Southern Alberta. They are looking forward to calling this area home. My real estate involvement over the past 33 years includes houses, condos, revenue, acreages, general investments and farmland.
SENSATIONAL NEW CUSTOM HOMES! Are You looking for a Brand New Custom Home? Call me.
I have the pleasure of representing 2 of the top Custom Home Builders in Lethbridge. TARA HOMES INC and CASTLE ROCK DESIGN & DEVELOPMENT Custom Homes with Quality Features Throughout.
NOW MORE THAN EVER - EXPERIENCE COUNTS www.realestateinlethbridge.com
1brentblack@gmail.com
Thank You for your Business, and Happy Holidays from our Home to Yours
I look forward to seeing you in 2012.
Brent Black Associate Broker
RE/Max real estate - lethbridge
Phone: 403-327-2221
1-800-883-2801
Cell: 403-308-1999
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