The outlook for Lethbridge Real Estate in 2009 is more complicated than usual. A general downturn in the economy at the end of last year was countered by aggressive interest rate cuts by the Bank of Canada in March this year.
First time buyers in Lethbridge are being enticed by these historically low interest rates. As a result, I would anticipate the market for homes under $250,000 will be very active this summer. Real estate investors are also seeing the advantages of low financing costs, coupled with high rents and low vacancy rates.
January was a flat month in real estate sales in Lethbridge. The big question for most realtors in January was whether demand for real estate in Southern Alberta would be down compared to 2008. However, February saw a substantial increase in sales suggesting this will not be the case.
Perhaps the biggest impact on the Lethbridge real estate market has been a tightening of credit requirements. We are seeing a number of properties go under conditional offer, only to be re-activated a short time later. The reason is that people with margin credit are being turned down by their lenders, in some cases even after being pre-qualified for financing.
The best news is that those with good credit will have no problem; mortgage interest rates and payments are presently at an all time low. Real estate prices are stable and coupled with favourable financing; buyers have the opportunity to get a lot more home for their money, compared to last year.
If you would like further information, or need help with the buying or selling of Lethbridge real estate, please visit my primary web site www.TeamMiller.ca, e-mail me at info@TeamMiller.ca or call 403-320-6411 and ask specifically for Allan Miller.
Best regards
Allan Miller
Sutton Group Lethbridge
Lethbridge Real Estate 