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Whether you’re a student coming to Lethbridge to start their post-secondary career at either Lethbridge Polytechnic or the University of Lethbridge, were transferred for work OR you heard Lethbridge is an affordable (and great) place to live, we welcome you with open arms!

Lethbridge is a diverse and growing community – our population is over 111,400 and we are considered the commercial, financial, transportation and industrial centre of Southern Alberta. There are over 65 neighborhoods that make up Lethbridge, 37 schools between public and private education, as well as a wide spread of cultural, arts, athletic and recreation sectors.

As of April 2025, housing stats tell us that the average price of a home in Lethbridge is $404,282, significantly lower than what we see across the province (and across the country). As of May 2025, there have been 70 residential new construction permits pulled with the City of Lethbridge, with that number increasing each month. This means that builders are keeping up with the housing demand and with a 6 month turn-around anticipated for most builders in Lethbridge, you can be in your new home by fall (AND the start of school!)

Lethbridge isn’t just the place with affordable homes – as a province we are provincial sales tax FREE, our commute times range from 10 – 20 minutes, we see on average 320 days of sunshine a year and our top 5 employers are government based. Lethbridge offers stable growth, friendly neighbours and beautiful scenery. Compared to the rest of the province, the barrier to home ownership is significantly lower meaning, your dollar goes further!

As of May 8, gas prices are among the lowest in Canada (about 10 cents per litre less than average).

Economic Development Lethbridge has launched the newly developed Choose Lethbridge website and the redesign of Canada’s Premier Food Corridor website has also been launched. These are insightful resources for those looking to bring their business to Southern Alberta. In June, Lethbridge Tourism will be launching Explore Lethbridge App – the app will include experiences highlighting what makes Lethbridge special.

We love our community and it shows. Whether moving is a political decision, affordability decision, life transition or just because the mountains are close, we’d love to share our passion for this place we call home. We’ve created a Welcome to Lethbridge package for those who’d like the ins and outs of Lethbridge – our entertainment, education, recreation and everything in between. To get your hands on a copy of one, or to sign up to receive our monthly newsletter, click here.

It’s springtime in Lethbridge and many of us cannot wait to start enjoying the nice weather!

To make the inevitable springtime clean easier, we’ve made a checklist for your forgotten-about items in your home. Follow this spring maintenance checklist to ensure you’re ready for summer!

Lethbridge and the Southern Alberta real estate market have been anything but slow these days. As we approach the spring market and ever-decreasing interest rates, we are finding that more and more homes are receiving multiple offers. This means that both for buyers and sellers it is imperative you understand your options in these (seemingly tricky) scenarios.

Background: in Alberta, we are governed by the Real Estate Council of Alberta. The Real Estate Council of Alberta sets, regulates, and enforces standards for real estate professionals across the province. As licensees, we are bound by these rules and regulations and our code of conduct is enforceable as such. This information comes from RECA directly.

Multiple Offers: The Seller is in the Driver’s Seat

The most important take away when it comes to multiple offers is that the Seller determines the process. To ensure clarity, we’ll say it again: The Seller determines the process; they are in the drivers seat.

Myth: There is a duty of fairness between buyers, sellers and licensees.

Fact: No. While sellers and buyers have a duty of honesty, there is no duty of fairness to each other. Whether representing the sellers or the buyers, licensees are required to act in the best interests of their clients.

It is the seller’s choice whether they disclose the multiple offer situation to other potential buyers. They may also choose whether to disclose the amount of the other offer(s) and the terms of those offer(s). The seller can also choose to disclose this information to one prospective buyer and not another. The seller can choose any offer that came in, for whatever reason. The seller is in the drivers seat and there is no duty of fairness.

What Can Buyers Do?

The best advice for a licensee with buyer clients in a multiple offer situation is to advise the buyer of the advantages and the disadvantages of their options, so the clients can decide on the path that is best for them. Buyers, this means lean on the expertise of your Realtor.

These options include:

• Leaving their offer as it is and hope the seller chooses it
• Withdraw the offer
• Increasing the amount of the offer before it is presented
• Reconsidering the fixtures, chattels, terms and conditions of their offer to be more appealing to the seller
• Including a term or condition that will compel the seller to deal with their offer at the time of presentation or face withdrawal
• Requiring the seller to agree that they will not disclose the price and terms of the offer to any other buyer prior to the buyer making an offer

Acting Honestly

Both the sellers and buyers have a duty of honesty. However, honesty does not mean that the parties are required to be transparent.

RECA receives many complaints about multiple offers, specifically from buyers who feel a seller and their licensee weren’t honest with them about a multiple offer situation. Often, this is saddled with the expectation that the seller is required to be transparent with the buyers. It is essential that the difference is understood between the multiple offer process and legal obligations between buyers and sellers. What does that mean? A Licensee must conduct themselves in a way that maintains trust and confidence with their clients.

Even though the seller chooses how the decision is made, licensees must ensure that they are acting honestly and lawfully. Licensees cannot participate in dishonest behaviour and are prohibited from following unlawful instructions. For example, when representing a seller a licensee cannot follow an instruction to communicate that the seller has received other offers if other offers have not been received. If a licensee does not act honestly and lawfully, it is conduct deserving of sanction.

Multiple Offers Best Practice

The best approach when dealing with multiple offers is education. Understand the advantages and disadvantages of the various options available, as well as potential responses of the other party. It is imperative to recognize any potential conflicts or circumstances that would inhibit the licensee to act in the best interests of a client. Should conflicts exist, a licensee must provide their clients with options to resolve the conflict and allow the client to choose the option they feel is in their best interests.

The Seller is in the drivers seat. As a buyer, ensure you talk to your Realtor about what this means for you in your home buying journey. In Lethbridge, we are leaning into a sellers market and having the right information in hand prepares you to take on this real estate market with confidence and preparedness to get you the home you want!

Mortgages 101

A simple guide to fixed, variable, and adjustable-rate mortgages

With all eyes on the ever-changing mortgage rates the past couple years, choosing the right product can feel overwhelming, especially with so many options available. 

Whether you’re buying your first home or looking to refinance, understanding the differences between fixed-rate, variable-rate, and adjustable-rate mortgages (ARMs) can make a big difference in your decision-making. 

Here’s a quick and easy guide to help you understand these options.

Fixed-rate mortgages: Stability and predictability

A fixed-rate mortgage remains a popular choice among borrowers. According to a 2024 consumer survey by Mortgage Professionals Canada, 75% of borrowers opted for a fixed mortgage rate. However, interest in variable rates grew toward the end of the year as the Bank of Canada introduced several rate cuts (as of January 29, 2025 the policy interest rate sits at 3.00%).

Fixed-rate mortgage are not directly impacted by the Bank of Canada policy rate decisions. The interest rate stays constant throughout the term, ensuring consistent monthly payments for principal and interest, which makes budgeting easier.

Who is it for?

Fixed-rate mortgages are ideal for homeowners who prefer stability and plan to stay in their home for at least the length of the term selected. It’s also a good choice if you expect interest rates to rise in the future.

Key benefits:

• Predictable payments for the term of your mortgage
• Protection against rising interest rates

Considerations:

• The initial rate may be higher compared to variable or adjustable-rate mortgages
• Typically higher prepayment penalties if you break your mortgage before the end of the term
• Less flexibility if rates decrease during your term

Variable-rate mortgages: Savings with some risk

A variable-rate mortgage (VRM) offers an interest rate that fluctuates with the lender’s prime rate, which is influenced by the Bank of Canada’s policy rate. While your payments may remain fixed, the portion of your payment going toward interest versus principal can change over time as rates rise or fall.

Who is it for?

Variable-rate mortgages suit borrowers who are comfortable with some risk and believe rates may decrease—or stay low—over the term of the mortgage. It also suits individuals that may look at selling or refinancing before their term is up, as the penalties are more predictable than fixed rate mortgages.

Key benefits:

• Historically lower interest rates compared to fixed-rate mortgages
• Potential savings when rates drop
• Predictable pre-payment penalties

Considerations:

• Monthly payments may increase if rates rise
• Requires a tolerance for unpredictability

Adjustable-rate mortgages: A blend of flexibility and risk

An adjustable-rate mortgage (ARM) isn’t offered by all lenders in Canada. Scotiabank and National Bank are among Canada’s Big 6 banks who do offer it, and a number of Mortgage Finance Companies do as well. With an ARM, both your interest rate and monthly payment fluctuate with changes to the lender’s prime rate. Unlike a VRM, your payment changes immediately, typically within 30 days, when prime shifts, which can lead to greater monthly cost swings.

Who is it for?

ARMs may appeal to borrowers who want lower initial rates and have the financial flexibility to manage changes in monthly payments. As with VRMs, it may suit individuals that may look at selling or refinancing before their term is up, as the penalties are more predictable than fixed rate mortgages.

Key benefits:

• Typically offers lower starting rates than fixed or variable options
• Opportunity to pay less during periods of lower interest rates
• Predictable pre-payment penalties

Considerations:

• Payments can increase significantly if prime rate rises quickly
• Less predictable budgeting

Which mortgage type is right for you?

Choosing between these options comes down to your financial goals, risk tolerance, and how long you plan to stay in your home. A fixed-rate mortgage provides peace of mind, while a variable-rate mortgage offers savings potential with some uncertainty. 

Want more info? Give any of the Southern Alberta Homes Team a shout! We can connect you with a mortgage professional to get you started on your homeownership journey.

Well, Lethbridge has officially GROWN yet again! New census data tells us our population is a whopping 111,400 residents! This constitutes a 4.16% growth year old and solidifies our ranking as the 4th largest city in Alberta.

COMMUNITY CONVERSATION

On January 29 the City of Lethbridge hosted their semi annual event, Community Conversation. This was an opportunity to hear from different departments on their ongoing projects and more importantly, give feedback! Here’s a few of the key projects going on (and that you as a resident are encouraged to engage in!):

Civic Common Redevelopment Strategy: The aging Civic Common is a pillar of our downtown core and has been on the City’s radar for redevelopment. The initial phase of this includes a community engagement survey surrounding the three potential development options, ranging from minimal to maximum change.

Reimagine 5th Street South: The City of Lethbridge is starting the preliminary design for 5th Street South, between 1 Avenue South and 6 Avenue South, to lay the groundwork for upcoming infrastructure upgrades. This project aims to transform the area into a vibrant, connected urban space that enhances both functionality and community experience.

Land Use Bylaw Renewal Project: From 2023-2026, the City is conducting a complete review and rewrite of the Land Use Bylaw. The Land Use Bylaw sets out the rules for what kind of building or activity can take place on private property and outlines the process for issuing Development Permits that give approval for new buildings and activities.

Henderson Park Strategic Plan: The City of Lethbridge is excited to announce a new strategic plan for Henderson Lake Park. As the park continues to age, community needs may evolve. The City of Lethbridge Parks department is gathering feedback from residents to help shape the strategic plan. The document will guide future planning, improvement projects and the wholistic long-term vision.

Want to learn more? Give any of us on the Southern Alberta Homes Team a shout!