CTV News Calgary has reported:

Housing costs in Lethbridge are easing as home listings rise and one-bedroom rents fall. The average residential property is priced just under $425,000, a 2.9 per cent decrease from a year earlier, while 410 properties are on the market, up 22 per cent.

Jennifer Brodoway, a Realtor with Team View Lethbridge, said inventory is about 40 per cent higher than it was six months ago. Houses are also taking longer to sell, from the time they are listed until a sale is completed.

The rental market is showing a similar trend. Average rent for a one-bedroom unit is just over $1,300 per month, down 5.1 per cent year over year. Two-bedroom rents have edged up, but the increase has not been significant.

“We’re still seeing Lethbridge as a much more affordable place to rent across the country and a more affordable place across the province,” said Giacomo Ladas, communications manager with Rentals.ca. He said Alberta’s average rent is approaching $1,800 a month.

With more properties available, sellers may need to wait longer to find buyers, while the conditions could offer an opportunity for people looking to purchase. Brodoway said some owners may be listing after seeing the prices they can obtain, while there may be fewer buyers in the market.

“Now, there’s more people who’ve seen the prices that they’re able to get, and perhaps that’s why there’s more people listing,” Brodoway said. “But I think there might be just a few less buyers out there right now.”

Lower costs in major cities are one factor behind the easing in Lethbridge. During the peak of the housing crisis, remote workers turned to smaller cities for more affordable housing. Falling prices in major centres have since reduced pressure on secondary markets.

“Because asking rents have come down across the country, especially in these major cities, there’s now a whole bunch of supply in the secondary markets where the demand hasn’t rebounded like it was four or five years ago,” Ladas said.