Lethbridge, Alta. remains an affordable city for residents, rent report says

Click to play video: 'Lethbridge rental and real estate market projected to be ‘affordable’ for 2020' Lethbridge rental and real estate market projected to be ‘affordable’ for 2020
WATCH: A new report is showing Lethbridge is part of the top 30 most affordable places to rent in Canada. Taz Dhaliwal reports. – Jan 3, 2020

The newest National Rent Report, released in December 2019, shows Lethbridge coming in as the fifth least expensive Canadian city in which to live.

The report compares 34 mid and large-sized cities across the country.

READ MORE: Immigration driving housing market in Regina, home prices stay stagnant

With prices averaging $923 for a one-bedroom apartment or $1,051 for two bedrooms, David Agema, a Lethbridge real estate broker, said the city has proven to remain a steady constant in affordability.

“The real estate market place is again very stable in Lethbridge,” Agema said.

Agema added that young couples along with millennials are more drawn to making the jump from renting to owning a house of their own in affordable areas.

Story continues below advertisement
Click to play video: 'Successful Families program providing homes to teen moms in Edmonton' Successful Families program providing homes to teen moms in Edmonton
Successful Families program providing homes to teen moms in Edmonton – Dec 9, 2019

Rainier Sidoo, a first-time home buyer, said the decision to get a mortgage in Lethbridge was a logical one.

“I went to high school here, then university and I got a job in the area,” Sidoo said.

“I met my fiance here then bought a house. It’s a lot of space for the price than we had when renting.”

Sidoo and Agema said they’ve noticed a trend of more people inclined to buy in and around places like Lethbridge.

Agema said that’s because settling down, starting a family or having an investment can be seen as more desirable in smaller cities compared to larger ones.

READ MORE: New numbers shed light on new realities for Alberta’s population and real estate market

Story continues below advertisement

However, Southern Alberta isn’t only an affordable place for people to buy. It’s also a moderately affordable place for people to rent.

“The supply and demand are fairly balanced,” Agema said.

“If you don’t price it fairly then you won’t rent it out,” he said. “As soon as you price it competitively and make those adjustments in value, the properties will fill up.”

Sponsored content