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.
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.
“There’s a very strong demand [to buy] below $300,000.”
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.
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.
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.”