An April report from Rentals.ca says the price of a one-bedroom apartment in the city was $1,282, which is up 5.9 per cent from last year.
WATCH: Housing numbers are out and it's two different stories, depending on if you're looking to rent in Lethbridge or buy a home. Lethbridge placed third lowest for rental costs, on a new list of 35 communities across Canada . However, for home buyers, house prices are soaring. Micah Quintin breaks it down and talks to some of those impacted the most.
“Students really struggle with it because they don’t work full-time a lot of the time during the school year. They rely on grants and loans and things of that sort,” says Preston.According to Preston, many students come from outside of the city to attend the U of L and she says there needs to be more assistance to help them find homes.
“Provincially, we are really looking at the affordability front, as well as federally, with the recent grant announced by the federal government for post-secondary specific housing is really exciting. But the work’s always growing and always trying to do more,” added Preston.Meanwhile, according to the Alberta Real Estate Association, housing prices have soared in Alberta including in Lethbridge, which saw a 7.1-per cent hike between February of 2023 to February of this year.
The average price of a home was nearly $352,000 last year and that number jumped to just under $377,000 this year, an increase of 4.1-per cent.“Last year in 2023 we saw some of the lowest housing starts in Lethbridge’s history,” says Trevor Lewington, the CEO of Economic Development Lethbridge.Lewington added that factors like a major supply and demand imbalance is one of the main factors contributing to the high numbers.
“But at the end of the day when we aren’t building new houses, the population is growing. The supply is tighter and tighter and that pushes the prices up. So, no, it shouldn’t be a surprise to anyone. Seven per cent is not a round number that we were forecasting, but again, it comes down to available supply.
Economic Development Lethbridge Lethbridge University Of Lethbridge Students Union Canada Money
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
City of Lethbridge increases rebates for Clean Energy Improvement ProgramThe City of Lethbridge is making it easier for residents to make their homes more energy efficient.
Read more »
Lethbridge’s Christa Deguchi wins gold at Antalya Grand Slam judo competitionCanada's Christa Deguchi defeated Brazil's Jessica Lima on Friday to win gold in the under-57 kilogram category at the Antalya Grand Slam judo competition.
Read more »
Lethbridge blanked in playoff opener as Swift Current wins 3-0The Hurricanes dominated play in the last two periods of their playoff opener against the Broncos Friday night, but they drew a blank on the scoreboard as Swift Current took a one-game series lead with a 3-0 victory.
Read more »
GAIL LETHBRIDGE: Bridge buffer zones can deflect only so much worryExplore stories from Atlantic Canada.
Read more »
3 Lethbridge residents charged after assault in southside yard involving a shovel and baseball batThree Lethbridge residents have been charged in relation to an assault in the yard of a southside home.
Read more »
6 arrested after backyard fight in Lethbridge; shovel and bat seizedPolice seized a shovel and baseball bat believed to have been used in the assault, Lethbridge police said in a Thursday news release.
Read more »