Investing in Lethbridge

Having just made the last Top 10 Listing in 2006, Lethbridge continues to impress in 2008. The region’s economics have shifted strongly in Lethbridge’s favour along with a stronger and more aggressive Economic Development plan.
Canadian Business Magazine (Froats & McGugan, 2008) has placed Lethbridge in the top 50 of Canada’s Best Places to Live, based on 16 indicators, including weather and air quality; prosperity (including average household income and discretionary income); affordable housing as well as lifestyle (crime rates, population growth and volume of health care professionals). Lethbridge was ranked 48 out of 154 communities in Canada.

Population & Income
The 2008 Lethbridge census results show that the population of the City of Lethbridge was 83,960, up from 78,713 in 2006 and increased 2.78% from 2007. This is an addition of 5,247 new residents in just two years, a dramatic increase of 6.6%. This growth trend has been constant and strong as the population has grown by over 35% since 1997 (City of Lethbridge, 2008).
The largest percentage of the population is 20-24 years (12.8%), which is far higher than the national average. Just over 14% of Lethbridge’s population is over 65 years, which too, is far higher than the Canadian average. So, although it was once known as only a ‘retirement town’, Lethbridge has shed this image and become a wonderful place to raise young families.

Housing Trends
Strong economic and demographic factors coupled with a lack of quality listings in the resale market will maintain new home activity at high levels. High employment rates and a higher cost of home ownership will continue to result in an increase in need for rental property, providing investors and homeowners alike a more balanced market than in many regions of the province.
After a torrid 2007, a degree of sanity is expected to return to the market in 2008 in both housing starts and sales of existing homes. As of April 2008, there were 670 dwellings under construction (City of Lethbridge, 2008). As the university and college grow, there will be an increased demand for student rental housing. There is also a push from Calgary and Edmonton from people looking for a slower pace of life and finding it in Lethbridge.

For more information about Lethbridge Real Estate, please visit my primary web site www.TeamMiller.ca or call me at 403-320-6411.

Advertisements
Published in: on December 15, 2008 at 6:54 pm  Comments (1)