A brand new report exhibits that it’s a renter’s market in Lethbridge, Alta., however not everybody agrees, together with employees with the College of Lethbridge College students’ Union.
Rachele Preston, the vice-president of the group says even by the price of hire is comparatively low, it’s nonetheless too excessive for college students.
“College students actually wrestle with it as a result of they don’t work full-time lots of the time through the faculty 12 months. They depend on grants and loans and issues of that kind,” says Preston.
An April report from Leases.ca says the worth of a one-bedroom condominium within the metropolis was $1,282, which is up 5.9 per cent from final 12 months.
And two bedrooms rented for $1,486 per thirty days, a rise of seven.9 per cent in 2023.
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In keeping with Preston, many college students come from outdoors of the town to attend the U of L and she or he says there must be extra help to assist them discover properties.
“Provincially, we’re actually wanting on the affordability entrance, in addition to federally, with the latest grant introduced by the federal authorities for post-secondary particular housing is admittedly thrilling. However the work’s at all times rising and at all times making an attempt to do extra,” added Preston.
In the meantime, in response to the Alberta Actual Property Affiliation, housing costs have soared in Alberta together with in Lethbridge, which noticed a 7.1-per cent hike between February of 2023 to February of this 12 months.
The common value of a house was practically $352,000 final 12 months and that quantity jumped to simply below $377,000 this 12 months, a rise of 4.1-per cent.
“Final 12 months in 2023 we noticed a few of the lowest housing begins in Lethbridge’s historical past,” says Trevor Lewington, the CEO of Financial Improvement Lethbridge.
Lewington added that elements like a serious provide and demand imbalance is among the fundamental elements contributing to the excessive numbers.
“However on the finish of the day after we aren’t constructing new homes, the inhabitants is rising. The provision is tighter and tighter and that pushes the costs up. So, no, it shouldn’t be a shock to anybody. Seven per cent will not be a spherical quantity that we have been forecasting, however once more, it comes all the way down to out there provide.”
General, Lethbridge got here in at quantity 5 on the record behind Pink Deer, Edmonton, Drugs Hat and Calgary.
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