Housing

The region has a variety of housing options available.  From country living to an urban lifestyle, the region has a selection of housing choices that are varied, attractive and affordable.  According to Canada Mortgage and Housing Corporation, the region has affordable rental accommodation with average one-bedroom apartment rent in the City of Lethbridge being $726 per month in 2009 compared to rates in Calgary and Edmonton ranging from $852 to $941 per month.   

 

 

Rental Comparison - April 2009

Average Rent in Rental Row and Apartment Structures of Three Units and Over

CITY

Bachelor/Studio

1 Bedroom

2 Bedroom

3+ Bedroom

 

 

 

 

 

Calgary 

$732

$941

$1,103

$1,011

Edmonton 

$718

$852

$1,057

$1,079

Grande Prairie 

$699

$816

$961

$1,155

Lethbridge 

$558

$726

$783

$867

Red Deer 

$595

$720

$857

$978

Source:  Canada Mortgage and Housing Corporation 2009

 

The average price of a home in the City of Lethbridge in 2008 was $243,585 compared to $278,040 in Red Deer and $405,267 in Calgary.  Overall housing prices are forecast to become more affordable in the region, while still retaining value from year to year, showing stability in the region.

 

House Price Comparison

City

MLS Average Price

MLS Average Price

% Change

 

2008

2009 (Forecast)

(2008/2009)

Calgary 

$405,267

$372,000

-8.20%

Edmonton 

$332,852

$310,000

-6.90%

Grande Prairie 

$265,963

$245,500

-7.70%

Lethbridge 

$243,585

$235,000

-3.50%

Medicine Hat 

$260,144

$250,000

-3.90%

Red Deer 

$278,040

$264,000

-5.00%

 

 

 

 

ALBERTA 

$352,857

$322,500

-8.60%

Source: Canada Mortgage and Housing Corporation 2009


Building Statistics

Residential, commercial, institutional and industrial building permit values all signal dynamic growth in the region. 

 

Economic Indicators: South Central Region

Building Permit Values and Housing Starts

2007

2006

2005

Total Building Permit Value ($000s)

384,370

282,039

224,811

% of Provincial Total

2.4%

2.0%

2.2%

Per Capita Building Permit Value ($) 1

2,934

2,153

1,649

Total Building Permit Value ($000s), 5-year average (2003 - 2007)

246,690

Total Building Permit Value ($000s), 10-year average (1998 - 2007)

214,043

Commercial Building Permit Value ($000s)

40,858

54,158

63,933

Commercial % of Total Building Permit Value

10.6%

19.2%

28.4%

% of Provincial Commercial Building Permit Value

0.8%

1.5%

2.7%

Industrial Building Permit Value ($000s)

23,896

25,189

16,505

Industrial % of Total Building Permit Value

6.2%

8.9%

7.3%

% of Provincial Industrial Building Permit Value

2.5%

2.4%

1.9%

Institutional Building Permit Value ($000s)

84,935

57,189

35,862

Institutional % of Total Building Permit Value

22.1%

20.3%

16.0%

% of Provincial Institutional Building Permit Value

9.8%

5.6%

4.0%

Residential Building Permit Value ($000s)

235,464

145,511

108,511

Residential % of Total Building Permit Value

61.3%

51.6%

48.3%

% of Provincial Residential  Building Permit Value

2.6%

1.8%

1.8%

Single Family Housing Starts

1,258

951

663

Single Family Housing Starts, 5-year average (2003 - 2007)

843

Single Family Housing Starts, 10-year average (1998 - 2007)

746

Total Housing Starts

1,596

1,115

957

Total Housing Starts, 5-year average (2003 - 2007)

1,098

Total Housing Starts, 10-year average (1998 - 2007)

998

Source: Statistics Canada, Compilation by Alberta Finance and Enterprise

1 Per Capita Building Permit Value ($) – Total value of building permits for a region divided by its population.