Achi news desk-
A new report shows it’s a renter’s market in Lethbridge, Alta., but not everyone agrees, including staff with the University of Lethbridge Student Union.
Rachele Preston, vice president of the organization, says that even because the cost of rent is relatively low, it is still too high for students.
“Students find it very difficult because they don’t work full time a lot of the time during the school year. They rely on grants and loans and things like that,” says Preston.
An April report from Rentals.ca says the price of a one-bedroom apartment in the city was $1,282, up 5.9 per cent from last year.
And two-bedrooms rented for $1,486 a month, an increase of 7.9 percent in 2023.
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According to Preston, many students come from out of town to attend the U of L and she says more support is needed to help them find housing.
“Provincially, we are really looking at the affordability front, as well as federally, with the recent grant announced by the federal government for specific post-secondary housing being very exciting. But the work is 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 percent increase between February 2023 and February of this year.
The average home price was nearly $352,000 last year and that number jumped to just under $377,000 this year, an increase of 4.1 percent.
“Last year in 2023 we saw some of the lowest housing starts in Lethbridge’s history,” said Trevor Lewington, CEO of Lethbridge Economic Development.
Lewington added that factors such as supply and demand imbalances are one of the main factors contributing to the high numbers.
“But at the end of the day when we’re not 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 quite the round number we were anticipating, but again, it depends on the supply available.”
Overall, Lethbridge came in at number five on the list behind Red Deer, Edmonton, Medicine Hat and Calgary.
& copy 2024 Global News, a division of Corus Entertainment Inc.
