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According to the Canadian Mortgage and Housing Corporation’s Housing Market Outlook for Q4, 2009, the average home prices in Lethbridge are the lowest of all the major cities in Alberta and this trend is expected to continue into 2010. CMHC expects a sizeable amount of new and pre-owned homes (detached and multi family) to become available in 2010.
The selection and outstanding value of housing in Lethbridge only adds to the appeal of the city. You will find new designs in exclusive neighbourhoods including SunRidge, the first “Built-Green” community in Canada, as well as affordable starter homes in every corner of the city.
Newer subdivisions and more mature neighbourhoods offer safe and comfortable surroundings close to all amenities and ideal for families of every size.
If don’t want to deal with maintenance, there are a number maintenance-free developments suitable for those preferring an adults-only environment.
Public transit is provided to all residential areas by the Lethbridge’s transit department, LA Transit. These are just a few of the things that contribute to the quality of life and lower cost of living that Lethbridge residents enjoy.
The following chart outlines housing affordability assuming a family income of $80,000 per year. Note: Taxes and utilities are not included for Canada and Alberta. Annual mortgage payments based on a 10% down payment, 5.25% interest with 25 years amortization. Dotted red line indicates the typical maximum allowable portion of income for housing costs to qualify for a mortgage.
The following chart outlines new housing affordability assuming a family income of $80,000 per year. Note: Taxes and utilities are not included for Canada and Alberta. Annual mortgage payments based on a 10% down payment, 5.25% interest with 25 years amortization. Dotted red line indicates the typical maximum allowable portion of income for housing costs to qualify for a mortgage.
