In the midst of an economic downturn in the US, Lethbridge Builders are looking past the downside of a slow market and are ready to educate consumers on that elusive silver lining.
Buying Where Homes Are A Good Value
Average Home Price
Lethbridge continues to have the lowest median home prices in Alberta. Low interest rates, low pricing on homes and a low cost of living in Lethbridge combine to provide the perfect opportunity to purchase a home. In a comparison between the cost of living in Calgary and Lethbridge, based on a $60,000 gross family income, after taxes and average household charges in each city, you would have over $16,000 more to spend in Lethbridge than if you lived in Calgary.
And as if that isn’t enough good news, did you know that buying a home is a major factor in job creation. One purchase generates on average, more than $30,00 in spin-off spending on renovations and other housing related items. That spin-off spending also translates into more jobs in Lethbridge.
People are speaking out about the optimism ahead. CMHC market analyst Lai Sing Louie has said that the main reason behind the CMHC’s optimism for Alberta is that within one year, the impact of cash injections into the ailing economies of Canada and the U.S. will be felt in the housing-construction sector. The CMHC also predicts that by next year, Alberta will lead the nation as home building rebounds after this short-term slump.
Todd Hirsch is a Senior Economist with ATB Financial who had this to say, "Without question, Alberta's economy has softened. But the situation here is still much better than it is in Central Canada or in the US. Because so much of our news media reports on what is happening at the national level in Canada or in the States, I think Albertans are getting an overly negative message about the economy. Things have slowed, yet Alberta remains in pretty good shape."
Hirsch also points out that borrowing costs and mortgages are extremely low by historic standards. In other recessions, mortgages had risen to well above 20%. Today, those borrowing costs are very low.
But when rates are at an all-time low, they only have one way to move, and that’s up.
