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Rent to Own Homes in Lethbridge, Alberta
Lethbridge, nestled in the southern region of Alberta, stands as a welcoming community amidst breathtaking landscapes. This charming city is an ideal location for those considering rent to own in Alberta. Lethbridge features a unique blend of urban amenities and natural beauty, making it a popular destination for individuals and families looking to settle in Canada. Known for its stunning river valley and Canadian Rockies, vibrant arts scene, and strong sense of community spirit, Lethbridge offers a quality of life that welcomes you with open arms.
View the latest rent-to-own properties in Lethbridge.
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Real Estate Trends in Lethbridge, Alberta
Unlike other major Alberta cities, Lethbridge has seen lower housing prices while enjoying strong growth in demand and sales year-over-year.
In April 2024, the average price of a home in Lethbridge was $373,176. Detached homes averaged $429,256 while townhouse prices averaged $282,173.
Compare the housing market in Lethbridge to that of Calgary and Edmonton. In April 2024, the average home prices in Calgary was $608,415. The average Edmonton home price in the same month was $431,387.
Transportation
As one of the main transportation hubs in Alberta, Lethbridge plays a big role in both domestic and international travel. The Lethbridge Airport serves as a major gateway to the region, ranking among Canada's busiest airports. Other than air travel, Lethbridge benefits from passing rail infrastructure, with the Canadian Pacific Railway utilizing the city's location for its freight operations.
Additionally, VIA Rail offers convenient passenger service, from Lethbridge and Calgary to major cities across Alberta, British Columbia, Saskatchewan, Manitoba, and Ontario.
Lethbridge also features a modern public transit system, allowing accessible transportation throughout the city for residents.
Economy
Known for being one of Canada's largest agriculture, manufacturing, and energy hubs, Lethbridge is a major contributor to the economy in Western Canada. Lethbridge holds a key position in Alberta's economic landscape, due to its abundant natural resources and its location near Calgary and Edmonton.
Despite the challenges caused by the COVID-19 pandemic, Lethbridge has demonstrated its economic strength, maintaining a comparatively low unemployment rate within the province.
Residents of Lethbridge also enjoy access to a diverse set of job opportunities, due to its close proximity to both Calgary and Edmonton.
Education
Alberta is known for its impressive education system, and Lethbridge benefits from this reputation. Lethbridge is primarily served by two publicly funded school boards: the Lethbridge School Division and the Holy Spirit Catholic School Division. These boards oversee the education of students from kindergarten to grade 12.
The University of Lethbridge stands among the top educational institutions in Canada. It features an impressive research library system, ranking among the largest in the country. With over 40,000 students, the University of Lethbridge offers a diverse and fulfilling academic experience.
Lethbridge is also home to Lethbridge College, a renowned institution offering a wide range of programs and opportunities for higher education.
How to Buy a Home in Lethbridge?
When buying a home in Lethbridge, there are two main options available to prospective homeowners: traditional mortgages and rent-to-own programs. Understanding the differences between rent to own vs mortgage can help you make the best decision for your situation.
The most common path is through a mortgage, where the buyer secures a loan from a financial institution to purchase the property. However, this requires a significant down payment, typically 20% of the home's value, and a strong credit score to qualify for favourable interest rates.
An alternative to acquiring a mortgage is the rent-to-own model, which has been gaining popularity recently. With rent-to-own, also known as lease-to-own, you can move into your dream home with no down payment, while building equity and saving for your future purchase at the same time. This innovative approach is perfect for individuals who may not have the immediate financial means or credit score required to secure a traditional mortgage.
What is Rent to Own in Lethbridge?
Rent to own is an program that helps you buy a home, even if you're not ready yet for a mortgage. The Requity Homes option of rent to buy homes allows you to choose your dream home, rent it for 2-3 years, and then purchase it at a predetermined price.
How Does Rent to Own Work in Lethbridge?
- Estimate your home budget: Use our rent-to-own calculator to find out how much you can afford through our rent to own program.
- Get pre-qualified: Apply for rent-to-own homes online to find out your eligibility and home purchasing budget. It's free and won't impact your credit score.
- Get full approval: Submit documents to verify your application and get approved with your own personal home shopping budget.
- Find your dream home: Pick out the home you'd like Requity Homes to purchase for you. View rent-to-own listings in Lethbridge.
- Requity Homes buys the home: We buy the home and cover closing costs, including land transfer tax and legal fees.
- Move in and save: Rent your dream home while a portion of your monthly payments goes towards your future down payment.
- Buy your home: When you're ready for a mortgage (typically after 2-3 years), buy the home from Requity Homes at the predetermined price.
To learn more, read our article on how does rent to own work in Canada.
The Benefits of Rent to Own a Home in Lethbridge
With housing prices going up every year, it makes it very hard to save up for a down payment while renting. How nice would it be to find a home you love at a price you can afford and lock in the value until you are ready to take on a mortgage?
Let’s say that you have found the perfect home in Lethbridge for $375,000.
You have two options:
Rent for Two Years Then Purchase the Home
Using a base formula of 10% appreciation annually, your $375,000 Lethbridge home would be valued at $453,750 after two years.
Rent to Own with Requity Homes
Requity Homes offers a low 5% price increase per year, much lower than the average growth rate. Therefore, when you rent to own a home in Lethbridge with Requity Homes, you can lock in the price of your new home and know exactly what it will be valued at in two years.
For example, with Requity Homes, a growth rate of 5% means you can buy your new home in two years for $413,500 instead of $453,750, a savings of over $40,000.
The Requity Homes rent to own homes program is made to help get you and your family into your dream home in Lethbridge while saving you a lot of money in the process.
Become a homeowner sooner than you could have ever imagined when you rent to own in Lethbridge with Requity Homes.
