Lethbridge ranked among best small cities for getting rich

By Al Beeber - Lethbridge Herald on June 3, 2023.

Financial website yoreoyster.com has listed Lethbridge as one of the "best small cities to get rich in Canada." Herald file photo

LETHBRIDGE HERALDabeeber@lethbridgeherald.com

If the word gets out, Lethbridge could soon see a migration of people flocking here.

Earlier this year, financial website yoreoyster.com listed Lethbridge as one of the “best small cities to get rich in Canada.”

The website made its determination based on statistics, it says. Those stats include median household income after taxes, monthly cost of living and GDP per capita.

Median household income after taxes, says the site “evaluates the economic health of an area and provides a picture of the standard of living of various households. It’s also a good barometer of the local and national economies.

“The distributions of household economic accounts (DHEA) show that households in the lowest two wealth quintiles and those aged younger than 45 increased their average net worth faster than wealthier and older households up to the first quarter 2022. Net worth for wealthier and older households remained relatively stable because increases in their real estate values were offset by reductions in the value of their financial assets.”

Lethbridge is rated No. 13 on the list of 20 and is the only Alberta city to make the cut. It is also the second smallest city on the list.

The website stays “Lethbridge is the hub of the agricultural region of southern Alberta with GDP growth that will outperform the wider provincial economy.

“There are several other economic indicators that make Lethbridge stand out. For example, the annual unemployment rate continues to be among the lowest in the province, the housing market has remained relatively stable throughout the economic downturn, and there are more than $1 billion in construction projects planned or underway over the next four years. These indicators support our continued claim to balanced growth and economic stability.

“In 2016, Lethbridge ranked fourth among Canada’s Best Places for Business by Canadian Business and PROFIT as well as the second most Business Friendly. According to the results, Lethbridge “boasts an entrepreneurial, integrated science and engineering environment and plenty of food expertise.”

The city has a median household income after taxes of $65,351 with a monthly cost of living being $2,273. GDP per capita is $52,243.

No. 1 on the list is Oakville, Ont. followed by Burlington, Ont., Saskatoon, Sask., Regina, Sask., Barrie, Ont., St. John’s, NL, Saanich, B.C., Waterloo, Ont., Guelph, Ont. and Sherbrooke, Que.

Yore Oyster is a Canadian website founded in 2014 “to help Canadians travel more easily and affordably.” It has information on various financial matters including investing and cryptocurrency.

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