The name of the 10th premier of Alberta, who won his party control in the '70s on a platform (featuring diversity in spending and preparing for a post-oil economy) all but ignored soon after, after whom the region is named, is apparently pronounced "LAW-heed".
Yeah. I'm dumbfounded too. I'll continue to pronounce it "LOW-heed" so people don't look at me funny. Bone apple tea.
I moved here two years ago. My tactic for initial pronunciation lessons has been to ride the SkyTrain and adopt the pronunciations used for station announcements.
Based on that, it's "LOW-heed"
See Wikipedia:
The name of the highway, unlike that of Alberta Premier Peter Lougheed, is pronounced /ˈloʊhiːd/. The highway is named after Nelson Seymour Lougheed, MLA for the Dewdney District and the BC Minister of Public Works (1928–1929), who ran a logging company in the area.
Low-heed, or Low-eed if you're in a hurry.
Just remember to also pronounce it Gag-lee-ar-dee Way (just kidding, definitely don't!)
Community for the city of Vancouver, BC