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.
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.