By Alex McCuaig

Housing stats

Region’s housing market stable compared to much of the province

Feb 7, 2020 | 11:55 AM

MEDICINE HAT, AB – Housing prices in southeastern Alberta over the past five years have only seen the average price for a home dip by a little more than one per cent despite the tumultuous economic upheaval the province since 2015.

According to statistics from the Alberta Real Estate Association, the average home price in the Medicine Hat region has gone down $282,800 in 2015 to $278,700 last year which translates to a 1.4 per cent reduction. That number is favourable compared to Edmonton’s nearly four per cent dip and Calgary’s 2.3 per cent drop with all three regions lagging far behind Lethbridge’s increase of 3.2 per cent in average home prices.

For the owner of Medicine Hat’s Royal LePage, those statistics are consistent with how the city’s housing market usually sits.

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“We’ve been hold our own,” said Brooklyn Kalista. “We’ve seen stability – which is a great thing. We don’t want that volatility of those high peaks and really low lows.”

Kalista said sales for January of this year are above the same month last year and some of the housing inventory is being picked through at certain price points.

“It’s not a bad time to sell. Some people think spring is the best time but you do have a lot more competition at that point because the market is getting a bit fuller,” said Kalista.

Mortgage broker Kristi Sauter at Trilogy Mortgage Corporation reiterated that Medicine Hat is largely spared the ups and downs of other real estate markets in the province.

“In Medicine Hat, we don’t see the highs and lows that a lot of other people do or places do where they are trying to time the market,” said Sauter.

Sauter said the current incentives available for first-time home buyers are something to consider for those looking to enter the market.

And, she added, the best time to enter the market is when you’re financially able and ready to do so.