‘Steal of a deal:’ Medicine Hat home prices significantly lower than national average

“ It can buy you this house. This house that we are standing in today, basically it is a 4000 square foot finished walk-out basement with a triple attached garage backing onto a park,” said Frank Devine president of the Medicine Hat Real Estate Board.

The home located on Somerset Crescent also boasts its’ own theatre, a huge master bedroom with an ensuite and granite kitchen countertops.

”So what you can buy in Medicine Hat compared to Vancouver and Toronto, this would be almost a tenth of the price,” said Devine.

In fact, in Vancouver, a comparable home would be out of reach for many buyers. In that city, the national average home price would buy you a condo.

In Calgary, the national average would see a two-story home with three to four bedrooms.

Whereas in Kelowna, the national average would buy a much older single-family home, likely in need of updates.

So why are home prices so much lower in Medicine hat?

“ I believe that Medicine Hat is more affordable because of the location of Medicine Hat. Basically, we are kind of the forgotten southeast corner of the province, even though it is a beautiful city,” Devine said.

“ I think for most people coming from big cities they find the lack of an international airport or an airport that handles big airplanes is a concern, and basically you are three hours to the closest cultural centre which would be Calgary” he added.

The city’s mayor says Medicine hat’s low home prices have always been a draw. Most homes on the market right now are in the $300,000 to $500,000 range.

“ I tell people from Calgary, if you are 50 years old, and at the end of your career, get out, come here and look what you can trade-in for your Calgary house for your medicine Hat house and the quality of life and it is warmer,” Mayor Clugston said,

People looking to escape the hot housing market of larger centers are taking note, according to local realtors.

“The value difference is so vast, that you can sell your home in Vancouver or Toronto, move to Medicine Hat, buy a better house and retire on the money you are saving,” Devine said.

When asked about the low home prices, the mayor said the city could become the next Kelowna with so many outside buyers looking for a cheaper place to call home. In that city, the high demand from outside buyers raised home prices significantly. But Devine isn’t so sure that scenario will happen in Medicine Hat.

“I think we are still the forgotten corner of the province. I don’t foresee that we are going to influx to 100,000 people in the next 20 years, and you would need that kind of difference in the city. That’s not going to happen,” Devine said.

Still, in terms of home prices overall, Devine said the city yields fantastic value .

“It’s a steal of a deal in the country. There’s no other way to put it. ” Devine said.

by Tiffany Goodwein

‘Steal of a deal:’ Medicine Hat home prices significantly lower than national average

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