By Darren Rathwell with files from Canadian Press

MH real estate cools off from summer months

Oct 27, 2021 | 5:58 PM

Medicine Hat’s real estate market has cooled off a bit from the red hot months of summer, according to the Medicine Hat Real Estate Board.

During September, 121 properties were sold in Medicine Hat, down from August’s total of 138, said board president Frank Devine.

The number of listings on the market also dropped from 195 in August to 186 in September.

Devine said there are a number of factors behind a cooling of the city’s real estate market.

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“Some (factors are) seasonal, some are from covid restrictions, there’s the interest rates sneaking up a little bit,” Devine said.

However, the cost of an average single family dwelling in September was up from the same time last year by 3.3%.

Devine says a more dramatic cooling off of the market would likely only happen from a large spike in interest rates.

The Bank of Canada says interest rates could rise in the second quarter of 2022.