CHAT News file photo

By Gavin Miller

Real Estate Board president expects industry to keep growing in Medicine Hat this year

Jan 11, 2022 | 1:40 PM

MEDICINE HAT, AB — Experts are predicting a strong year for the housing market in Medicine Hat following record-breaking sales in 2021.

Last year was a great year for the real estate industry, the market was very active leading to an increased number in sales while low inventory caused the market to favour sellers.

Statistics by the Canadian Real Estate Association indicate that in 2021 Medicine Hat had 1386 residential sales which is up 37 per cent from the previous year. The average selling price of detached homes increased about four per cent to $302,500 and the average price of all properties increased by three per cent.

Inventory is down 25 per cent and although we did see an increase in listings in 2021 the increase in demand led to more sales resulting in a shortage of inventory, the lowest since 2006.

WHAT'S ON

Here is what's on this weekend in Medicine Hat and area: Nov. 22-24

8h ago

WHAT'S ON

'Midnight Madness' featuring Medicine Hat businesses on Friday

Nov 21, 2024

LIVE UPDATES

Road construction, detours and traffic in Medicine Hat

Nov 21, 2024

Justin Taupert is the President of the Medicine hat Real Estate Board and says Medicine Hat is a popular place for people looking to purchase a home.

“We’re at just over two and a half months of inventory, so that’s really carried the market. If you’re an active buyer you really need to be out there and ready to make a move, that’s really what carried the market forward for us. In a balanced market, we usually like to see four to six months of inventory.

Taupert says when inventory levels are down, the pricing is going to increase because there is a lack of supply, if we have a lot of people interested in moving to the area that helps drive the market, Medicine Hat is experiencing both.

“I think as Hatters we just gotta take great pride in our city, I’ve heard people say that it’s a hidden gem. It truly is a beautiful city, we have the best of a lot of different worlds. The fact that we have all these people moving from North, East, West. Just take some pride that our market is strong, the city is beautiful and other people want to come live here and experience it as well.

Taupert adds that as the housing market continues to grow and we have more people coming to the city that it will help grow our local economy and provide homeowners a little bit more equity in their home.