By Jayson Taylor

Medicine Hat real estate trending similar to the rest of Alberta

May 23, 2023 | 6:00 PM

MEDICINE HAT, AB – The demand for real estate in Medicine Hat and Alberta is through the roof. Matt Teel is the president of the Medicine Hat Real Estate Board and says that real estate inventory has been incredibly low.

“Low inventory has been affecting our market. It’s just not allowing as many houses on the market which is not allowing as many transactions so it’s harder for buyers to acquire right now,” Teel stated Friday.

Teel said that despite interest rates being a key concern for many people, it hasn’t been the biggest reason for the situation. Instead, Teel emphasizes that housing shortages are what contributes to the low inventory.

Teel says that one positive note is that trends appear to be pointing upwards for 2023, federally, provincially and locally. With the high demand, Teel says that agents are urgently waiting for more supply to appear on the market.

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“The trend right now is for activity here to keep going over the next couple of months, we just want to see more supply come onto the market so buyers have a little more options,” Teel added.

Teel says that if you are considering moving at the moment, now is the right time to list your property as the supply is low and the demand is high. It is recommended to reach out to your local realtor if you want to explore the market.