Medicine Hat has shot to the top of a HGTV ranking of the nation's hottest real estate markets. (Thirdman/Pexels)

By Eli J. Ridder | @EliRidder

Medicine Hat rated hottest real estate market in Canada by HGTV

Dec 1, 2023 | 2:38 PM

MEDICINE HAT, AB – A jump in home prices has sent Medicine Hat skyrocketing to the top of the national hottest real estate markets, according to Home and Garden Television.

The new rankings from HGTV examined markets across Canada that experienced the most significant price growth between October 2022 and October of this year.

Medicine Hat came out on top with the MLS benchmark price of a home rated at $351,940, a price change of 12 per cent over a yearlong period.

The national average home price in October 2023 was $644,945, according to the Canadian Real Estate Association. The national average house price growth was 1.8 per cent, far below the Medicine Hat average.

Realtor Elizabeth McNally of Medicine Hat’s Real Estate Collective said lower-than-average inventory and the sale of some luxury homes contributed to the city’s average price increase.

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While McNally was surprised to see Medicine Hat on the list, she said the city deserved to be considered a hot market for the amenities it offered.

“Medicine Hat’s such a great community; we’ve got everything that people need,” McNally told CHAT News on Friday.

Elizabeth McNally of the Real Estate Collective (Kevin Kyle/CHAT News)

“We’ve got an airport, we’ve got [a] college, we’ve got grade schools. It’s also really affordable, accessible to the mountains, to the States,” she added.

“It’s a great place to live.”

HGTV also listed Medicine Hat’s low cost of living, varied employment opportunities and the city’s identity as the sunniest city in Canada as reasons for its high ranking.

Despite low inventory in the city, McNally said the market remains fairly balanced.

She added that she hopes the HGTV ranking brings more attention to the community and the benefits of living in Medicine Hat.

“We’ll probably see some investors piqued by it interest-wise…so that will put a little bit of pressure with the lower inventory,” McNally said.

“There’s some great builders, there’s lots of vacant lots, there’s options for people so I definitely think that we can fill that demand.”

Central Alberta — including Red Deer — and South Central Alberta — including Drumheller and Hanna — also made HGTV’s top 10 list.