Cathy Catalano, president elect with the Medicine Hat Real Estate Board says the local real estate inventory shortage has created a sellers market.

By Jesse Gill

Real estate inventory level low in Medicine Hat creating a sellers market

Mar 1, 2024 | 11:40 AM

Real estate inventory in the Medicine Hat area is at it’s lowest level since 2002.

Creating a very strong market for those selling their homes and pressure for buyers.

The low vacancy rate in the city has also increased the number of buyers looking for rental properties.

Cathie Catalano, president elect with the Medicine Hat Real Estate Board said multiple offers and bidding wars on a home is common, and buying options especially in the $300,000 to $400,000 range are limited.

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Catalano said immigration and people moving from other areas of Canada is one factor for the lack of inventory.

“We have people coming in from Ontario, we have people coming from B.C., from Calgary,” Catalano said.

“Medicine Hat is a very attractive city to come to. We are more affordable than all those centres, so it has put a demand on our inventory,” she added.

“Consequently we have the lowest inventory that we’ve had since then.”

Less new builds due to constructions cost has also contributed to the low inventory levels.

Catalano said higher interest rates haven’t played as much of a factor in the local market as people are still finding ways to buy.