Home prices in Lethbridge and Medicine Hat have seen large price increases over the last year. (Photo: Feverpitched | Dreamstime.com)

By David Opinko

Medicine Hat housing price increases highest in Alberta, report finds

Aug 16, 2024 | 11:25 AM

It’s a sellers market in Medicine Hat, according to the Alberta Real Estate Association’s housing statistics report for July.

Medicine Hat had the largest increase in housing prices in Alberta by percentage, rising by 20.1 per cent over the last year to an average of $360,692.

Semi-detached homes skyrocketed up 50.5 per cent to $434,814, making them even more expensive than detached homes, which rose by 13.8 per cent to $396,748.

Row homes in Medicine Hat were also up 36 per cent, now going for an average of $247,640.

Lethbridge also experienced a sizable gain in home prices

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Between all property types, houses in the city sold for around $391,104, increasing by 19.1 per cent over the last year.

There were not any housing types in Lethbridge that rose as drastically as they did in Medicine Hat, although detached homes went up by 14.6 per cent to $438,325.

Lethbridge and Medicine Hat each have less than two months of housing supply, meaning that if homes continued to sell at their current rates and no new properties were listed, it would take that long for everything to be gone.

This puts both cities firmly into seller’s markets.

Homes in Lethbridge and Medicine Hat were still below the provincial average of $493,549, which increased by 8.3 per cent.

The most expensive city in Alberta for housing was Calgary, which saw properties list for an average of $563,500. Fort McMurray was the most affordable at $344,098.

Annual changes in home prices in Alberta for July 2024 by percentage. Alberta Real Estate Association / Pattison Media

Housing prices for all property types in Alberta for July 2024. Alberta Real Estate Association / Pattison Media

Housing prices for detached homes in Alberta for July 2024. (Photo: Alberta Real Estate Association / Pattison Media)

Housing prices for semi-detached homes in Alberta for July 2024. (Photo: Alberta Real Estate Association / Pattison Media)

Housing prices for row homes in Alberta for July 2024. (Photo: Alberta Real Estate Association / Pattison Media)

Housing prices for apartments in Alberta for July 2024. (Photo: Alberta Real Estate Association / Pattison Media)

The full housing statistics report can be read on the Alberta Real Estate Association website.