Photo courtesy: City of Medicine Hat

By Darren Rathwell

Seller’s market in Hat real estate expected in 2022

Feb 16, 2022 | 5:35 PM

MEDICINE HAT, AB — Local real estate officials expect Medicine Hat to continue to be a seller’smarket for the coming year, although the prices of homes are still significantly lower than national numbers.

According to the Medicine Hat Real Estate Board, the cost of a detached single-family home rose five per cent last month compared to one year before.

The board adds while some local home listings have recently seen a drop in asking price, prices overall rose last month.

And the real estate board’s Justin Taupert says that fact is partial proof the city has a strong housing market.

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“If a buyer hasn’t come through, maybe that’s the market’s speaking there might not be enough value, and that’s no knock on the property… some times a slight price adjustment starts to bring the buyers through,” Taupert said.

He also says the amount of time a house is on the market in Medicine Hat is mostly short, about 60 days currently, which is lower than what was seen during the last 10 years in the month of January.

“Typically the month of January (the) average days on market are a little bit higher, just due to the winter months and the real estate market slowing slightly,” Taupert said. “So 60 days on market average during January is very strong.”

Taupert also says the city has a lower than usual inventory of home listings of around three months’ worth.

However new figures also show people are getting a bargain on Medicine Hat homes, compared to many other locations.

Taupert says the cost of an average detached single-family home in Medicine Hat is about $311,479.

Nationally, the average home price is $748,450 according to the Canadian Real Estate Association, which is the highest on record.