By Charles Lefebvre

City land sales down in 2016, starting to rebound this year

Jun 20, 2017 | 12:53 PM

MEDICINE HAT, AB — The city’s land sales department made it official to city council during Monday night’s meeting: 2016 was a rough year for Medicine Hat.

The department presented its annual report for 2016, revealing only 25 lots were sold by the department throughout the year.

It was well-short of its goal for of 90 for the year, with the economic downturn in the province to blame.

“We’re seeing it all over the province with the downturn in the oil and gas sector,” said Grant MacKay, manager of land and business development with the city. “There’s obviously reduced opportunities out there and (last year’s) sales are a reflection of that.”

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Despite the low numbers for last year, 2017 is turning into a rebound year, with 26 lots sold already.

“Obviously, there is some renewed investment confidence out there,” said MacKay. “Folks who are maybe holding off, or staying out of the market over the last couple of years have decided to opt back in.

“There are some home builders who are back into building spec homes, so we’re seeing some of that come through our door and it’s translating into additional sales.”

MacKay says the goal for the city is to sell 40 properties in 2017.