Home sales down in Medicine Hat

By Jessie Weisner
December 17, 2018 - 5:17pm Updated: December 17, 2018 - 7:10pm

 

MEDICINE HAT, AB -- Home sales in Medicine Hat have decreased, resulting to an influx of houses for sale on the market.

However, that’s reflected in the rest of Canada.

Across the country, home sales have decreased 12.6 per cent since 2017 ,as a result of lower home sales in just over half of all local markets. Some of the more influential locations are the Greater Toronto Area and the Greater Vancouver Area.

Medicine Hat home sales have dropped roughly 9 per cent, but the average price of a home has gone up from about $270,000 to $277,000

Tim Seitz , president of the Medicine Hat Real Estate board, says that’s because a certain group of people aren’t buying homes.

“The new homeowners are kind of out of the market a little bit,” says Seitz. “So it’s more established people that are buying homes and they typically buy more of an expensive home.”

Across the prairies, benchmark home prices remained below year-ago levels in Calgary, Edmonton, Regina and Saskatoon. According to the Canadian Real Estate Association, there’s too many homes on the market, causing low prices.

The national average price for a home is more than $488,000, however if you exclude the Greater Vancouver and Greater Toronto Areas, the number is just over $378,000.
 

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