Real estate prices in Medicine Hat rose 8 per cent on residential sales during 2024, according to new figures from the Medicine Hat Real Estate Board.--News Photo Collin Gallant
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House prices in Medicine Hat climbed 8 per cent in 2024 driven by a lack of listings, a situation expected to persist in year ahead, according to the incoming president of the Medicine Hat Real Estate Board.
Consistent demand hampered by limited listings also resulted in fewer sales while pushing up prices.
“The increase for Medicine Hat, would have been in the past, unheard of,” said Cathy Catalano, who begins here term after a year in which local detached home sales drove an overall jump across the entire residential sector.
“There are lots of people waiting to find something.”
Single-family prices rose 4 and 5 per cent annually over the previous four years, following an 8 per cent increase in 2020.
That year, the average residential unit across all classes sold for just more than $300,000 in Medicine Hat. The same figure at the end of 2024 was $357,600.
That would typically be described as a seller’s market, but Catalano said this week that higher prices and an unbalanced market can be a double-edged sword for most.
“It’s great to sell and see a nice increase, but if you need to get back in the market, it’s a concern,” she said. “For people who are downsizing – perhaps selling a family home and going into a condo, it’s probably a perfect time to sell. First-time home buyers who got into a house could make a profit, but if they have to get back in the market, they’re faced with higher (purchasing) prices.”
Among single-family homes, 979 sales in 2024 was down 3 per cent from the previous year, but with an average closing price of $396,600. That is 8 per cent more than the average sale in 2023.
Last year, the semi-detached property class experienced an increase in sales and jump in value of 8 per cent to $348,000, while row housing units jumped 13 per cent to $244,300.
Apartment and condo units were more stable, posting a more modest 4 per cent increase and an average price of $198,700 over 145 sales.
A sluggish home-building market in Medicine Hat is forecast to continue, among other factors affecting the market.
Interest rates moderated in late 2025, but there is also new economic uncertainty with federal political changes in North America and potential trade issues.
“It really requires a crystal ball, and none of us have one,” said Catalano. “It’s wait and see, right now.”
