Home prices in Medicine Hat are continuing to accelerate in the spring of 2025, according to recent figures from the local real estate board.--News Photo Collin Gallant
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Home prices in Medicine Hat continue to spike through the spring real estate market with double-digit growth, new figures show.
And it’s only accelerating, with the median home sold in Medicine Hat last month on the market for only 16 days.
When all sales are considered, the average closing price matched the average list price, meaning generally that buyers are paying what sellers are asking.
“I’ve never seen it that fast,” said president of the Medicine Hat Real Estate Board Cathie Catalano, who has been a licensed realtor for 22 years.
“And we’re not seeing an end in sight. Calgary (market) has started to come down a bit, but we’re not seeing that here. People are still wanting to come to Medicine Hat.”
The Medicine Hat Real Estate Board states that residential unit sales in May closed 10 per cent higher than one year earlier.
For the year, prices are up 14 per cent on average per residential unit compared to the first five months in 2024, while inventory is one-quarter to one-half lower in three of four major housing types.
Anecdotally, Catalano’s two-person office dealt with two out-of-town buyers in the last two weeks, she said, and larger brokerages are, too.
Conditions in Medicine Hat, where prices rose eight per cent in 2024, are attributed to low supply of houses coming on to the market and continued high demand.
Across the province, detached home prices were up by five per cent in May, though Calgary sales were down slightly and prices were flat. For the year, Alberta’s largest city saw inventory rise and prices gain just 1 per cent to about $750,000 on average.
In Medicine Hat, the average single-family transaction closed at $437,500, up 13 per cent, over 407 sales since Jan. 1. The average detached home sale in May closed for $457,200.
Those bids are increasingly coming with fewer conditions, such as home inspections, said Catalano, as buyers are fearful of missing out as opportunities are fewer.
Wade Ellis, of ThreeSixT Home inspections, said his company has remained busy but the number of transactions will affect activity for home inspectors.
“If people want a house, they may agree to no conditions (like an inspection), especially if they’re in a multiple bid situation,” said Ellis, who also noted he is doing more pre-list inspections. Sellers may be covering their bases in potential negotiations, he said, or using them to determine value.
In May, fewer than average semi-detached and row house sales saw prices 18 per cent higher for the year, at $398,400 and $268,200, respectively.
Apartment and condo units were also down slightly, but 3 per cent higher to $206,900.
