Medicine Hat
For the people who want to live a life without hustle and bustle which is the usual part of big cities, and with less expenses the city of Alberta, Medicine Hat which is also known as Oasis of the Prairies has always been a desirable place. The city is known to have the lowest utility rates in Alberta, the lowest combined tax rates in Canada, and a climate that is desirable the whole year.
At the end of June, the total number of residential units sold is 156 in Medicine Hat which made it a strong closure of the first half of the year. These sales are a total gain in terms of both years over year and year to date. The year-to-year gain is 24.8 percent while year to date gain is 92.1 percent. The prices have also been raised due to supply not reaching demand which is in turn due to pandemics. The market is strengthening in the into buyers which can be seen by high unit sales. A total of 173 units were introduced in the market, which is a 6.5 percent year-over-year decrease of inventory and is not enough to cope up with the high unit sales.
The average prices in Alberta were down 2.1 percent based on year over year and come at $297,519. Usually, an increase had observed in the prices of both condos and townhouses.
The sales activity in the July slightly decreases. This decrease however did not curb the high activity sales of the first half of the year. The total number of units sold during this month is 104. It makes the total number of units sold year to date to 882. This number beats the total units that had been sold in the last 14 years and pushed the market more towards instability.
Although the sales were high other real estate metrics were down. The new 146 new residential properties listed, which are 3.3 percent down as compared to the July of 2020. Due to the lack of listing a great fall occur in the levels of inventory. The current inventory of the Medicine hat is relatively low as compared to the normal trends at this time of the year.
If we look at the current situation the prices are getting higher month over month while there is a lack of inventory. The demand for houses has also been increasing. It is evident from all this situation that this will affect the real estate market. If these trends remain the same the property prices will continue to inch skywards in the Medicine hat and the market will get tighten. The supply of three months is on the hands if the demand remains consistent.
However. the observers of the industry are hopeful that as we are moving towards the post-pandemic period the housing demand for the most remote communities like Medicine Hat will decrease. An increase will occur in the supply. In the early months of 2022, the real estate market will level out.
