Medicine Hat and Lethbridge’s real estate market has moved firmly into sellers’ markets.
The Alberta Real Estate Association has released its Housing Statistics report for July 2024, and Lethbridge and Medicine Hat each have less than two months of housing supply.
So, in theory, if homes continue to sell at their current rates and no new homes were listed, it will take two months for everything to be gone.
The largest increase in housing costs on Alberta were seen in Medicine hat. Housing prices have rose by rising 20.1 per cent over the last year to an average of $360,692.
Both Semi-detached homes and row homes in Medicine hat have skyrocketed up 50.5 per cent for semi-detached homes to $434,814, and up 36 per cent for Row Homes, now going for an average of $247,640.
Lethbridge also seen rising costs in housing prices. Taking in to account all property types, homes in Lethbridge increased by 19.1 per cent over the last year, and sold for around $391,104,
Calgary was the most expensive city in Alberta for housing, Calgarians saw properties list for an average of $563,500.
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