The Province of Alberta has enjoyed one of the hottest housing markets in Canada, and as of 2009, is experiencing softening in new home starts and lower sales prices. However, homes in the southeast region continue to be reasonably priced. According to the Canada Mortgage and Housing Corporation (CMHC), in 2008 this area had an average price of $260,144.

In comparison, the average selling price for a home in Alberta was $352,857 and in Canada $303,607 in the same year. The cost of housing in the area is therefore a significant quality-of-life advantage. Projections for 2009 are average prices will fall to $250,000.

The vacancy rate in Medicine Hat for rental units has increased in recent years. In the fall of 2008 the overall vacancy rate was 4%, allowing for a good selection in accommodation for rent.

Average rents in the fall of 2008 were:

• Bachelor studio $525
• One-bedroom apartment $573
• Two-bedroom apartment $678
• Three or more bedrooms $785

Although the cost of living is maintaining a steady growth, the Palliser Region remains competitive with many southern Alberta communities.

Links of Interest

• Medicine Hat Real Estate Board
• REALTORS® Association of South Central Alberta