An Alberta city has seen a 20% jump in home prices since last year
Many spots in Alberta have seen a wave of higher home prices lately, and one city in the province saw a whopping 20% year-over-year price jump last month.
The Alberta Real Estate Association (AREA) says the total residential average price in July was $493,549 for Alberta as a whole, with the detached average price at $579,856.
One city in particular has seen a hefty rise in prices since last July, with Medicine Hat recording year-to-date average prices increasing by 20% year over year.
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The total residential average price in Medicine Hat is $360,692, a wicked 20.1% increase, with the detached average price landing at $396,748, a 13.8% year-over-year increase.
The semi-detached market has exploded in the city of more than 66,000 residents, experiencing a 50.1% year-over-year increase to an average price of $434,814.
Trailing behind semi-detached pads are row properties, rising 36% year-over-year to an average price of $247,640.
AREA added that conditions are tightening in Medicine Hat, but “the market still favours sellers.”
You can check out the full report here.