What is the average home price in Terrace?

Across the Medicine Hat market, the median sold price is with an average. Active listings range from, well below comparable Calgary and Edmonton properties.

Which schools serve Terrace?

Medicine Hat is served by the Medicine Hat Public School Division (SD 76) and the Medicine Hat Catholic Board of Education. Confirm specific catchment for any address via sd76.ab.ca or mhcbe.ab.ca. Medicine Hat College on Crescent Heights provides post-secondary trades and academic programs.

How long is the commute from Terrace to downtown Medicine Hat?

Medicine Hat's compact city footprint means most commutes run 10-15 minutes by car. Highway 1 (Trans-Canada) bisects the city, providing quick connections across town.

Is Terrace a good neighbourhood for retirees?

Medicine Hat consistently ranks among Canada's most retiree-friendly cities thanks to its mild climate (over 2,500 sunshine hours annually), affordable home prices, lower property taxes than Calgary or Edmonton, regional hospital, and accessible amenities. Terrace residents benefit from this broader city profile.

How is the Medicine Hat real estate market right now?

The market shows balanced conditions with sales over the past year, an average of days on market, and a sale-to-list ratio. Medicine Hat continues to attract retirees and value-focused buyers from larger Alberta centres.

Real Estate in Terrace, Medicine Hat

Browse listings View on map

Active listings

Median list price

$649,900

Avg list price

$530,082

Homes for Sale in Terrace, Medicine Hat

Showing 11 of 11 active MLS® listings

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$289,000

19 Terrace View Northeast, Medicine Hat

Single Level Apartment · 2 bed · 2 bath · 1,016 sqft

$289,000

19 Terrace View NE, Medicine Hat

Single Level Apartment · 2 bed · 2 bath · 1,016 sqft

$438,500

8 Terrace Circle Northeast, Medicine Hat

Detached Single Family · 3 bed · 4 bath · 1,445 sqft

$649,900

16 Palisades Mews Northeast, Medicine Hat

Duplex · 1 bed · 3 bath · 1,277 sqft

$649,900

16 Palisades Mews NE, Medicine Hat

Attached-Side by Side,Bungalow · 1 bed · 3 bath · 1,277 sqft

$698,900

10 Palisades Mews Northeast, Medicine Hat

Duplex · 1 bed · 3 bath · 1,277 sqft

$698,900

10 Palisades Mews NE, Medicine Hat

Attached-Side by Side,Bungalow · 1 bed · 3 bath · 1,277 sqft

$243,500

19 Terrace View Northeast, Medicine Hat

Single Level Apartment · 1 bed · 1 bath · 757 sqft

$243,500

19 Terrace View NE, Medicine Hat

Single Level Apartment · 1 bed · 1 bath · 757 sqft

$814,900

34 Palisades Way Northeast, Medicine Hat

Duplex · 1 bed · 2 bath · 1,154 sqft

$814,900

34 Palisades Way NE, Medicine Hat

Attached-Side by Side,Bungalow · 1 bed · 2 bath · 1,154 sqft

Buying in Terrace

Who fits here

Terrace is a residential neighbourhood in Medicine Hat, Alberta — the southeastern Alberta city known as "The Gas City" for its historic natural-gas reserves, with a population of approximately 63,000 and one of Canada's sunniest climates (over 2,500 hours of sunshine annually). Buyers in Terrace typically include retirees drawn by mild winters and affordable home prices, families relocating from Calgary or Edmonton seeking lower cost of living, and remote workers prioritizing climate and pace of life. Medicine Hat has its own hospital, post-secondary college (Medicine Hat College), and a full retail, dining, and cultural infrastructure for a city of its size. Home prices remain among the most affordable in Alberta's mid-size cities, and property taxes are generally lower than Calgary or Edmonton. Terrace suits buyers who value sunshine, affordability, and a settled community without sacrificing essential urban services.

Current market in the neighbourhood

Medicine Hat's residential market remains one of Alberta's most affordable for cities of comparable size. The median sold price sits and the average, with homes typically selling in days. The sale-to-list ratio of indicates a balanced market. Active inventory runs 11 listings, with prices ranging from. Over the past 12 months, residential sales closed across the city. Medicine Hat's stable economic base — anchored by health care, education, retail, and a recovering natural-gas sector — supports consistent demand from local buyers and retirees relocating from larger Alberta centres.

Commute and lifestyle

Terrace sits within Medicine Hat, putting most city destinations within a 10-15 minute drive. Highway 1 (Trans-Canada) bisects the city, providing quick connections to Calgary (3 hours west) and the Saskatchewan border (50 km east). Medicine Hat College on Crescent Heights offers post-secondary trades and academic programs, and Medicine Hat Regional Hospital serves the broader southeast Alberta region. The South Saskatchewan River winds through the city, providing the focal point for the extensive Riverside Park system, walking paths, and Echo Dale Regional Park for swimming and camping. The Saamis Tepee — the world's tallest tepee — and the Esplanade arts and heritage centre anchor the city's cultural identity. Day-to-day shopping clusters at Medicine Hat Mall and the city's growing west-side commercial corridor.

Long-term context

Medicine Hat's population has held relatively steady in the low-to-mid 60,000s in recent decades, with modest growth driven by retirement migration, energy-sector cycles, and the city's reputation as a sunny, affordable place to live. The city's economy is more diversified than its "Gas City" nickname suggests — health care, education, retail, agriculture, and tourism all contribute alongside the natural-gas legacy. Home prices in Medicine Hat have remained well below Calgary and Edmonton through multiple cycles, providing a structural affordability floor that limits both upside speculation and downside risk. For buyers prioritizing value preservation and a settled lifestyle over rapid appreciation, established neighbourhoods like Terrace offer a durable proposition.

About Terrace

Overview

Terrace is a peaceful, sought-after residential neighbourhood in Medicine Hat. Known for its picturesque surroundings and family-friendly atmosphere, the community offers a tranquil suburban lifestyle with 11 properties currently on the market, keeping residents close to modern city amenities.

Location

Situated in the northeast quadrant of the city, Terrace is perched on the escarpment directly above the Ranchlands neighbourhood. This elevated positioning provides many properties with stunning, unobstructed views of the South Saskatchewan River valley and the striking Medicine Hat cliffs.

Housing character

Development in Terrace began in the early 2000s, resulting in a streetscape of well-maintained, contemporary homes. The market is dominated by detached single-family houses, though there are also walkout bungalows, townhomes, and mid-rise condominiums. Positioned in the mid-range to premium tiers, the neighbourhood sees an average sold price, with homes typically seeing on the market.

Schools

Families in the area are served by the Medicine Hat Public School Division and local Catholic schools. Nearby educational options include Dr. Ken Sauer School and Webster Niblock School for early years, while older students typically attend Crescent Heights High School, all located within a short drive.

Transit

While Terrace is primarily a car-dependent suburban community, residents have access to Medicine Hat Transit. Local bus routes operate along the main thoroughfares of the adjacent Northeast Crescent Heights and Ranchlands areas, providing standard connections to commercial hubs and the downtown core.

Shopping and dining

As a strictly residential enclave, Terrace offers a quiet atmosphere free from heavy commercial traffic. For everyday needs, residents are only a short drive from the Crescent Heights commercial district, which features grocery stores, pharmacies, local restaurants, and cafes.

Parks and recreation

The neighbourhood boasts exceptional access to the outdoors, seamlessly connecting to Medicine Hat's vast municipal trail system. Residents regularly enjoy walking and jogging along the scenic cliff-side paths, and are just minutes from Police Point Park, the Medicine Hat Golf and Country Club, and the extensive facilities at the Family Leisure Centre.

Lifestyle

Life in Terrace is defined by quiet comfort and active outdoor living. The community primarily attracts families, professionals, and retirees who value a safe, low-traffic environment, spectacular natural vistas, and quick access to some of the city's best recreational amenities.

See recent sold prices in Terrace, Medicine Hat

Browse MLS® sold prices to understand the market before you buy.

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Frequently Asked Questions

Terrace contains residential housing typical of Medicine Hat — a mix of single-detached homes, semi-detached, townhouses, and in some areas low-rise condos or apartment buildings. Browse current active listings on hômm to see what specific properties are available right now.

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Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS® System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.

Mortgage values are calculated by hômm and are provided for estimate purposes only.

The hômm Estimate is calculated by instantestimate.house and is provided as a general estimate only.

Trademarks are owned or controlled by the Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®, REALTORS®) and/or the quality of services they provide (MLS®, Multiple Listing Service®).

Listing information last updated on June 24, 2026 at 7:00 pm (America/Edmonton)