The average price of a detached house of five bedrooms in Fort McMurray is $643K while the average price of a three-bedroom is $295K. There has been an addition of 350 new homes in the listing in the last 28 days. Out of these, there are 183 single homes and 36 townhomes. The number of condos in the listing is 55 and there are 25 land areas. Each house has 25 median days in the market. The highest price is $2,200,000.00 while the lowest price is $49,900.00. The average price of a home is $399,472.85 according to the latest data report.
In Fort McMurray there is one single-family home development that is Heritage Landing at Parsons Creek. It is at the Clarkson Street, Fort McMurray. The price of this development is in the range of $491,597 to $501,572. The most active developer in the city is Cantiro Homes. There are four homes that are ready, and one can move in already. It has three bedrooms. The sizes start from 1303 SqFt. The price of each SqFt is $381.
In the last few months of 2020, although the inventories were in lower levels the local housing sector struggled to withstand the momentum. In December from the same time in the previous year, the residential retail sales fell 45.3 percent according to the Alberta Real Estate Association (AREA). On an annual basis, Housing prices slipped about two percent. In 2020 some property types performed better than others as given below
- Detached: +9.7 per cent to $445,688
- Semi-Detached: -7 per cent to $360,796
- Townhouse: -11.2 per cent to $170,900
- Apartment: -16.7 per cent to $89,833
Due to the lockdown measures related to the pandemic many homeowners are looking for more space both indoors and outdoors. This has increased the demand for detached properties. While housing stocks decreased 30.4 percent year-over-year, new listings declined 16.5 percent in December.
While talking to the CBC News, Andrew Weir, Director with the Fort McMurray Real Estate Board commented that due to the decrease in the inventory the market became more balanced. This brought the home pieces in line with the rest of Alberta. The properties became more affordable and attractive to the homeowners. He added that while looking at the numbers the story is not scary for the homeowners as both resident and the investor.
When it comes to the economy of Fort McMurray it is very closely related to oil and gas. Due to the local estate market prices go high and low with the energy sector prices moving. As for now, the energy prices are rebounding and the prices of crude oil are increasing. The real estate market will keep a close eye to the energy prices for the next few months. But the home prices, for now, will remain the same which is good news for the real estate investors and the other buyers who are going to buy a property for the first time.