In the middle of the Athabasca oil sands, Fort McMurray is sitting in the northeast of Alberta. The real estate market of Fort McMurray has seen a boom over the last year. It is a city that pulls workers from all over Canada.
The average home prices in the city increase, although the figures posted for the month of May did not quite hold up with figures posted for the month of April. This increase in average prices can be linked with the struggling of supply level to keep pace with the demand. There were 408 units recorded in the inventory in the month of May and this is the lowest for the month of May since 2007.
The sales to new listings were relatively high at 70 percent with a small number of homes being added to the market. During the month the above-mentioned quantitative measures help support the increase in pricing. The 18 percent of homes sold in May were priced over $600,000 while in the May of 2020 only 12 percent of homes sold over $600,000. The same trend was followed in the month of June the only exception was the new listings. The listings in the month of June increased as compared to the last year June by 16.9 percent. Because of the increase in the listings the market shifted its support to the sellers but on the other hand, buyers also had more options to select from.
The semi-detached homes sale was up by 9 percent. There was an increase of 34 percent in the sales of the detached residential houses and apartment sales increased by 26 percent. But the sales of townhouses were decreased by 60 percent, which can be understood by the fact that the buyers are looking for a place that is greener and more spacious due to pandemics.
As the number of new listings is increasing it is expected that the local real estate market of Fort McMurray will be cool off a little. But this will only happen with the increase of listing and decrease in the demand over the next few months. As the average prices are decreasing it is anticipated that many buyers will use their pandemic savings to buy a new property.
There are 393 new properties on the listings as of 14 September 2021. Out of which 205 are detached houses, 36 are townhouses, 43 are condominiums while 26 properties are of land area. The highest-priced property is $5,213,960.00, the lowest priced property of $45,000.00 and the average price of a property is $434,835.47.
The average price of a five-bedroom detached house is $643,000. The average price of a three-bedroom townhouse is $295,000.
The sales in August dropped by 63 percent with 150 new listings and 95 sales. The gain in the price occurred for single-family houses in August 2021 along with semi-detached homes. The year-to-date gain in single-family houses was five percent. While the average prices of apartments and the townhouses showed a decline.