Fort McMurray
Fort McMurray is in the Regional Municipality of the Wood Buffalo situated in Alberta, Canada. It is an urban service area of Canada, British Columbia. It is located in the northeast of Alberta, surrounded by the boreal forest. It is present in the middle of Athabasca oil sands.
If you have a background in the oil industry, then Fort McMurray is the city to settle in. You can easily find a good job there depending on your experience & qualifications. Many families prefer to settle in the bigger cities but there are many smaller cities which have much more to offer. Families prefer to move to this city to have a job opportunity in the oil sands industry.
Average Housing Price in Fort McMurray
Fort McMurray is enjoying the effects of many spring demands during the summer months, joining the boom of the remaining real estate market. However, it is a local housing sector that struggled to maintain its momentum in the last few months of 2020, despite the lower levels of the inventories.
According to a real estate research, the sales of residential retail tumbled around 45.3% in December as compared to the same time last year. The total average housing prices dropped by 6.1% over many years in December to around $315,210. The real estate prices have dropped around 2% on an annual basis.
There has been a slight increase in the prices of detached houses this year. This increase is around 9.7 % to $ 445, 688. But there is a decrease shown in average housing prices of semi-detached, townhouses, and apartments.
The average price of semi-detached houses has decreased to almost 7 percent and now the average price is $ 360,769. The decrease in the average prices of townhouses is around 11.2 % to approximately $170,900. The average housing price of residential apartments has decreased to $ 89,833, a fall of around 16.7%.
The comparatively large increase in detached housing prices is because of their increased popularity in the city. The trends are witnessed within the real estate market nationwide, as the lockdown due to pandemics has left the house owners with the craving for more space, both outdoors and indoors.
Real Estate Market Outlook 2023 of Fort McMurray
In the last year, there has been a decline of 16.5% across the city in December, while the decrease in the housing stocks to around 30.4% year-over-year. The number of months and months of supply it would take to sell out the recent inventories at current sales activity rates.
The real estate prices are set to fall by 5 percent between now & the end of 2023, according to the latest real estate research. This fall would reverse a 5th of the increase in housing prices since the pandemic started.
An independent economic researcher in the country conducted research that adjusted for the increase in interest rates. It is correctly forecast by analysts that real estate price growth would be much stronger by 5 percent in September.
