Fort McMurray Real Estate Market Update
Posted by Jennifer Fahey on Thursday, September 21, 2017 at 11:58 AM By Jennifer Fahey / September 21, 2017 Comment
It is now time to pull out those wooly sweaters and grab pumpkin spice lattes. With August, we have seen sales down from the same month the year prior. Overall however, year-to-date numbers are still up from that of last year. Being optimistic is key to our continuous rebuild. Note that our newest economic update sees strong growth after the wildfire. We are rising back up from the resulting decline in economic activity in 2015 and 2016 which have also affected our real estate numbers.
With the rebuild going strong as well as the positive change in oil prices, the Conference Board of Canada stated in their report that GDP is expected to rise by more than 20% over this year and 2018. Moreover, there is also a foreseen increase of 11,300 new jobs produced by the regional economy which would cut the unemployment rate from last year’s 8.8% to 4.1%. Another forecast is that the economic impact associated with the wildfire is expected to have dissipated by the year 2021. To shed more light on this update, it is also expected that the economic growth in the Wood Buffalo region will surpass that of Calgary, Edmonton, and Red Deer through 2017 and 2018.
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