Fort McMurray Real Estate Blog

New Year Real Estate Market Update

Hi Friends and Clients!
snow-covered-treesHappy New Year!  Now that January is well on its way, let’s hope that the -40 goes with it.  I finished top individual sales associate within my brokerage in 2017, and would like to thank you all for your support and loyalty over the years.  I plan on moving into 2018 with a work-hard-attitude and ensure that I continue to provide the best possible service to all of my valued clients.

To give a quick recap, the market’s year-to-date average sale price for 2017 compared to 2016 are as follows:

  • Single family homes are down -8.37% finishing at $602,654
  • Duplex homes are down -6.17% finishing at $$439,762
  • Townhomes are down -15.92% finishing at $301,957
  • Apartment Condominiums are down -13.01 finishing at $212,639
  • Mobile homes with land are down -12.60% finishing at $303,222

Last year was another year of significant decline in the market.  However, moving into 2018, our inventory is down compared to last year in most housing categories, and sales seem to be on the rise.  The last two offers I wrote ended up in multiple offers, which is a good sign that things will be turning around.  The price of oil is also an even better sign with us sitting around $70 a barrel - meaning more jobs and opportunities for our oil and gas sector in the region.  This year, in my opinion is a year where we will see things start to stabilize, and in some of the markets I am projecting a 3-5% recovery....

How much are Home Prices Appreciating across Canada?

Home Price Appreciation / Depreciation across Canada

That is a great question. For parts of Canada where there are major cities and metropolitan areas, the monthly home price appreciation is not only calculated, it is available online here. (Hat tip to my REALTOR friends in Kelowna for the link to that page.) 

Using that online Appreciation map gives us a general idea in the biggest cities in a province how home prices are doing month to month and year to year...and that is good...BUT that does not show us the following:

  • How homes are doing in Fort McMurray?
  • How is YOUR home doing?
  • How much equity do you have in your home?

The good news is that WE can help you with that! Let us provide you with those answers. We are happy to give you at no cost or obligation. Getting started is easy. Simply fill out the information below: