The latest Royal LePage House Price Survey which was released yesterday shows the real estate market in Fort McMurray is balanced. During the first quarter of this year detached bungalows achieved an average price of $635,000, while two-storey homes sold for an average of $710,000. Condominiums achieved an average price of $370,000.
According to Marion Berry, broker and owner of Royal LePage True North Realty, "Market activity in the Fort McMurray area is balanced and consistent with levels from last year. Continuous growth in our region's job sector and growing migration levels has helped fuel our real estate market-a trend we expect to continue throughout the coming months." She went on to explain that in spite of strong demand due to the local economy, inventory levels are slightly higher compared with last year, although they're still in line with seasonal averages, and are sufficient to meet the demand.
Market activity nationally was unusually high for the first quarter of 2012, resulting in declining inventory levels and strong price appreciation in most major cities. Sellers have chosen to list property earlier than normal due to the unseasonably warm weather, and buyers continue to be attracted to the market by historically low mortgage rates. During the first quarter of the year the average price achieved for a standard two-storey home increased by 5% year-on-year to $398,282. The price of detached bungalows increased by 4.4% to $356,306, and the average price for a standard condominium rose by 2.2% to $243,153.
Fort McMurray is best known for being associated with the oil sands industry and the town is considered by many to be right in the heart of Canada's oil production hub. This has attracted large numbers of people from all over Canada and throughout the world to move to Fort McMurray.