Fort McMurray’s Real Estate Market

Fort McMurray is a town nestled in the middle of the confluence of four rivers and is the largest city in Wood Buffalo, Alberta, Canada. The city is one of the largest municipalities in Northern America. It stretches north from Central Alberta to the borders of Saskatchewan and the northeast territories.

Fort McMurray is known to have some of the priciest real estate in the province of Alberta, eclipsing those of even Edmonton and Calgary. The average price for a home in Fort McMurray is $585,182, far above Calgary’s home prices at $472,529 and Edmonton’s $418,928 according to a 2016 comparison index. However, compared to the major real estate markets in the world, Canadian real estate is a bargain. There are a lot of permanent and semi-permanent accommodation options in Fort McMurray, from apartments and condos to permanent homes.

Reasons for the Boom

The rise in the average rate of real estate in Fort McMurray is due to several factors. The shortage of living space, high consumer confidence, a strong job market and higher income levels are the main reasons why the real estate market in Fort McMurray remains strong.

Higher incomes give people more opportunities to buy homes with prices that they can afford.The increase in job opportunities in Fort McMurray also means that a lot workers were drawn to work in the region and naturally, these workers needed homes or apartments to live in. Job opportunities that fueled the migration usually came from the oil sands companies.

Tips on Looking for Homes in Fort McMurray

If you are looking for homes in Fort McMurray you need to know that there are a lot of ways you can look for the home of your choice. There are a lot of organizations in Fort McMurray that can help you make the necessary preparations in choosing a home.

Before you choose a home, it is best to get prequalified. Do a complete assessment of your finances to see how much you have. You can work with a qualified banker or a mortgage broker who can help you look at the options of homes you can afford. You can find home listings made by the owners in the local classifieds section on the local paper or go online for real estate postings. Either way, you will need the assistance of a good real estate broker to iron out all the details and help you make the right choices when buying your home.

The next step is to work with your real estate broker on figuring out a down payment and choosing a location. The commute, nearby schools, proximity to the town center and other factors are some of the things you need to consider when looking at a new home.

Going to open houses is the best thing you can do when planning to buy a new home. This is the only way to see the condition of the place you are planning to buy. This will also give you an idea of the repairs that may be needed to be done on the property.