The Canadian Mortgage and Housing Corporation Fort McMurray Real Estate outlook reports are available for the remainder of 2011, with forecasts through 2012. Overall things in the Wood Buffalo market are continuing to increase and are expected to grow at a steady 6% pace.
The report includes sections on the Wood Buffalo region economic outlook, the Fort McMurray resale real estate market, the new home market, and the rental market. Download the CMHC Fort McMurray and Wood Buffalo Outlook for all graphs.
Fort McMurray & Wood Buffalo Real Estate Market Highlights
- Alberta’s GDP growth is expected to be positive through 2011 and 2012.
- The value of oil sands projects in 2011 is approaching the 2008 levels.
- Full time job growth fuelled by increased oil sands value and opportunity continue to support housing demand in the region.
- Fort McMurray and Wood Buffalo resale MLS® sales are forecasted to continue growing through 2012, with stronger activity in 2011 putting us on pace for a year over year gain.
- Average single-family home prices are setting new record highs. Multi-family home and condo pricing is increasing at a more moderate pace.
- Sales of homes priced greater than $600,000 has increased over last year. Homes priced $600,000 – $800,000 account for just over 40% of sales compared to 35% at this time last year, while homes priced over $800,000 account for 15% of sales compared to 7% last year.
- New single-family detached home starts will have moderate growth through the end of 2011 and are forecasted to remain stable in 2012, while multi-family starts are expected to improve next year.