Average Housing Prices in Fort McMurray seem to be dropping

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Average Housing Prices in Fort McMurray seem to be dropping

According to http://www.woodbuffalo.net/linksFACTSHome.html
Detached house prices came down 4.7% from a month ago :shock:
Code: Select all
Average Housing Prices in Fort McMurray
Type of Home   Apr 2011   Mar 2012   Apr 2012
Single Family   $729,048   $774,538   $737,412
Multi Family    $441,075   $403,590   $388,512
Duplex          $534,230   $543,545   $526,030
Mobile Home*     $35,000   $57,000   $74,000
Mobile Home/Land  $423,748   $445,433   $430,657


Anyone else noticing the prices of houses going south ?
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Re: Average Housing Prices in Fort McMurray seem to be dropping

Unread postby Tom Albrecht » Fri Jun 28, 2013 1:38 pm

I am an Associate with RE/MAX and you can check out my recent blog on the topic at:

http://wbuff.com/blog/tom-albrecht/fort ... rices-2013

For regular blog-posts on this topic, "like"...
https://www.facebook.com/TomAlbrechtFM

Kind Regards,
Tom Albrecht
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Re: Average Housing Prices in Fort McMurray seem to be dropping

Unread postby Tropics » Sat Jun 29, 2013 2:50 pm

The multi family one does not surprise me at all. The Peaks in Timberlea is in the middle of a massive repair to it's foundation that is costing many millions of dollars and the banks wont even mortgage a property in that building any more. If someone owns in that place and they want to sell they basically need to find someone who has the cash. I looked at condo properties all over this city and one thing stood out, most are in poor shape, both inside the units themselves and in the common areas. While the common areas are in states of disrepair the condo fees in these places are quite high, so one has to wonder where the money is being spent, since it is not going to maintenance of the property. The Ridge condos in Thickwood are also basically unsellable, with condo fees for the smallest units in the building being over $900/month and now they have ripped their entire envelope off of both buildings.

All of these completely messed up condos in this city are affecting the average selling price because they are a gong show and any buyer with any sense is going to not likely want to buy into one of them and if they do they are going to need one heck of a cheap selling price in order to make the numbers make sense.

The more these condos get screwed up the more they are going to push the so called "Single Family House" prices up because those single family homes normally have anywhere from 1-3 suites in their basement, loft, shed in the backyard, ect... and those places are under HIGH demand because young people and families that would be in the market for multi-family housing like a condo as a first time buyer have no choice but to rent because there are no decent affordable multi-family options to buy in this whole city.
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Re: Average Housing Prices in Fort McMurray seem to be dropping

Unread postby mcmurrian » Tue Jul 02, 2013 1:56 pm

Tropics wrote:The Peaks in Timberlea is in the middle of a massive repair to it's foundation that is costing many millions of dollars and the banks wont even mortgage a property in that building any more. If someone owns in that place and they want to sell they basically need to find someone who has the cash.


A few corrections.
Centron, the company which build the condos, is fixing problems with cracks in the underground parking, the costs are not as massive as everyone has originally thought. The builder is covering all costs associated with the repairs. CMHC is now insuring mortgages once again.
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