justsomeguy wrote:3 Things will drive house prices in FMM
1 - the price of oil....drives growth.
2 . Interest rates....determines if those with $800k mortgage can afford to re-new their 2% varaible at say 6% and pay 3x the mortgage! Will drive an exodus if it happens.
3 . Enviro Politics....self explanatory
We will not be seriously impacted by a national swing either way....we can be in a total national collapse but if oil is $150 prices here will still climb.
There are more things that drive prices then just those in this special little town.
4 . The timely release of provincial land to the RMWB to assure a steady supply of housing. One of the main reasons that housing prices have skyrocketed is because there is an undersupply of housing in this city, which is why most houses are more akin to multi-family condos in truth.
5 . A continuation of poor building quality (on average), building to the bare minimum of code, and many houses and condos that show cleaar signs of shoddy construction and/or are in major states of disrepair from the former tentants/owners. This is a BIG problem in Fort McMurray, many of the condos, townhouses, and even single family homes on the market have major issues and require vast sums of money to repair them, what this effectively does is geatly reduce the number of properties for sale that are actually in good condition and those properties suddenly demand a premium because an actual well built house in good condition in Fort McMurray is the exception, not the norm.