you sound like I did when i first came and told my real estate agent I was looking for a single detatched house for 500K,,,,, the look on her face I will never forget
I am not thinking that way. I am not expecting the condos to be cheap. I own a condo in a building in Calgary that has two penthouse suites, the asking price on the 2 9th story unis were 2.4 million and 1.7 million, which is more then pretty much any house being sold in Fort Mac listed on MLS atm. A 7th story unit that went for just under 1 million was 2012sq feet and had a 1600 sq foot patio.
The funny thing about Fort Mcmurray real estate is that it is the low to mid end that is hugely inflated in price, if you actually spend 1.2 million or more on a house here you get something pretty close to what is also worth 1.2 million in Calgary. The problem is that if you only have $500k to spend you get something that in Calgary would be worth $350k. The more you spend in Fort Mac the closer you actually get to value for the dollar when compared to the other major center in Alberta, there are acreages for sale in Saprae Creek that have asking prices that are quite on par for what they would be worth in Calgary or Edmonton.
Much as with houses, if they build high end the prices people pay will likely end up being a far better value for the dollar. I would rather spend $900,000 on a condo that sells for $900,000 in Calgary then spend $450k on a condo that sells in Calgary for $300k.
The only place that there is actual value for the dollar in this city is on single family homes at or over about the 1.2 million range, those houses are actual 1.2 million dollar houses everywhere in Alberta. Anything lower priced then that and you start to get fleeced.