Wildfires could mean recovery for Fort McMurray home prices

Home prices in the Fort McMurray area could see some recovery from the impact of the downturn in the oil industry according to one expert.

John Andrew, chair of the Queen’s University’s Real Estate Roundtable told the Edmonton Journal that he doesn’t expect a significant spike in prices, despite inventory being reduced by fire destruction.

However, he says that the situation could see home prices recover some of the declines in prices in the year to March 2016. Depending on home type, prices have slumped between 6.9 and 24.9 per cent.

Andrew also expects the cost of building new homes in the area to rise sharply as a large number of rebuilds will impact on labour. This was a factor seen following the Slave Lake fires in 2011.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Market update:

Investment Hot Spots:
Saint-Basile, Pouce Coupe, York, Yarker, Mabou

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address


Is a T.O foreign sales tax a good idea?