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.

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