Proceeds from the land sales at Parsons Creek will be reinvested into schools, roads, and other infrastructure, said the government in a news release.
â€œNot only is this investment good for the Fort McMurray region, it will benefit the rest of Alberta and Canada by helping prepare the ground for future growth and prosperity of the energy sector,â€ Denis said.
The growth is backed by the developing oilsands industry. The Canada Mortgage and Housing Corporation (CMHC) recently predicted Fort McMurray will see a 14% increase in housing starts this year, along with a 29% increase in multi-family housing. CMHC also predicts resale home sales in 2011 will jump nearly 10%. The average price will be $585,000, up 5% from 2010.
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
The Alberta government has committed $166 million to the first phase in order to develop 135 acres, dubbed Parsons Creek. Jonathan Denis, minister of housing and urban affairs, said later phases will eventually expand to a 1,000 acre community with 8,000 homes and approximately 24,000 residents once completed.