The average price of single-family detached homes is continuing to drop across Wood Buffalo.
According to data from the Fort McMurray REALTORS, 538 properties were sold in 2019 averaging around $531,950.
This is down from 2018 where 554 homes were sold at an average price of $571,991.
The median price continues to rise as you go back to previous years, however, fewer homes were sold.
In 2017, 494 properties were sold averaging $600,396.
If you go back to 2016, 469 properties were bought at an average price of $658,032.
The average price has dropped by $126,082 in that four-year span.
The drop has also led Fort McMurray to have the most affordable housing market across the globe – according to
Meanwhile, the lower prices are also coinciding with a rise in the number of foreclosures across the community.
According to data from Alberta’s Justice and Solicitor General, in the 2018/19 fiscal year, 220 statements of claims were filed.
The 2019/20 year has nearly matched this after just six months.