Fort Mac, $679,900

Thanks to visitor Brent, for providing details of this ‘executive home’ for sale in Oil Sands City. Remember these days – they are among the dying ones of the Generation of Real Estate. — Garth

General Description

5 BEDROOMS!! All the room you’ll need is right here, upstairs you’ll find 3 bedrooms and a full bath. The master has spacious his and her closets, kitchen with oak cabinets opens to a full dining area. Side entrance provides easy access to basement where you have a large family room and 2 more bedrooms. Don’t worry about where to put your computer because there’s a room for that as well. With access from the alleyway there is a 24 x 20 detached heated garage. Located in Wood Buffalo, this home is located near schools, shopping, walking trails and the golf course. Call today for your private viewing!!

Real Estate Type : Single Family
Building Type : House
Bedrooms : 5
Bathrooms : 2
Interior Floor Space : 1156 sqft
Storeys : Bungalow
Built in : 2001
Land Size : 4360 SQ/FT
Title : Freehold
Location : 115 WOLFF


#1 Brent on 04.21.08 at 11:59 am

If your budget can’t quite afford the executive home just yet you can get into a mobile trailer for $516,000.

#2 Al on 04.21.08 at 12:02 pm

1156 Square feet for 5 beds and 3 baths?

#3 RJ on 04.21.08 at 12:21 pm

My family and I live in Fort McMurray and bought our 1200 sq ft bungalow in the summer of 2004 when the average price of a single family dwelling was $310,000. Now the March 2008 average price for a single family dwelling is $689,176 (up 32.8% since March 2007 and 5% since February 2008)

I only own the one property and have no plans of flipping it or speculating on real estate in this town. I do agree that all booms must bust and it is just a matter of time, but with that said I think Fort McMurray is more likely to stabilize over the short term because of the following unique forces that will at a minimum shore up prices:

1) Introduced during summer of last year was a Cost of Living Allowance for most public service sector workers of $1040 per month (the private sector has been getting similar benefits for years and that was a large reason why the prices were deemed affordable)

2) The price of oil keeps hitting new highs ($117.40 today) and the number of oil field projects being announced keep increasing and mean billions of dollars in development.

3) Population growth. The results of the 2007 Municipal Census reveal a total population of 89,167, up 16.2 per cent since 2006, accoring to the Regional Municipality of Wood Buffalo. The city and other experts are forecasting a continued population growth rate of 9 % which would mean the population of the regional municipality of Wood Buffalo (ie. Fort McMurray and surroundings) wouldexceed 150,000 by 2015.

4) The supply of homes is almost always outstripped by demand because not all of the surrounding land is suitable for development and it takes time for the city to service new developments (basically growth continues to outpace attempts to respond to it and an impatient private sector just keeps up the ante)

5) Rents are extremely high in Fort McMurray with a bachelor suite being an average $1305 a month and single rooms in houses being rented for $700-1000 depending on amenities. This gray rental market is another means that owners are able to deal with the affordability issue.

6) Lastly, according to the Money Sense list of Places to live in Canada Wood Buffalo has an average family income of $135,500 (the highest in Canada).

The fact is few people live in Fort McMurray for reasons other than work and as long as the job growth and financial incentives continue I think the unaturally high price of housing will continue because they counter the affordabilitiy issues.

Would you agree that in the short term (3-5 years) the Fort McMurray market is likely remain stable or grow moderately (Note this prediction contradicts local realtors that are forecasting a low double digit growth year [Fort McMurray has seen roughly 30% growth per annum for the last three years]).

The reason I ask is because my public sector employer is constantly needing to attract new employees to Fort McMurray and I am nervous about recommending the move to colleagues solely because of the real estate market risk (other than that it is a great place to work).

#4 jrochest on 04.22.08 at 6:12 am

RJ, darlin’, it’s a half-million dollar mobile home.

Sure, while the money is flowing freely paying that much for a ‘house’ might seem less insane, but the moment it stops, slows or hiccups, you’re stuck owning 500,000 dollars on a tin can. And a 30 foot slice of muskeg.

#5 Keith in Calgary on 04.22.08 at 5:36 pm

I just got back from Houston, Texas (the other North American oil capital…..heh).

And that would be a $50-75K home down there.

I can buy what is currently a $500K home in Calgary…….for $175K in Houston.

#6 deano on 04.28.08 at 2:00 pm

AT least you’ve got your ‘free’ health care.

#7 Another Albertan on 04.29.08 at 9:31 pm

Keith –

I was down there last week too. $500k will get you into a monster McMansion in a gated community in Katy.

Personally, I’d rather be in the Inner Loop in an older, smaller home.