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Nov 8, 2023 9:07 PM - The Canadian Press

Real estate prices continue to decline in Fort McMurray

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The price of a single-family home that once exceeded $700,000 a decade ago has dropped to $467,848. (Photo: The Canadian Press)

Real estate prices in Fort McMurray continue to decline.

The state's housing market was once very active, but now it is facing a major drop in prices.

In the early 2010s, when a single-family home in the northern community was worth more than $700,000, prices have dropped by hundreds of thousands of dollars due to the oil boom, according to Melanie Gelea, a Fort McMurray real estate agent.

The overall median home price in Fort McMurray dropped nearly 16 percent compared to October 2022, from around $336,000 in October 2022 to around $282,000 in October this year.

The price of a single-family home that once exceeded $700,000 a decade ago has dropped to $467,848.

Gelea says these market conditions are not new to her as a real estate agent as she saw similar conditions in 2015 before the 2016 wildfires.

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