Real estate prices continue to decline in Fort McMurray

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.