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Real estate prices continue to decline in Fort McMurray
BY The Canadian Press, Nov 8, 2023 9:07 PM - REPORT AN ERROR
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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