What does $720,000 get for a house in Fort McMurray?

Living in Victoria, BC I am used to seeing high prices for housing. I used to think it was expensive living in Victoria.

[quote]According to the Royal LePage House Price Survey, the standard two-storey homes in Fort McMurray sold on average for $720,000.[/quote]

Fort McMurray is considered the heart of one of Alberta’s (and Canada’s) major hubs of oil production, located near the Athabasca Oil Sands. Besides the oil sands, the economy also relies on natural gas and oil pipelines, forestry and tourism. The two largest oil sand mining companies are Syncrude and Suncor Energy.

I understand the remoteness of the community and the cost of living but when a house that has 3 bedrooms and 2 baths is $720,000 how does a family get ahead?

3 thoughts on “What does $720,000 get for a house in Fort McMurray?”

  1. I feel bad for the people that end up buying at the top of the market. It was horrible in the 70s when Alberta’s economy just skyrocketed and but then had to go through the sever recession in the 80s when interest rates when through the roof. Lets hope that people have learned something from all of the hardship that the US housing market has gone through in the past decade.

  2. But everyone up in Fort McMurray are making like over $100,000.

    I know that rent is notoriously high up there too. Like $2500 for an apartment.

    Classic case of supply and demand?

    1. That is true that most people make higher salaries there. We attended a trade show recently where we heard that it is incredible the amount of disposable income households have up there.

      Very popular for home parties and home based businesses.

      I still can’t believe the price of rent though – for the quality of home that you get.

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