MARCH 2020 STATISTICS RELEASE
Statistics include Fort McMurray and surrounding area

We are in unprecedented times. Real estate has been deemed an essential service by the Provincial
Government of Alberta. This doesn’t mean it is business as usual. All Brokerages have put safety
measures in place to make it safe for showings to continue.

We are asking the public to be intentional with showings. To buyers: Please be sure your pre-approval is
in place before you view any homes. Sellers are making sure their homes are safe for you. Follow all of
the precautions outlined by sellers.

Even though public open houses have been cancelled, recently CREA released a new feature on Realtor.ca that allows for virtual open houses. A great way to stay at home and preview a property.

For further safety measures, Home Inspectors now have board access to lock boxes. During the home
inspection clients may be asked not to attend in order to reduce the risk to the parties involved.

As in May 2016 after the Wildfires hit Fort McMurray there was a drastic change in the market. Numbers
will be skewed over the next several weeks until we are through this current world crisis. Homes are still
selling and being viewed with lots of precautions.

Thank you in advance to buyers and sellers for patience during this time. On behalf of all of the Real
Estate Professionals serving Fort McMurray we are working hard to keep you safe! Thank you to all of
the front-line works making us #FortMacStrong. We encourage you to shop locally as much as you can.
​
Complete statistics are posted monthly on our website www.fmreb.com.

Buying or selling a house in Fort McMurray is a big undertaking under normal circumstances, let alone in the midst of a pandemic. With economic impacts and the uncertainty that accompanies day-to-day life, Canada’s federal, provincial and municipal governments and companies have implemented a number of COVID-19 relief measures to help soften the financial blow.

We’ve compiled a list of some pre-existing and newly announced programs and incentives intended to assist current homeowners, buyers and sellers, along with some links to further inform anyone seeking some COVID-19 relief.

The situation is changing hourly, so REMAX.ca will continue to update this list as things develop.

COVID-19 Relief Measures

Federal Government Pledges Up To $52 Billion in Direct Support to Canadian Workers and Businesses

On March 18, 2020, the Prime Minister announced $27 billion in direct support to Canadian workers and businesses during this challenging time. On March 25, an emergency federal bill received royal assent to increase that amount to $52 billion, including support for workers unable to do their job due to Coronavirus. For more information, click here.

Mortgage Payment Deferral Programs

Many homeowners who’s employment and income have been interrupted due to COVID-19 are struggling to make their mortgage payments. In response to this, Canada Mortgage and Housing Corporation (CMHC) and other mortgage insurers offer tools that can assist homeowners experiencing financial hardship at this time.

In addition to this, a number of Canadian’s large banks will be allowing mortgage payment deferrals for up to six months as part of their measures to help customers who may be struggling with the financial impacts of the COVID-19 pandemic. According to a Tweet from the president of the Canadian Bankers Association, RBC, TD, BMO, Scotiabank, CIBC and National Bank are the banks that are offering these deferrals. We encourage you to talk to your bank if you are under any sort of financial strain.

Bank of Canada Lowering Rates

The Bank of Canada’s benchmark interest rate has been on a downward trend recently. In its latest scheduled interest rate announcement on March 4, the Bank cut its rate from 1.75 to 1.25 per cent. The Bank followed up with an unscheduled announcement on March 16, announcing a further reduction in its key interest rate by a further 50 basis points to 0.75 per cent. On March 27, the Bank again cut its rate by another 50 basis points, to 0.25 per cent, with a goal of bolstering economic activity and keeping inflation low and stable. For more information on what the Bank of Canada is doing, click here.

First Time Home Buyer Incentives

The First Time Home Buyer Incentive was implemented in September 2019 to help qualified first-time homebuyers reduce their monthly mortgage payments without adding to their financial burdens. The incentive is a shared-equity mortgage with the Government of Canada and offers a number of different options for first-time homebuyers. You can read more about the First Time Home Buyer Incentive here.

Insured Mortgage Purchase Program (IMPP)

The Government of Canada implemented measures intended to bolster the financial system through the launch of its Insured Mortgage Purchase Program (IMPP). The government is prepared to purchase up to $150 billion of insured mortgage pools through CMHC, increased from the original $50 billion announced on March 16 as part of the Emergency Response Act. This will allow stable funding to banks and mortgage lenders that will help ensure lending to continue to Canadian consumers and businesses. For more information on the Insured Mortgage Purchase Program, click here.

Property Tax Deferrals

Some Canadian cities are allowing property tax deferrals, such as Toronto, Ottawa, Grand Prairie and more, while other cities are considering similar action. These decisions are being made at the municipal level and things are changing daily. We recommend visiting your municipality online to determine if your upcoming payment can be put on hold without repercussion.

Hydro Pricing Reductions

Ontario is eliminating mid-peak and on-peak electricity rates giving residents who have been forced to stay home due to COVID-19 the lowest rate available (off-peak) all day for 45 days. The lowest electricity rate is also being extended to small businesses and farms. For more information on the Ontario hydro rates, click here.

Internet Usage Rules Relaxed by Major Telecommunication Companies

Some major telecommunication companies, such as Telus and Shaw, are changing their phone and internet plans and adapting amidst the COVID-19 pandemic. The Shaw website notes that they do not have data caps on their internet plans, allowing you to keep kids entertained and work from home without having to worry about data caps on your internet.

CRA Sets New Deadline to File your 2019 Income Taxes
​
The CRA has announced that there are new tax filing and payment due dates. The new due date for filing individual tax returns has been extended to June 1st, 2020. Taxpayers will have until September 1st, 2020 to pay any 2019 income tax amounts owed. For more information regarding the new dates for filing taxes, click here.

If you are interested in searching homes for sale in Fort McMurray click link below.

COVID-19 has hit 2020 like a wrecking ball, slowly making its way across borders. Social distancing has us all pressing pause, letting go of priorities in favour of time spent indoors, connected only though our screens. Alas, in the real estate market, even amid a global pandemic, there are still sellers who need to sell, and buyers who need to buy.

Lucky for us, in this age of technological glory, real estate agents have access to some great solutions to ensure that processes remain safe, and transactions can continue to take place. This too will pass, and in the meantime, we can all use a little creativity to ensure that our brief pauses don’t turn into a full stop.

Great News for Buyers

Finally, a silver lining to COVID-19 mark on the markets: if financially possible, it can be a great time to buy a home with interest rates being the lowest we have seen.

In response to the viral outbreak, banks worldwide have been cutting interest rates. The Bank of Canada cut the interest rate for Canadians by a full percentage point earlier this month. As a result, prospective home buyers looking to get a mortgage can now expect to borrow at a decreased rate. With fixed term mortgage rates also on the decline, home buyers have the flexibility to borrow more and aim for a higher home price or get a better mortgage rate and have less expensive mortgage payments.
So, with buyers in a good position to buy, how are real estate agents helping to make home sales happen, particularly in the wake of temporary social distancing?

Leverage Technology for Real Estate!

Big advances in technology have ignited a fundamental shift in the real estate industry, and it is now easier than ever to gain a wealth of knowledge about a home, condo, townhouse or any listing from the online listing alone.

Floor plans, detailed descriptions, panoramic pictures, and video tours allow the buyer to get a good feel for a home, before ever setting foot within the property.

With a greater segment of the population glued to their screens during isolation measures, there could be a marked increase in recreational and serious buyers browsing the online marketplace. Agents will be ensuring more than ever that their online listings are as detailed and alluring as possible.

These tools will help the real estate market move online, at least until isolation measures have passed:
​

• 360 Virtual Video Tours

More agents are working with photographers specializing in 360 home video tours as a way to create an immersive experience for the home buyer.

By helping to bring the property listing to life, buyers like that they can get a feel for the space without being there. A good virtual video tour is navigable, interactive, and controlled by the viewer. The resolution should be high, and the control tools should be intuitive.
​
The ultimate goal is to replicate the experience of walking through each room, in person. During COVID-19, 360-home tours are a recommended alternative to an open house.

• Ditching the Paperwork

​
We may be hoarding toilet paper supplies, but we can a least give the printer paper a rest by moving to electronic signing methods once you’re ready to sign on the bottom line.

There are a number of downloadable apps available, allowing signatories to sign a PDF or word document directly through your phone or tablet. Many of which real estate agents are already using to facilitate real estate deals.

Limited contact, limited paper. Online signing methods can be encrypted with a tamper-evident seal and audit trail. This ensures the legality of the signed documents and allows you and your agent to view what was signed, and when.
​

• Screen-to-Screen Selling

While face-to-face contact is challenged during the period of social distancing, there are other ways to maintain a personal connection with your agent. Video calling tools such as FaceTime and WhatsApp, can help mimic a meeting with your agent more effectively than a phone call, and can also prove to be useful if you wish to view aspects of a property not shown through the listing.

Above all, it’s important that you’re taking precautions to ensure your personal safety, and the safety of others during your home search. And remember that “necessity is the mother of invention”; perhaps some of these temporary adjustments will prove to be viable long-term solutions for the real estate industry.  In the meantime, with a little bit of creativity, real estate agents can maintain their commitments to their clients, in a way that keeps all of our communities safe. 

FEBRUARY 2020 STATISTICS RELEASE
Statistics include Fort McMurray and surrounding area
​
Welcome to the Roaring 20’s of Real Estate in Fort McMurray. February was another strong month of Single family home sales. It is a balance market with inventory 11% lower than last year at this time. The year to dates sales, this year over last year has a 67% increase.

Duplex home sales year to date sales are up 26% comparted to 2019.

Townhomes has seen a decrease in sales from last year but also a decrease in inventory by
18.89%

Condo Apt: Sales, inventory and price are all down from last year.

Mobiles with Land for February was a seller’s market with 2.83 months of inventory. There was an increase in average price by 12%

The year to date average price for a lot is $106,475 which is up by 7% from last year.

Reminder Single Family Home inventory is still low. Now is a great time to contact your local Real Estate Agent in Fort McMurray about getting your home ready for the spring market.
​
Complete statistics are posted monthly on our website www.fmreb.com.

JANUARY 2020 STATISTICS RELEASE 
Statistics include Fort McMurray and surrounding area

They are calling it the Roaring 20’s and January 2020 has started with a bang. Single family home
sales were the strongest we’ve seen since 2019 spring market. What an exciting way to start the
year with a balanced market 4.5 months of inventory. Inventory in this sector is still very low
with reports of multiple offers.

Single Family: The average sale price is $506,607: down slightly from January 2019 but up from
last month’s $451,714.
Condo Apt: sales are up over last year the same time with 26% lower inventory
Mobile with Land: inventory is consistent to last year

Reminder Single Family Home inventory is still low. Now is a great time to contact your local
Realtor about getting your home ready for the spring market.

As always the best advice is the trusted advice from your Real Estate Agent in Fort McMurray.
Complete statistics are posted monthly on our website www.fmreb.com

Click button below to search all houses for sale in Fort McMurray.

DECEMBER 2019 STATISTICS RELEASE
Statistics include Fort McMurray and surrounding area

There are some good things to note in the December Statistics in the Fort McMurray real estate
market. Single family home sales were up 52% over last year at the same time.

YTD SALES Highlights
Avg single family home price down 7%
Condo Apt sales up 30%
Townhouses sales up 20%
Mobile Homes with land: sales up 12% and inventory was down 20%
Vacant Lot sales down 65%, inventory down 38% & price up 12%

Single family homes inventory is currently the lowest it’s been since December 2009. It could be a
good time to get your home on the market. Call your favourite local Real Estate Professional.

As always the best advice is the trusted advice from your Real Estate Professional.
Complete statistics are posted monthly on Fort McMurray Realtors website www.fmreb.com.

NOVEMBER 2019 STATISTICS RELEASE
Statistics include Fort McMurray and surrounding area
November was a little busier this month when compared to the same month last year. We saw a slight decrease in the number properties sold when compared to last month, however that is quite normal for this time of year. The overall total number of sales for the year has decreased a little over 2% and the average single-family sale price is down just over 8% compared to last year.

The biggest changes we saw from last year was townhouse, apartment, and mobiles with land sales. In each of these categories we saw double the amount of sales when compared to the same time last year.

Contact your friendly neighborhood real estate professional to see if it is the right time for you to make your move. As always, the best advice is the trusted advice from your Real Estate Professional.
Complete statistics are posted monthly on our website www.fmreb.com.

OCTOBER 2019 STATISTICS RELEASE
Statistics include Fort McMurray and surrounding area

Brrr… someone turn on the heat! This month we have seen a slight increase in the number of sales from single family homes, townhomes and apartments however, the overall number of sales are down 5.26% this month. Prices are still on the decline with townhouse units seeing the biggest drop this month at over 20% when compared to the same time last year.

Overall new listings are up slightly from last year resulting in higher inventory levels. Our average, single ​family home price is down just over 6% from last year.
As always, the best advice is the trusted advice from your Real Estate Professional.
Complete statistics are posted monthly on our website www.fmreb.com.

SEPTEMBER 2019 STATISTICS RELEASE
Statistics include Fort McMurray and surrounding area

​Hopefully everyone is enjoying the beautiful, vibrant colors of fall as you drive around town. Our real estate market continues to cool with the weather this month. September’s single family homes saw a slight decrease in sales compared to the same time last year. However, we saw a slight increase in the number of apartment, duplex, and townhome sales. Prices still continue downward this month, -6% compared to last year.
​
As always the best advice is the trusted advice from your Real Estate Professional.
Complete statistics are posted monthly on our website www.fmreb.com.

AUGUST 2019 STATISTICS RELEASE
Statistics include Fort McMurray and surrounding area

Fall is around the corner and it’s starting to feel as cool outside as our real estate market. August saw a slight decrease in sales compared to last year this time. Inventory is down compared to last year, however prices have seen a large 12.91% drop from August of last year to August of this year. Apartment Condominiums and Duplexes on the other hand saw a 20% increase in average sale price year over year.
​
As always the best advice is the trusted advice from your Real Estate Professional.
​