According to the Canadian Real Estate Association Fort McMurray saw the worst of the real estate decline in Alberta in 2015, leading the market in the worst price fluctuations and housing sales in the entire province. The CREA report was compiled using data in the Multiple Listing Service database. Once oil prices started dropping in 2015 home sales in Fort McMurray also saw a decline of about 43.5%. In 2014 there were 1,724 home sales in the fort McMurray area while in 2015 there were only 974. Housing prices during the same time dropped 6.2% in the area. Only one other housing market saw any sale price decrease during the same time period and that was Calgary, which only saw a price decrease of 1.5% by comparison.

What does the real estate decline mean for Fort McMurray homeowners and purchasers? If you own your home you may see the value start to decline as prices go lower. Buyers who want to purchase a home in Fort McMurray may get prices that are lower than expected, but this could be offset by a lower overall home value as well. In the past when the oil industry was booming and prices were at high levels the prices and values of homes in the area have gone up to almost unbelievable numbers. Some have found that home ownership in the Wood Buffalo region in the past has been unaffordable because of the high demand for housing but that may no longer be the case with the recent real estate decline.