What is the forecast for Fort McMurray’s housing market? As we enter the 3rd quarter of 2018, it’s cautiously optimistic for those both selling and buying a house in Fort McMurray, the active spring and summer markets suggest a steady path to recovery.

If you’re considering selling your Fort McMurray home, here is some positive news: Sale to list price ratios: Sellers are receiving an average of 95% of their list price thus far in the month of July and  number of sales are strengthening. You should be noticing more of those lovely red sold signs recently, as June posted the highest number of sales for Single Family Detached Properties so far in 2018, with nearly the highest since 2015. 70 Sales= a whopping 45.85% increase over 2017 numbers. Prices fell only an average of 2.5% year over year, with Inventory down year over year.

Pricing your home properly remains essential to gaining the highest and best price and a timely sale, and those that do are selling in very reasonable time frames with the average days on market at 92 days. To stay competitive, conside

r scrutinizing recent sales data for your street and neighbourhood (your Realtor can provide this data) and discuss with your Lore Group Real Estate Agent competitive pricing and marketing strategies.

Buyer confidence is noticeably returning to the Fort McMurray Real Estate Market, with an increase in 1st time home buyers entering the market and scooping up homes while prices have reached a level that is more affordable, renting no longer makes sense for many. There are generally plenty of options out there for a variety of home buyers and incomes. Interest rates remain attractive with Scotia’s Prime lending rate posts at 3.70%. With the expectation that mortgage rates will increase throughout the year, now is the time to take advantage and get pre-approval while rates are low!

What are the hot properties in Fort McMurray? Where can I find deals? The condo market saw the biggest decline, year over year as the average list price of an apartment condo in the month of June was $170,335; representing a 22.81% drop in pricing from June 2017. Condo life has never been more affordable. Vacant lots continue to move with prices falling 15% from May 2018. The average price of a city lot is in areas such as Stone Creek, North Parsons Creek, Beaconhill, Abasand and Waterways is $106,629. Saprae Creek Estate recently rolled back pricing on country residential 2 acre lots starting at $124,900. Keep an eye o

n the repo market, there is currently 45 Fort McMurray foreclosures and more anticipated in the coming year.

Oil has far exceeded what most experts said would happen this year with prices jumping past $71.00 a barrel however the Fort McMurray housing market has been slow to respond as investors continue to exercise caution.The housing market in Fort McMurray isn’t necessarily booming, but it’s not a weak market either. If you’re getting ready to buy or sell and would like more information contact one of The Lore Group, Coldwell Banker Fort McMurray experts to help guide you.

Don’t put off searching for a new office space until the last minute

Tenants seeking Commercial space in Fort McMurray under 5,000 square feet should start a search at least 6 months ahead of time. Allow ample time for your Real Estate professional to search for a space that fits your requirements. You will need time to perform due diligence, negotiate and draft the lease. In cases where the space requires build out or remodelling plan for additional time to work with planners, architects and construction crews, this can take up to a year.

For large spaces businesses, should begin the planning process at least a year prior to expiry of their current lease. The larger the tenant the more complex their business needs may be. Big corporations need to start earlier to allow time to find the best possible fit.

Put together a team of professionals

Don’t go it alone. Putting together a team of qualified professionals may be your most important task. Choose a local experienced, full time Fort McMurray commercial agent who can share market trends, demographics, provide research on comparable rents and knowledge about the various areas for consideration. Many businesses make the mistake of not engaging the services of a local leasing agent. A Fort McMurray Real Estate agent can find you the optimal location assist you with finding the perfect commercial or industrial property, negotiate favourable terms and craft an offer to lease that will help you save time and money. Engage the services of a commercial Real Estate lawyer to review the finer details of the lease. You may need to enlist the services of professionals such as an architect, inspectors, accountant, various trades and in the case of larger businesses a project manager to serve as a single point of contact. Your Fort McMurray Real Estate professional can assist you with assembling a team.

Know your budget

Budget is important. Research all the costs to operate a space and your business. Many businesses wind up over budget because they didn’t review all the costs. Consult with your financial institution, accountant and review your business plan. While budget is important be open minded in your property search. Don’t let the rate be your only consideration. Bear in mind corporate image, visibility, parking, and the utility of the space and other complimentary businesses in the area that might create great synergy. Taking into consideration items such as this can help boost your corporate image, retain employees and attract new business.

Do your homework

Evaluate the buildings mechanical infrastructure to determine if it meets your business needs. Inspect the space or building inclusive of mechanical, electrical, plumbing and HVAC to ensure it is in good working order before you commence the lease. Be certain all building safety codes are met and the proper permits are up to date for any development in the space. Double check with the RMWB on zoning and ensure that your use will be permitted so that you can obtain a business license. Many businesses have made the huge mistake of assuming zoning alone is enough to ensure a business license. If your business requires a heath inspection check ahead to ensure you can meet applicable standards. Carefully review hours of operation, parking regulations, elevator access, security details, property tax and operating expenses. Did you know that many Landlords charge additional operating costs for running HVAC after normal operating hours?? Be in the know and avoid unplanned for costs that can affect your businesses bottom line.

Measure, Measure, Measure

When leasing commercial space, as a tenant, you must be 100% sure of the amount of space you are paying for. Do not rely on the landlords plans alone. Don’t be afraid to require the Landlord to prove it with a BOMA certified drawing. It could be a costly mistake if you do not have the space properly measured by a space expert.

Negotiate 

No term is too small to negotiate. Ask for favourable clauses that will benefit you. Explore Landlord incentives such as tenant improvement allowances, rent free periods and moving allowances. Carefully review options such as the option to sublease, terminate, extend and expand. Negotiate items such as designated parking and after- hours operation. Plan ahead for the future growth of your business. Address caps and terms for operating costs, pass through charges and negotiate the right to independently audit any charges.

If you would like to learn more about leasing or are considering leasing a commercial space for your business and contact Susan Lore, The Lore Group, Coldwell Banker Fort McMurray or visit our website theloregroup.com to view a list of available properties.

GET THE LIFESTYLE YOU WANT… FOR THE VALUE YOU NEED.

The Lore Group is excited to be working with Devonian Properties on Fort McMurray’s latest and greatest Townhouse community, The Portage at Longboat Landing. With prices starting at only $550,000 and possessions starting as early as March, 2013 these townhouses are a great opportunity for Fort McMurray home buyers looking for a brand new home at an affordable price.

Available in 2 and 3 bedroom floor plans with three-floor open-concept layouts and two car garages, these townhouses are fully finished and upgraded throughout. Complete with window coverings, laminate flooring, stainless steel appliances, and modern light figures and finishings, these homes will be 100% move-in ready!

In addition to their great layouts, value, and prime location in the Downtown area, one of our favourite things about these townhouses is the extra bonus room on the ground floor. It comes fully finished, and would make a great office space, workout area, sewing room, or hobby area.

Benefits of Fort McMurray Townhouse Living

Fort McMurray townhouses are a unique blend of the privacy and square footage of a traditional house with the affordability and convenience of a condo. These are perfect for home buyers with busy, active lives and families who want the comfort of a house without the long list of maintenance work that can often come attached.

Here are some of the reasons we love townhouses, and are excited about the addition of The Portage development to Fort McMurray:

1. Amazing Central Location

This development is located in Fort McMurray’s Downtown, close to prime service and amenity areas. The area around The Portage is extremely walkable: most everything you need is within a 5 or 15 minute walk, including grocery stores, health services, parks and trail access, professional services, fitness centres, and entertainment venues.

2. Affordable & Modern

One of the key perks of buying a townhouse in Fort McMurray is price; often, townhouses cost less per square foot than standalone single-family houses. The value for your money will be unprecedented from this reputable, dependable, local developer. These new homes are fully finished with open-concept floor plans, and include gourmet kitchens with modern appliances and finishings, two-car garages, and a bonus room on the ground floor to accommodate your lifestyle.

3. Low Maintenance

If you’re not a fan of mowing, shovelling, or outdoor maintenance (and let’s be honest, who is?) a townhouse is a great option. The Homeowners Association will take care of a lot of this tedious yard maintenance for you. Additionally, purchasing a new Portage Townhouse means no renovations and many of the systems and appliances are covered against defects for the first few years by New Home Warranties.

4. Privacy & Security

Townhouses are medium-density developments, which means homeowners get a great mix of both privacy and security in these communities. Living with neighbours close by means extra pairs of eyes and ears around to keep watch. But you also aren’t “surrounded” on all sides like you would be with an apartment-style condo, which means you get a greater amount of privacy. You get your own home, your own entrance, and your own garage.

To learn more about The Portage development at Longboat Landing, visit the feature page on our website. You can also look through the first listings available in The Portage community, or contact us at any time with questions.

Heritage Landing: Yesterday’s Prices Today

1 & 2 Bedroom Fort McMurray Condos Starting at $259,900

Reserve Today: 780-370.3325

The Do’s and Don’ts in Purchasing a Condo

DO Hire a Professional REALTOR®

It’s FREE. Do your homework. Find the professional who’s experience in the condo market is undeniable.

DON’T Let UNCLE FRED Lead The Way

While Fred’s advice may be great, base your decision on facts. A subjective view is always best when investing in real estate.

DO Hire a Certified Home Inspector

Enough said.

DON’T Become House Poor

Finding a great REALTOR® is only the start, aligning yourself with a mortgage specialist is a must do. Understanding how much you can afford will ensure you do not break the bank!

DO Read

Condo ownership involves a joint interest set under the provisions of a Condo Corporation. Documents including bylaws, condo fee schedules, reserve fund studies, etc., are available, Read these documents thoroughly and hire a condominium document specialist or lawyer to red flag any potential issues.

For more information about Heritage Landing, check out the Heritage Landing Project Page on our website, or visit www.fortmaccondos.com.

Recently members of The Lore Group spent a morning checking up on the progress made so far at the site of the new Prairie Creek Business Park south of Fort McMurray. As you can see, the first phase of clearing is now complete and the land is begin readied for development phases such as grading, road construction, highway improvements, and servicing.

Located 3.3 kilometres south of Fort McMurray, this 980 acre industrial and commercial area represents opportunities for business to position themselves strategically along the key Highway 63 corridor. Close to the Fort McMurray airport, the Prairie Creek Business Park will feature 3.2 kilometres of highway frontage, ideal for highway commercial and industrial businesses such as restaurants, hotels, fuel sales, fleet service, equipment yards and rental, freight yards, and warehousing.

The Lore Group is excited by the progress being made on the Prairie Creek Business Park, positioned to become a commercial gateway to Fort McMurray, the Wood Buffalo region, and the Athabasca Oil Sands Projects. Keep an eye on our blog for future Prairie Creek Business Park updates!

To learn more about commercial and industrial opportunities in this new development or to see the current draft outline plans, please visit the Prairie Creek Business Park project page or contact The Lore Group at 780-370-3325.

Last week The Lore Group’s newest team member Brandon Cooper took a trip out to the west parcel of the new Saprae Creek Estates development to check in on the status of the site, and is excited to report back.

Saprae Creek Estates entrance road construction.

The west parcel is nearing completion: all trees have been cleared and road construction is well underway. By the end of this week all roads, ditches and lot approaches should be finished, allowing crews to get started clearing the east parcel. The next step will be hooking up utilities to all lot approaches.

Saprae Creek Estates. Clearing a lot on the west parcel.

Saprae Creek Estates is a new development of 2 acre acreage lots and extension of the existing Saprae Creek community, located only 10 minutes away from downtown Fort McMurray and accessible from Highway 69. Currently all lots in the west parcel and three quarters of the east parcel lots are already reserved!

Established in 1987, the hamlet of Saprae Creek has become a popular acreage-style bedroom community of Fort McMurray, and is currently home to over 900 residents. Perfect for outdoor enthusiasts and nature lovers, Saprae Creek is tucked away in the otherwise untouched forests south of the city. The community feels very removed from the hustle and bustle of Fort Mac, and though it’s only a few minutes drive it feels like you’re miles away!

Saprae Creek is close to several major recreational hotspots in Fort McMurray, including the popular Vista Ridge that gearing up and excited for another busy winter season of skiing, snowboarding and downhill tubing. Points West Trails is also nearby, and is a popular destination for a wide range of summer and winter activities including quadding, snowmobiling, hiking, cross-country skiing and mountain biking.

To learn more about this exciting new residential acreage development and how you can reserve your lot today, visit our Saprae Creek Estates project page or contact The Lore Group at 780-370-3325. You can also learn more about living in Saprae Creek on our Saprae Creek Community Profile page.

Pacific Investments and Developments successful in Industrial Land offer. Click here to read the press release