Mortgage interest rates are at an historical all-time low. This is the most validating piece of information that you can consider at the forefront of your decision to purchase a home at any time. Lenders have had the upper hand for many years and have used their wise strategies to keep you, the buyer, locked in and provide an exceptional bottom line for their business. Lenders are now adapting to the savvy-minded buyer and can help to provide a much more appealing purchase decision to you…FINALLY!
A lower interest rate of 2.74% over 5yrs as compared to a previous rate of 5.27% over 5 yrs, can save you $3768 annually. What does that mean? How about that yearly vacation you have been talking about? What about a larger home or mortgage to accommodate your expanding family or upcoming renovations? You could also take the advice of your wise folks and pay down your mortgage a little faster each year. Extra cash in YOUR account is always sweeter than your lender’s bottom line!
How stable is the market right now for new homes? New housing starts have trended higher in recent months and the home prices have remained very stable, if not flat over the last year helping to support housing affordability as incomes continue to rise within Fort McMurray. Price per property listing has remained constant over the last 12 months, averaging $729,000, with lowest values present in the first quarter of the year, rising throughout second and third quarter. If you wait, you will most likely not get the lowest price for that home this year.
What about the current properties on the market? Should you just wait until the spring and see what else goes on the market? In looking at the number of listings, there is definitely more supply in the real estate market (this means more choices for you and your family) at this time as well, and this is certainly the ideal time to buy and not wait until March, when typically the trending is higher valued properties at a lower market supply.
Selection is vast, prices are stable and interest rates are in YOUR favor!
If you are buying a home in Fort McMurray, there has been no better time than now! The market is finally working for you.

The Canadian Mortgage and Housing Corporation Fort McMurray Real Estate outlook reports are available for the remainder of 2011, with forecasts through 2012. Overall things in the Wood Buffalo market are continuing to increase and are expected to grow at a steady 6% pace.

The report includes sections on the Wood Buffalo region economic outlook, the Fort McMurray resale real estate market, the new home market, and the rental market. Download the CMHC Fort McMurray and Wood Buffalo Outlook for all graphs.

Fort McMurray & Wood Buffalo Real Estate Market Highlights

• Alberta’s GDP growth is expected to be positive through 2011 and 2012.
• The value of oil sands projects in 2011 is approaching the 2008 levels.
• Full time job growth fuelled by increased oil sands value and opportunity continue to support housing demand in the region.
• Fort McMurray and Wood Buffalo resale MLS® sales are forecasted to continue growing through 2012, with stronger activity in 2011 putting us on pace for a year over year gain.
• Average single-family home prices are setting new record highs. Multi-family home and condo pricing is increasing at a more moderate pace.
• Sales of homes priced greater than $600,000 has increased over last year. Homes priced $600,000 – $800,000 account for just over 40% of sales compared to 35% at this time last year, while homes priced over $800,000 account for 15% of sales compared to 7% last year.
• New single-family detached home starts will have moderate growth through the end of 2011 and are forecasted to remain stable in 2012, while multi-family starts are expected to improve next year.

There are some great reasons to live in and move to Fort McMurray, and as long time residents, the team at The Lore Group wanted to share our favourite things about living here in beautiful northern Alberta!

1. Admiring the vibrant fall foliage that fills the parks and trails.

2. Indulging in a cafe latte and scrumptious fresh sunshine bread in the afternoon shade of the trees on the deck of Mitchell’s Cafe.

3. Watching the bright colours of the northern lights dance across the midnight sky.

4. Discovering heaps of literary treasures in the Fort McMurray Public Library at MacDonald Island.

5. Getting spooked at Chateau Boo, the scary haunted house hosted annually by the Fort McMurray Boys & Girls Club.

6. Falling in love with a new canine friend at the Fort McMurray SPCA at 155 MacAlpine Cres.

7. Finding new goodies from the vendors at the Fort McMurray Tourism Fall Trade Show at MacDonald Island.

8. Choosing one too many pieces of decadent, rich, handmade chocolate from the showcases at Chocolates & Candelight in Timberlea.

9. Teeing off for the last few nostalgic swings of golf int he fall crisp morning air at the Fort McMurray Golf Club in Timberlea.

10. Dropping a fishing line into the Clearwater River at lunch break.

11. Taking in the marvellously entertaining theatre productions at Keyano College.

12. Getting covered in mud quading on the trails in Prairie Creek.

13. Watching dozens of children run through the spray water at the park for the final splash of the season at J. Howard Pew Park in Waterways.

14. Cheering on the Oil Barons as they kick some butt and take some names at the Casman Centre.

15. Yanking lake trout from the back of my tailgate at Texaco Park.

16. Brisk morning mountain bike rides on Birchwood Trails.

17. Finding a one-of-a-kind work of art from a local talent at the MacDonald Island Public Gallery.

18. Admiring the beautiful sunset as we unwind and relax on the sandy beaches of Gregoire Lake.

19. Finding fabulous fall fashions at the Peter Pond Mall.

20. Devouring a juicy and oh-so-delicious burger at Earls Restaurant Lounge.

21. Delectable sushi by chef John Momo at the sushi bar at Spring Moon.

22. Heritage Park’s gift shop. Not only is there a taste of history, but also a wonderful assortment of great gift items.

What’s your favourite thing about Fort McMurray? Join us on The Lore Group Facebook page or comment here at the blog and share your favourite things with us. You’ll be entered to receive a great gift courtesy of one of our local businesses!

An article recently appeared in Unlimited about Alberta and Fort McMurray Oilsands Tourism that struck us as interesting.

We’ve provided a snippet below, but if you’re interested in reading the entire article please visit Unlimited Magazine.

It’s not a typical tourist trap at first glance, but Alberta’s oil sands have caught everyone from a comedian with The Daily Show with Jon Stewart to plenty of politicians, interested investors, and even Hollywood director James Cameron.

Welcome to the weird world of oil sands tourism, where curious, and sometimes famous, visitors explore for themselves what they hear and read about in brief snippets in the news. While only a select few are likely to kibitz with an oil company’s CEO, as The Daily Show’s Wyatt Cenac recently did with Cenovus Energy vice-president Drew Ziegelgansberger, the growing industry niche does allow for the average tourist to see Alberta’s bitumen belt firsthand.

Flights over the oil sands don’t come cheap: it’s $1,200 per aircraft per hour, and tours can be booked for one to two hours. That cost doesn’t seem to be stopping visitors, though, and cheaper ways to see the oil sands sites also exist.

“People are curious to see our region and the oil sands operations for themselves,” says Denise Barrow of the Fort McMurray Tourism office. While private firms now shuttle guests around the oil sands, Fort McMurray Tourism has been offering visitors a glimpse into the industry for the past 20 years. For about four hours and $40, visitors can tour a Suncor Energy site and go to the Oil Sands Discovery Centre, which guides visitors through the history, science and technology of the oil industry.

…

From the sky, the scope of that science project comes into view. Wood Buffalo Helicopters is one firm that offers helicopter tours of the region. The Fort McMurray-based operator takes tourists on about 70 helicopter tours of the oil sands a year, making up just two per cent of overall business.

…

For visitors, the cost of a tour becomes almost incidental after takeoff. “People are amazed at the scale and almost everybody’s convinced that they wouldn’t have been able to understand it without the helicopter tour,” Morin says. “I call the tour Oil Sands 101. People come back really appreciating the size of it and the 300-year nature of the resource. It’s a lot different than seeing 20 seconds on the evening news.”

Reposted from Unlimited Magazine: Read the entire article here.

What do you think about Fort McMurray Oilsands Tourism? Have you ever seen the oilsands from the air? Leave us a comment!