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.

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.

Once you’ve found the right home it’s time to take the next step and work with your Fort McMurray REALTOR® to write an offer to buy. Many buyers — especially first time home buyers — don’t realize how common it is in the Fort McMurray real estate market for sellers to be presented with multiple offers. Writing an attractive, clean offer is particularly important when you know yours won’t be the only one on the table.

But what does a clean offer look like? We’ve put together a list of go-to tips for buyers writing offers in competitive real estate markets like Fort McMurray.

Multiple Offer Buyer Strategies

• Write a clean, concise offer and eliminate as many loose ends as you can. Avoid vague phrases or terms that could be open to interpretation.
• Be specific and clear. Builders in particular don’t like open-ended offers. Be explicit about what you expect and include details of any additional work you want done. Consider buying as-is and hiring a contractor to do additional things like finishing a basement or adding a garage.
• Don’t make your offer conditional on someone else viewing the property unless absolutely necessary. Everyone should view or commit to the property before the offer is made if at all possible.
• Avoid asking for unusual conditions or extras not in the listing, or negotiate for them after the offer is accepted. In particular avoid asking for personal furniture items like tables or grandma’s china cabinet that might trigger emotional responses.
• Be flexible with your closing and possession dates: if you can work with the seller’s preferred dates this makes you a more attractive buyer.
• Do your homework and keep your condition and timelines as short as possible. Get review date commitments from any third parties before making the offer, including lawyers, inspectors, and relocation companies. Eliminate as many of these conditions as you can: sometimes it’s possible to get a building inspection completed prior to making an offer.
• Always get pre-approved for financing and avoid making an offer conditional on mortgage approval or the sale of your current home if at all possible.
• Offer a larger than normal deposit. A willingness to put more cash on the table upfront gives the seller confidence that you’re a serious buyer.
• Be ready to negotiate and compromise. Multiple offer scenarios often result in counter-offers, so know how far you’re willing to move before you submit your offer to cut down on time between negotiation steps.