Calgary Not the Most Expensive City in Alberta

In a recent Coldwell Banker Home Price Comparison Index of North America's most expensive homes, Fort McMurray beat out both Calgary and Edmonton real estate markets as the most expensive market in Alberta. In fact, Fort McMurray ranked fourth (Calgary ranked fifth with an average price of $525,525) for the most expensive markets in Canada. This study compared the average price for homes that are 2200 square feet, with four bedrooms and two bathrooms in markets around North America. This statistic adds to a number of unbelievable statistics surrounding the community of Fort McMurray. For instance, the average home price in 2006 was $459,140 but by 2008 this number had jumped to $682,149. And, the population of Fort McMurray is expected to boom by around 60% by 2012. What makes these statistics even more amazing is that Fort McMurray is located 435 kilometres north east of any other major centre and the average winter temperature is -19 Celsius. Of course, it is the plethora of oil reserves and an economy based on oil and gas which has ultimately transformed Fort McMurray. And, the prosperity of Fort McMurray has been beneficial to both Edmonton and Calgary, as people commute to and from these centres to the oil rich region around Fort McMurray, for work in the oil and gas sector. This is definitely a community on the move and we'll continue to watch the pace and growth of Fort McMurray well into the future.

As always, visit my Calgary Real Estate website for further information regarding the Calgary Real Estate market.