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CALGARY, July 20, 2017 — Fort McMurray’s housing market is experiencing strong construction activity in the wake of last year’s wildfires, which destroyed nearly 10 per cent of the city’s structures. A spike in housing starts in the first half of 2017 has supported the ongoing rebuilding efforts with construction started on one third of all destroyed units.
This analysis is the result of a new Housing Market Insight report released today by the Canada Mortgage and Housing Corporation. It updates a July 2016 report (PDF) on the anticipated response of Fort McMurray’s housing market following the wildfires.
Although Fort McMurray’s economy has shown improvement as a result of the rebuild effort, the longer term outlook remains uncertain. Unemployment is down, but still above levels seen prior to the steep drop in oil prices. The influence of weak oil prices is particularly evident in the resale market.
In order to access future Market Analysis Centre publications from CMHC, please subscribe to Housing Observer Online.
As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.
— Tim Gensey, Market Analyst, Canada Mortgage and Housing Corporation
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