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Foreclosure sales in region remain high

Last Updated Dec 17, 2019 at 2:41 pm MDT

IMAGE. Supplied by Fort McMurray REALTORS®.

After declines in building, sales, and prices, Canada’s federal housing agency says it expects the housing market to rebound in the next two years.

However, more homebuyers in our region look to purchasing foreclosed or bank-owned properties.

Fort McMurray Realtors® released statistics from its Fort McMurray MLS® system, which lists the number of sold foreclosures.

It also records the average number of active foreclosed or bank-owned properties listed each month.

In 2019, Realtors® said buyers purchased 179 foreclosed properties with a monthly average of 67 active listings.

These are the highest numbers in both categories since 2016.

  • 2016 – Total Sold: 55, Average Active Listings (Monthly): 33
  • 2017 – Total Sold: 90, Listings: 60
  • 2018 – Total Sold: 178, Listings: 58
  • 2019 (Year-to-date) – Total Sold: 179, Listings: 67

 

In terms of volume, sales in 2019 amounted to $49,442,600, just shy of the record $49,547,397 set in 2018.

Realtors® added that sold properties are inclusive of the following property types: Residential single-family, apartment condo, and mobile.

As of publication, there are 67 active listings under the same ownership interest.

These properties and statistics are in Fort McMurray and the surrounding area.

According to the Canada Mortgage and Housing Corporation (CMHC), local numbers would reflect a national trend.

The declines started in 2016, but the CMHC expects home sales and household disposable income to grow in the next two years.

However, they added trade tensions, household debt, higher interest rates, and unemployment present risks to the economy and housing market stability.

In its annual national market outlook, CMHC said housing starts should come in at nearly 200,000 units next year after declines in 2018 and 2019.

This report includes excerpts from the Canadian Press.