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Fort McMurray housing sales remain strong

A real estate sold sign Canada Mortgage and Housing is bracing for further impacts on the housing market from the COVID-19 pandemic. THE CANADIAN PRESS/Graeme Roy

FORT MCMURRAY – Despite new numbers from Equifax saying Canadians are drowning in mortgage debt, the housing market in Fort McMurray remains on an upward trend.

According to the report, Canadians owe more than $2.15 trillion dollars in debt, more than the value of Canada’s entire economy,

The Fort McMurray Real Estate Board reported the first quarter of 2021 saw its highest quarter in over six years.

And according to the latest report from Realtor.ca, 60 single family homes were sold in the month of August, at an average price of just over $500,000. When compared to the same period last year, this is an increase of about 15 per cent.

The organization says July’s numbers were slightly lower, but notes the decline was attributed mostly to a drop in inventory levels.

According to a study by the National Bank of Canada, mortgage payments now eat up 45 per cent of an average homeowner’s income.