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Residential real estate rebuilds ahead of schedule in the Fort

The Canada Mortgage and Housing Corporation Inc. (CMHC) has said the once fire-ravaged Fort McMurray is rebuilding quicker than experts anticipated. Fort McMurray, in Alberta's north, had about 2,500 homes destroyed by a massive wildfire last year and is in the midst of rebuilding its residential real estate sector. A recent CMHC report indicated rebuilding has begun on 844 homes razed by the fire in May 2016.

Ninety-nine per cent of the burnt-out homes will be rebuilt, with a small number of lots earmarked for a flood defense zone. If building continues at the same rate, the CMHC predicts that rebuilding will be completed by 2021 at the latest. In fact, the Fort will see the highest level of residential real estate construction starts this year since 2009 when the community was in the midst of an oil boom.

The community, which has suffered in light of a less than stellar oil market, is looking to the future in a positive light. In fact, most residents chose to rebuild their homes rather than leave the community. CMHC says the vacancy rate in the rental market has fallen from 29 per cent two years ago to 18 per cent last year since many residents chose to rent while their homes were being rebuilt.

As that happens, CMHC predicts the vacancy level will dip to 10 per cent this year due to demand from construction workers in the city working on rebuilding. As the city rebuilds citizens are making decisions about their life situations. When weighing the options, talking to an Alberta lawyer experienced in real estate law might be a wise move.

Residential real estate transactions are exciting events. However the legalities of transactions should be taken care of by an Alberta lawyer. He or she will make sure all contracts are in order and direct clients, whether purchasers or sellers, in the right direction regarding the legalities connected with all real estate matters.

Source: The Globe and Mail, "Fort McMurray rebuilding faster than expected, CMHC says", Janet McFarland, July 20, 2017

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