Will Clarke Fort McMurray is home

Rent vs own in Fort Mac

Paying $2,260 in rent? See what owning would cost you.

The honest answer: with the starting numbers below (an average house, 5% down), owning costs about $642 more a month than that rent. But about $9,938 of your first year of payments goes to paying down your loan, and that part stays yours.

$2,260 is the average 3 bedroom rent in Fort McMurray today. Pick a home type, change any number, and see your monthly cost both ways. Every starting number links to where it came from.

Run my numbers Text Will 780 804 1665

Your monthly cost, both ways

Owning

Mortgage payment
$0
Property tax
$0
Home insurance
$0
Condo fee
$0
Total a month
$0

Down payment $0. Mortgage insurance $0, added to a mortgage of $0.

Renting

Rent
$0
Total a month
$0

 

 

Planning numbers only, not a quote or a mortgage approval. Utilities are left out of both sides, because some rentals include them and some do not. Confirm the rate with a lender and the tax and fees on the listing before you decide.

Where the starting numbers come from

Mortgage insurance

Under 20% down, the insurance is a share of the mortgage: 4.00% at 5% down, 3.10% at 10%, 2.80% at 15%. A 30 year term adds 0.20%.

CMHC premium schedule

Property tax

2026 urban residential rate in the RMWB adds up to 5.1257 per $1,000 of assessed value. The calculator uses the price as the assessment.

RMWB Bylaw 26/010, 2026 tax rates

Insurance and condo fees

Insurance is an estimate, not a quote. Put in your own quote. For a house or half duplex we start at $185 a month, Will's planning number for Fort Mac. For a condo apartment or townhouse we start at $46, the average Alberta condo policy in 2024, because the condo fee already pays to insure the building. Condo fees are the middle fee on condos for sale now: $656 for apartments, $452 for townhouses.

Armour Insurance, Alberta condo premiums 2024 · Condo fees: active listings, Pillar 9 feed, October 29, 2026

Want the real number for a real home?

Send Will the home type and price you are looking at. He pulls homes for sale in that range and sends you the monthly cost on each one, with tax from the listing.

Add an email or a phone number so Will can answer you.

Will uses your name and contact only to answer this request.

Rather talk it through? Call or text 780 804 1665.

What you get back

A short list of homes for sale in your price range, not a listing dump.

The monthly cost on each one, so you can hold it up next to your rent.

No pressure. If renting makes more sense for you right now, Will tells you that too.

Rent vs own questions

Is it cheaper to rent or own in Fort McMurray?

It depends on the home. With 5% down at today's posted rate, a monthly payment on an average detached house runs higher than the average 3 bedroom rent. Part of every payment pays down your own mortgage, though. Put your own numbers in the calculator above, then text Will 780 804 1665 for a real lender number.

What does a home cost in Fort McMurray?

In September 2026 the average detached house sold for $457,077, a half duplex for $401,100, a townhouse for $243,959 and a condo apartment for $137,652. That is from the Alberta Real Estate Association report, with data from Pillar 9.

What does rent cost in Fort McMurray?

RentFaster's Fort McMurray report on October 29, 2026 showed an average of $1,163 for a 1 bedroom, $1,442 for a 2 bedroom and $2,260 for a 3 bedroom. CMHC's October 2025 survey of apartment buildings found $1,450 for a 2 bedroom.

How much do I need for a down payment?

In Canada the minimum is 5% of the first $500,000 and 10% of the part above $500,000. With less than 20% down you also pay mortgage insurance, which is added to the mortgage. The calculator does this for you.

How are property taxes worked out in Fort McMurray?

Your assessed value times the tax rate. The 2026 urban residential rate in the RMWB adds up to 5.1257 per $1,000 of assessment. The calculator uses the price as a stand in for the assessment, so check the real tax on the listing.

Sources