Over time, the deal is also expected to bring stability to the housing market, "reducing the disparity between the cost of a home in Fort McMurray and a similar home in other parts of Alberta." Currently, a typical detached house in Fort Mac sells for more than $600,000.
The land transfer is expected to complete by the end of October.
Land availability has long been an issue in the oilsands capital.
The province announced back in March that it had sold 980 acres of land in the Fort McMurray area to Pacific Investments and Development Ltd. for $35 million. The deal was trumpeted at the time by Infrastructure Minister Ray Danyluk as one that would address the critical need for industrial/commercial land in the area.
Accompanying the latest memorandum of understanding was the province's release of the updated draft plan for the entire Lower Athabasca Region, which includes Bonnyville and Cold Lake.
from Western Investor October 2011
