What is the flood risk in Waterways?

Approximately 94 of 162 parcels sit below the 250 m elevation threshold. The RMWB''s preferred mitigation plan involves buying out lower properties and protecting the rest with permanent berms.

Why are some Waterways lots priced lower?

Properties below the 250 m elevation mark carry documented flood exposure. Properties on higher ground tend to trade closer to Fort McMurray board-wide averages.

How is transit in Waterways?

Transit On Demand service connects Waterways to Franklin Avenue. Downtown Fort McMurray is roughly a 5–10 minute drive via Highway 63.

What is the history behind the Waterways name?

The community was established in 1921 as the southern terminus of the Alberta and Great Waterways Railway, the northernmost point on the North American railroad grid at the time.

What about insurance in Waterways?

Properties with wildfire rebuild history may face higher premiums. Those in the flood-risk zone may have limited overland flood coverage options. Get insurance quotes before finalizing any offer.

Real Estate in Waterways, Fort McMurray

Waterways suits buyers who want Fort McMurray''s most storied address at prices that reflect genuine uncertainty.

Browse listings View on map

Active listings

Median list price

$459,900

Avg list price

$502,004

Homes for Sale in Waterways, Fort McMurray

Showing 12 of 23 active MLS® listings

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$49,900

7204 Bulyea Avenue, Fort McMurray

Other

$59,900

125 Pearson Drive, Fort McMurray

Other

$149,900

7310 Bulyea Avenue, Fort McMurray

Other

$74,900

7202 Bulyea Avenue, Fort McMurray

Other

$559,800

7423 Railway Avenue, Fort McMurray

Detached Single Family · 3 bed · 4 bath · 1,982 sqft

$559,800

7423 Railway Avenue, Fort McMurray

2 Storey · 3 bed · 4 bath · 1,982 sqft

$74,900

7202 Bulyea Avenue, Fort McMurray

Other

$49,900

7204 Bulyea Avenue, Fort McMurray

Other

$59,900

125 Pearson Drive, Fort McMurray

Other

$49,999

9303 Bishop Street, Fort McMurray

Other

$49,999

9303 Bishop Street, Fort McMurray

Other

$459,900

7109 Bulyea Avenue, Fort McMurray

Detached Single Family · 3 bed · 3 bath · 1,888 sqft

Buying in Waterways

Who fits here

Waterways suits buyers who want Fort McMurray''s most storied address at prices that reflect genuine uncertainty. The neighbourhood draws people who value riverfront character, a tight street grid of older homes, and proximity to downtown — not a cookie-cutter suburban layout. Expect a mix: post-wildfire rebuilds sitting beside original mid-century houses that survived or were restored, plus a trickle of new infill. The buyer here is typically comfortable doing their own due diligence on flood-zone elevation certificates, understands that roughly half the parcels sit below the 250 m flood risk threshold, and has factored in the municipality''s ongoing Reach 10–11 mitigation work along Saline Creek Parkway. Families attracted by the Clearwater River trail system, the Royal Canadian Legion, and a genuine sense of history fit well here.

Current market in the neighbourhood

Waterways is a small pocket market — roughly 162 private properties total — so neighbourhood-level MLS data is thin and Fort McMurray board-wide figures are the most reliable benchmark. Across the Fort McMurray board, the median sold price for single-detached homes sits, with an average. Homes are averaging days on market, and active inventory stands at 23 listings. The sale-to-list ratio board-wide. Over the trailing 12 months, residential sales were recorded across Fort McMurray.

Commute and lifestyle

Waterways sits at the confluence of the Clearwater and Athabasca rivers, roughly 3–5 km south of downtown Fort McMurray via Highway 63. For most residents that is a 5–10 minute drive along Franklin Avenue. Transit on Demand connects Waterways to Franklin Avenue. The neighbourhood''s most distinctive lifestyle asset is its riverfront access. The Clearwater River trail system runs directly through the area. Canoeing and kayaking launch points are essentially at your door. Keyano College''s main campus and MacDonald Island Park are both within a short drive.

Long-term context

Waterways has the most complex appreciation story of any Fort McMurray neighbourhood. The 2016 Horse River Wildfire destroyed 90% of homes — 145 of 162 properties were impacted. By June 2020 only 77 homes had been rebuilt. A 2020 ice-jam flood then damaged 64 additional properties. The municipality''s preferred mitigation plan calls for buying out 94 properties below the 250 m elevation mark, while protecting the remaining 68 higher-ground parcels with permanent berms. The honest takeaway: Waterways properties can offer significant entry-price discounts versus comparable Fort McMurray homes, and the area carries genuine heritage appeal.

About Waterways

Overview

Waterways is Fort McMurray's most historic neighbourhood, offering a peaceful, nature-oriented atmosphere just south of the downtown core. Bordered by the Clearwater and Hangingstone Rivers, the community has seen significant revitalization in recent years. It provides residents with a unique blend of historic charm, riverfront access, and expansive green spaces, making it a desirable enclave for outdoor enthusiasts.

Location

Situated in the southern end of Fort McMurray, Waterways is uniquely positioned at the confluence of the Clearwater and Hangingstone Rivers. It sits just southeast of the Lower Townsite and includes the sprawling, forested acreages along Draper Road. The neighbourhood offers immediate access to Highway 63, ensuring a straightforward commute to the rest of the city and the northern oil sands sites.

Housing character

The real estate landscape in Waterways is defined by its premium, detached properties, featuring a mix of charming older homes, modern post-wildfire rebuilds, and spacious mobile homes. The Draper sub-area offers highly sought-after acreage living with expansive lots and large garages. The local market reflects this premium positioning with an active listing count of 23 and a median sold price.

Schools

While Waterways is primarily residential, its proximity to the Lower Townsite means families have convenient access to several nearby educational institutions. Local students typically attend Dr. K.A. Clark Elementary School, Father Turcotte School, or Fort McMurray Composite High School. Additionally, Keyano College is situated just minutes away, providing excellent post-secondary education options.

Transit

Waterways is a predominantly car-dependent community, appealing to those who prefer private transportation and quick highway access. Direct entry to Highway 63 allows residents to easily navigate to downtown and major employment centres. While public transit routes are limited within the neighbourhood itself, the brief drive into the city centre connects commuters to broader municipal transit networks.

Shopping and dining

Commercial zoning is minimal within Waterways, preserving its quiet, residential ambiance. However, residents are never far from daily necessities, as the vibrant downtown Fort McMurray is just a short drive away. The Lower Townsite provides a wide array of grocery stores, local dining options, cafes, and retail services to meet all lifestyle needs.

Parks and recreation

Recreation is a cornerstone of the Waterways lifestyle, particularly for water lovers. The neighbourhood features beautiful local green spaces like Waterways Community Park, Sitskaw Park, and J. Howard Pew Park. With direct access to the Clearwater and Hangingstone Rivers, residents frequently enjoy canoeing, kayaking, hiking, and off-roading, while the massive MacDonald Island Park complex is only minutes away.

Lifestyle

Life in Waterways is defined by its tranquil, outdoorsy character and strong connection to the region's natural waterways. It attracts residents who seek a rustic, acreage-style environment or riverfront living without sacrificing the convenience of urban proximity. With homes currently averaging on the market and a strong sale-to-list ratio, it is a tight-knit community ideal for nature lovers.

See recent sold prices in Waterways, Fort McMurray

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Frequently Asked Questions

Yes, recovery is ongoing. The 2016 Horse River Wildfire destroyed roughly 90% of homes — 145 of 162 properties were impacted. By June 2020, 77 homes had been rebuilt.

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Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS® System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.

Mortgage values are calculated by hômm and are provided for estimate purposes only.

The hômm Estimate is calculated by instantestimate.house and is provided as a general estimate only.

Trademarks are owned or controlled by the Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®, REALTORS®) and/or the quality of services they provide (MLS®, Multiple Listing Service®).

Listing information last updated on June 24, 2026 at 7:00 pm (America/Edmonton)