Spring Creek breaks ground on $31 million condo project

dHz Media Client Releases, Spring Creek

Construction begins on Spring Creek’s White Spruce Lodge

CANMORE, AB Spring Creek broke ground on its sixth condominium building, White Spruce Lodge, today. The ceremony marked the beginning of construction on the $31 million luxury condominium project in Canmore, Alberta.

The project, which launched September long weekend, sold 50 per cent of its 49 suites in just 72 hours. Only 20 suites remain and construction is expected to wrap up fall 2019.

Present at the ground breaking was President of Spring Creek, Frank Kernick, who said a few words about the new project.

“White Spruce Lodge is a one of a kind purchasing opportunity,” says Kernick. “Our homeowners will be able to capitalize on the market and earn some revenue or just enjoy the lodges amazing location in Canmore. It has been our fastest selling lodge in 10 years.”

The majority of home buyers were Albertans with many local buyers and a large percentage buying for investment purposes or out of a desire to live the rocky mountain lifestyle. The Lodge includes one, two and three bedroom homes starting at $379,000 +GST. Spring Creek residents were given first opportunity to purchase at White Spruce Lodge and they represented 20 per cent of the sales, a testimonial to home owner satisfaction. White Spruce Lodge is now sold out of all one-bedroom homes with only two bedrooms and up available. Remaining homes are priced between $739,000 for the smallest 1,466 sq.ft. two bedroom and $1,029,000 for a 1,697 sq.ft. penthouse suite.

According to information from the Town of Canmore, rental vacancy rates for Canmore (long and short term) have been sitting at zero per cent for years. Canmore’s location nestled in the Canadian Rockies coupled with its close proximity to Calgary and Banff National Park make it a major tourist location.

Data from Parks Canada shows visitation to Canada’s seven mountain parks (Banff, Jasper, Yoho, Kootenay, Waterton Lakes, Mount Revelstoke, Glacier) has increased by five per cent from 2016 to 2017 with close to nine million visitors.

Spring Creek’s success with its latest condominium project and previous projects come during a time where the landscape of Canadian housing is changing. According to Statistics Canada’s 2016 Census, multi-family buildings and row houses were the only dwelling types that saw and increase of people since 1981. multi-family buildings saw the largest increase with an estimated 1.9 million households throughout Canada living in apartments as of 2016.


Photo caption: Frank Kernick, developer, (left red bow shovel) and the Spring Creek construction crew break ground on White Spruce Lodge.
Photo credit: Scott Henderson

Offering the finest in mountain contemporary design, White Spruce Lodge, melds modern styling and building technology with a more traditional emphasis on timber, glass and stone . Residents will enjoy underground heated parking, storage and bicycle parking, a private courtyard with an outdoor hot tub and exercise room.

The Town on Canmore has been struggling with illegal Airbnb’s but due to special zoning unique to Spring Creek, buyers of the $31 million lodge are offered a one-of-a-kind opportunity to use their home as a vacation rental legally. Homeowners have the option to live permanently year-round, use as a second home, live in periodically and rent out the rest of the time or use it solely as a source of income. Of the 1200 homes in Spring Creek’s long-term master plan, about 300 are approved for this tourist home zoning.

Home Owners may place their suite in the care of Spring Creek Vacations whose onsite team manages front-desk arrivals, underground parking, housekeeping, maintenance and overall guest experience.

Buyers interested in White Spruce Lodge and other sale opportunities available at Spring Creek can call 403-678-6066 or email sales@springcreekmv.com. For more information visit http://www.springcreekrealestate.ca/.

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To view Spring Creek’s media kit (background, fact sheet), please click here
For more information, visit http://www.yourcanmore.com

Media Contacts

Scott Henderson
dHz Media
403.921.2001
scott.henderson@dhzmedia.com

Eirin Bernie
dHz Media
403.763.7797
eirin.bernie@dhzmedia.com

About Spring Creek https://www.springcreekrealestate.ca/

Spring Creek is a mountain neighbourhood comprised of homes for locals and vacationers of all ages, located within walking distance of downtown Canmore in the Canadian Rockies. Surrounded by mountain views, vast expanses of unspoiled wilderness and clear, glacier-fed rivers and streams, opportunities for outdoor adventure include world-class skiing, golf and fishing, hiking, biking and mountaineering.