The Star Calgary reports on Spring Creek, Canmore.
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A massive residential housing development in the picturesque mountain town of Canmore is proving popular with buyers these days.
The Spring Creek neighbourhood will eventually house 1,200 condo and townhome units as well as 200 hotel rooms.
“The full buildout will probably be another seven to 10 years. We’re building approximately one large building a year. One condo a year,” says developer Frank Kernick. “And that’s approximately 40 to 60 units per condo building.
“The market in Canmore is very strong. If anything, we’re on a boom in Canmore. And the reason why we’re different from Calgary is we’re tied to the weak Canadian dollar. We’re not tied to the price of oil. A weak Canadian dollar keeps Canadians home and brings foreign investment into the Bow Valley. So tourism is very strong. You can’t get a hotel room in Canmore in the summer time or in Banff.”
As of early April, 357 housing units have been built in Spring Creek comprising four single-family homes, 322 condos and 31 villas.
There are 49 condo units under construction in the White Spruce Lodge, which is scheduled to be completed in the summer of 2019, and eight villas are under construction, as well, which will be completed this year. Spring Creek, a masterplanned community, includes condominium homes, villas, single-family estates, a senior residence and a luxury mountain lodge with vacation residences.
Spring Creek is in its 11th year of development. The Malcolm, with 124 guest rooms, will be Canmore’s first traditional hotel in 20 years and is expected to be open this summer.
Creekstone Mountain Lodge is a 56-unit multi-family residence which has just been completed.
Kernick says the White Spruce Lodge is about 70 per cent sold. Creekstone is just doing turnover and possessions right now and only has a couple of units left to sell.
“White Spruce is the one that we’re currently selling. It allows for the opportunityfor vacation rentals, which is another big thing in Canmore. You can live in it full-time, rent it full-time or rent it by the night,” says Kernick.
“Out of my 1,000 dwelling units I’m allowed 300 to be tourist-home designated. So legally people can rent them out.”
Pedestrian trails and bridges link the community to Canmore’s many amenities, including the town centre, shops, and fine dining. Elevation Place, the new $39-million Canmore Recreation Centre featuring an aquatics centre, a climbing centre and a library, is within walking distance of Spring Creek.
There are eight single-family estate lots in the Spring Creek project. Located on a private cul-de-sac with creek frontage, the well-treed one-third-acre lots are oversized with southern and western exposure. All single-family lots are sold out.
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