For quality, custom builders, Canmore’s Bow Valley is win-win opportunity
Dead Man’s Flats, AB Despite the unfortunate and lingering housing slump in the Calgary market, there is good real estate news in Alberta.
Just 45 minutes from Calgary, and a 6 minute drive from Down Town Canmore, River’s Bend is a lucrative opportunity for some Calgary and area builders.
“It’s so different, almost opposite to Calgary,” says Frank Kernick, partner in Rivers’ Bend. “The Canmore market is terrifically strong. Some of the reasons are that tourism and real estate in the Bow Valley are booming.
But the impact of the U.S. dollar is the major factor. “Canadians are not buying in the US or other recreational markets as they are all tied to the U.S. Dollar. They are staying home and Canmore is a prime market for the regional recreational market. It does not stop there many U.S. buyers are shopping the market as the current exchange rate they find great value in the area as well.”
“The bottom line is that new home inventories are at critical low levels. For sure it’s a buyer’s market with tremendous potential. Mostly because nobody’s building as we lost most of our builders through the recession.
“It’s definitely an urgent shout-out for two or three Calgary area custom builders to check out Canmore. Check out River’s Bend.”
He underscores another key aspect of high potential for Calgary area home builders.
There is a limited supply of land in the Bow Valley for single-family homes. The River’s Bend community (a seven minute drive from Canmore) will eventually have 74 single-family homes and 28 townhomes, although there are only 16 single-family and 18 townhome lots still available. Single-family lots start at $289,000 (including GST) and range in size from 5,400 sq. ft. to 12,740 sq. ft.
River’s Bend features spectacular mountain views, backyards that spill into nature reserves and bike trails on the banks of the Bow River and Pigeon Creek.
“But the stats confirm it,” he says. “We’re down to record low inventories. Canmore has only 36 single family re-sale homes listed right now, and only four are under $700,000 and only one home listed for sale in all of Rivers Bend.”
Kernick also points out the shifting cycles of the Canmore and River’s Bend market. Especially between 1998-2007 there was definitely a housing start and re-sale boom in the Canmore area. Many high-end Calgary builders were busy and successful. “We were building 400 or more new homes per year during that time. Many big builders from Calgary were here. Since then the Calgary builders got very busy in Calgary and focused their work in the Calgary market and forgot about the Bow Valley.
Photo caption: Spectacular views offered at River’s Bend
Photo credit:River’s Bend
“With the drop of the price of oil things starting changing and Calgary housing starts slowed in 2014, the Canmore market stayed strong. But for various reasons, some Calgary area custom builders have not lifted their heads to grasp the Canmore opportunity,” Kernick says.
The River’s Bend area continues to be a terrific success story. Many residents are permanent residents. There are a lot of first-time owners, young families, young couples and also people looking for a quieter vacation getaway or a quieter residence outside of owning just directly in Canmore.
According to Kernick, “It’s a hot buyer’s market and a win-win opportunity for Calgary builders.”
About River’s Bend: http://www.riversbenddevelopments.com/
River’s Bend is a residential development project that is being built on 32 acres of land in Dead Man’s Flats nestled in the Bow Valley, along with Limestone Valley Business Park. Only seven minutes from downtown Canmore, this community will have architectural controls to ensure a neighborhood that is aesthetically worthy of the naturally spectacular surroundings, at an affordable price.