Buyers see confidence in Alberta’s economy as Canmore rec property market up 38 percent
April 2, 2014 – Canmore, AB. Home sales in Canmore are at an all-time high hitting pre-recession levels for the first time since 2008. The mountain community is once again a leading choice for recreational property buyers.Sales are flourishing in Canmore with 503 home sales in 2013 compared to 365 the year before – a 38% increase. The mountain town saw145 condominium sales in 2013, compare to just 61 in 2011 – a 138% increase. The number of building permits issued also increased from 151 in 2012 to 251 in 2013 – a sign that the town can anticipate new construction and is leading the recovery in resort towns following 2008’s global economic downturn.
Due to the strength of current market conditions, Spring Creek has decided to launch their new sales campaign and is offering luxury condominium suites at Creekstone Mountain Lodge starting at $349,000. Located in the heart of Canmore, they appeal to both recreational property homebuyers and to those seeking new permanent residences.
“We continue to see increased interest in home purchases in Canmore as fulltime and recreational buyers come back into the market,” said Frank Kernick, president and CEO of Spring Creek. “Canmore has always had a relatively strong market with strong increase in value over the past three decades. It’s great to see buyers looking for a place to call home coming back into a market that also represents a great investment. We love to see them here at Spring Creek.”
The $39 million Creekstone Mountain Lodge at Spring Creek site is in the pre-construction phase with initial land preparations underway. Over the next few years 54 units will be constructed.
“For around four years during the recession Canmore had two years’ worth of inventory to sell but now it is down to just three or four months’ worth,” said Kernick. “Canmore is now at new market lows for existing inventory. We’re anticipating growth of four to six percent per year in values this year. It’s not as much as we were seeing six years ago but it’s a sign that prices have stabilized and we’re ready to start building again.”
Of Canmore’s 145 condominium sales in 2013, 28 can be attributed to Spring Creek, whose prices ranged from $428,000 to $1.1 million.
“Spring Creek’s vision is to build a vibrant neighbourhood at the heart of downtown Canmore,” said Kernick. “What’s great about Creekstone Mountain Lodge is its location. If you live here, you can get away with not having a vehicle. Everything you could ever want is on your doorstep and the views of the Rockies are unbeatable.”
Creekstone Mountain Lodge is the fourth condominium lodge to be built at Spring Creek. Available in one, two and three bedroom plans, it includes a private courtyard with outdoor hot tub, owners wine lounge and exercise room. The lodge’s sunny southwest exposure affords unobstructed views of the Three Sisters peaks, Mount Lawrence Grassi, Ha Ling Peak and the Rundle Range. Across from the community is the $39 million Elevation Place, Canmore’s new recreation centre featuring an aquatics centre, climbing gym and library.
Source: The Canmore Real Estate Guide and MLSSource of building permits issued in Canmore – The Town of Canmore
Bordered by two spring-fed creeks, Spring Creek occupies 70 acres at the heart of downtown Canmore in the Canadian Rockies. The neighbourhood is walking distance from Main Street and includes condominium homes, villas, live/work studios, custom home sites and a luxury mountain lodge with vacation suites. Located 100 km west of Calgary, Spring Creek is surrounded by vast expanses of unspoiled wilderness. Opportunities for outdoor adventure include hiking, biking, fishing, mountaineering, ice climbing and golf as well as skiing at several world-class alpine resorts.For more information, visit http://www.yourcanmore.com