The Tamarack its fourth residential building in three years as Spring Creek unshaken by downturn
November 5, 2019, CANMORE, AB – Spring Creek, a master-planned Canmore community featuring striking views of the Three Sisters peaks, announced today the launch of its eighth multi-million-dollar residential building.
The Tamarack is the fourth building to come to market at Spring Creek in three years. With 80 condominium suites, this four-storey building will be the community’s largest to date and at full build out the value is more than $50 million.
The new lodge builds off of what’s been strong interest in Canmore as a whole. Third quarter home sales in the mountain town west of Calgary climbed seven per cent to 159 from 148 year-over-year, says a recent real estate report.
The community layout sets this building apart with a uniquely-grand entrance. A broad, scenic road that leads to the Tamarack is designed to feel like approaching a luxury hotel. Tamarack is split into two distinct wings, with the Lofts at Tamarack on one side and the Residences at Tamarack on the other. As a nod to its picturesque surroundings, textures and finishes offered within these homes are nature-inspired.
An uncommon, highly-desirable benefit to the Tamarack is the flexibility around how these condominiums can be used. The new lodge has a Tourist Home permitted use, one of few developments that currently possess this designation through the Town of Canmore. With this zoning, condominiums are permitted to be used as either a permanent residence or for short-term stays. Homes without this designation and rented for terms shorter than 30 days may face a fine starting at $2,500, says the Town of Canmore.
Tourist Home zoning increases opportunities for revenue with short term rentals as does the rise of industry disruptors like AirBnB and VRBO which are creating new trends in the recreational property market. This zoning created such strong demand for the White Spruce Lodge, released by Spring Creek in 2017, that it sold out more quickly than any lodge in the mountain community.
For those not keen on vacation rentals, Jack Pine Lodge, which has the nicest viewlines in the community, has homes available and will be completed in 2020. Homes have a spa-inspired ensuite, rock fireplace, oversized gourmet kitchen with granite countertops, upgraded finishings and hardwood floors in all living spaces. Amenities include: garden hot tub, underground heated parking and geothermal heating and cooling.
Like Jack Pine, the Tamarack will blend contemporary elements with rustic, timeless mountain architecture, it offers floor plans ranging from 720 to 2,331 square feet. This includes both single and two-storey formats, with one, two, and three-bedroom orientations.
The Tamarack will also include ground floor commercial development and amenities, such as a fitness space steps away from post-workout relaxation in the jacuzzi hot tub and spa area. Shovels are expected to turn for the start of construction in autumn 2019, with occupancy slated to start in late 2021.
The opportunity to use their condo as a vacation rental was a factor in Rachel Lee’s decision to be one of the early purchasers at the Tamarack.
“It mattered a lot,” says Lee. “Canmore is a gorgeous town that sees visitors from all over the world. This isn’t just an amazing get-away for us, but definitely that investment opportunity we were looking for. The walking proximity to town is a big bonus that will attract visitors to our suite.
Condo owners at the Tamarack who choose to enter the short-term rental market can have their property managed by Spring Creek Vacations, the community’s vacation rental service. Reservations can be made through www.springcreekvacations.com/
Thirty per cent of Canadians who say they would consider owning a recreation property indicated they would use it for investment purposes, says the 2019 RE/MAX Recreational Property Trends report.
“Livability is such an important part of owning a recreation property,” says Ross Jansen, director of sales, Spring Creek Real Estate. “It’s about accessing the water, our beautiful mountain range, and that unmatched outdoor lifestyle Canmore offers. That all plays an important role in elevating quality of life. A recreation property meets that need for a work-life balance and many people are choosing to make our homes at Spring Creek their primary residence.”
When the Tamarack is constructed, development of the community will be about 50 per cent complete. Hitting the halfway point is an important milestone, says Frank Kernick, president, Spring Creek.
“The thoughtful planning that went into this community is taking shape and it’s exciting to see,” he says. “Demand continues to be high for the enriching lifestyle and gorgeous, expertly-appointed homes we offer at Spring Creek. Our residents love the sweeping views of the Rockies, and close proximity to downtown Canmore — and all of its terrific places to shop and dine.”
For more information:
For more information on the Tamarack, register at springcreekrealestate.ca/tamarack.com
403 880 5410
403 921 2001
About Spring Creek
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.