Canmore rec property market picks up steam
Sales, building starts signal return
Canmore’s residential real estate market is back on track, hitting pre-recession levels for the first time since 2008.
The mountain town west of Calgary saw 503 home sales in 2013, a 38 per cent increase from 365 sales the year before. Condominiums, popular with those who want a low-maintenance weekend getaway, saw 145 sales in 2013, a 138 per cent increase year over year from 61 in 2011.
The Town of Canmore issued more building permits in 2013 — 251 — than it did during the last peak in 2007, when about 225 were issued, and up from 151 from 2011.
With the market strong, developer Spring Creek is launching its new sales campaign for luxury condominium apartments at Creekstone Mountain Lodge. The 54 units start at $349,000.
“We continue to see increased interest in home purchases in Canmore as full-time and recreational buyers come back into the market,” says 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 come coming back into a market that also represents a great investment.”
Creekstone Mountain Lodge, a $39 million project, is in pre-construction phase with initial land preparations underway.
With the surge in sales, existing inventory in Canmore is starting to tighten, says Kernick.
“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,” Kernick says.
“Canmore is now at new market lows for existing inventory. We’re anticipating growth of four to six per cent 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.”
Spring Creek had 28 of Canmore’s 145 condo sales in 2013, with prices ranging from $428,000 to $1.1 million.
Bordered by two spring-fed creeks, the Spring Creek redevelopment occupies 70 acres at the heart of downtown Canmore.
The community 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.
Creekstone Mountain Lodge is the fourth condo lodge to be built at Spring Creek. Units come in one-, two- and threebedroom plans. The lodge has a private courtyard with an outdoor hot tub, owners’ wine lounge and exercise room.
With the residential real estate market strong in Canmore, Spring Creek has launched sales for Creekstone Mountain Lodge, its latest project in the downtown community.