Can­more rec property mar­ket picks up steam

Sales, build­ing starts sig­nal re­turn

Calgary Herald - Calgary Herald New Condos - - Recreation & Investment Properties -

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.

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Spring Creek

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.

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