Buyers see confidence in Alberta's economy as Canmore rec property market up 38 percent
CANMORE, AB, July 17, 2014 /CNW/ - Canmore real estate sales 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 in the Canmore real estate market are flourishing with 503 home sales in 2013 compared to 365 the year before – a 38% increase. The mountain town saw 145 condominium sales in 2013, compared to just 61 in 2011 – a 138% increase, a sign that the town is leading the recovery in resort towns following 2008's global economic downturn.
Due to the strength of current market conditions, Spring Creek has launched its new sales campaign and is offering luxury condominium suites at Creekstone Mountain Lodge starting at $349,000.
"We continue to see increased interest in the Canmore real estate market as full-time 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."
The $39 million Creekstone Mountain Lodge at Spring Creek site is in the pre-construction phase with initial land preparations underway.
"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 real estate is now at new lows for existing inventory."
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, it offers the best of Canmore real estate. If you live here, you can get away with not having a vehicle 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. Across from the community is the $39 million Elevation Place, Canmore's new recreation centre featuring an aquatics centre, climbing gym and library.
Image with caption: "Canmore real estate is leading the return of the recreational property market as Creekstone Mountain Lodge condominiums have southwest exposure and unobstructed views of the Canadian Rockies. Lodge includes a private courtyard with outdoor hot tub and owners' wine lounge. (CNW Group/Spring Creek, Canmore)". Image available at: http://photos.newswire.ca/images/download/20140717_C2709_PHOTO_EN_4317.jpg
SOURCE: Spring Creek, Canmore
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