No longer a sooty coal mining town, one might think Canmore – whose tourism website invites visitors to “do more, play more, and live more” – had also added “build more” to its slogan of late.
Established in 1884 thanks to the advent of the Canadian Pacific Railroad, Canmore was once the spot where the rails divided, but the years since then – and especially the last decade – have put Canmore on the fast track to becoming a destination for recreational condo ownership
“We’ve been seeing nine per cent growth at a minimum since 1998, and since 2001 it’s really started to jump,” says Teresa Mullen, executive director of the Canmore Economic Development Authority, adding the 1988 Winter Olympics, more land becoming available, such as the 2000-acre Three Sisters Mountain Village, and a decision to sell the region as a tourist spot beginning in the 1990s have helped bolster its growth.
While Calgarians lead the pack of who’s buying up condos for investment or recreational use, overseas purchasers are also increasingly netting property in the Bow Valley town, says Mullen, citing the strong value of the pound against the Canadian dollar.
“I think it’s the fact that it is a mountain property, and it’s probably more affordable than many places in the world and comparable to other areas in Canada,” says Mullen. “Plus some are selling their homes and choosing to raise their families here.”
Mullen says the bulk of land set aside for wildlife corridors also adds to the appeal for would-be buyers, who will reap the benefits of owning property forever “winged by wilderness.” And because Canmore has no stipulations of having to work or live full-time in the area to buy there, recreational ownership is fast becoming an attractive possibility, especially for Calgarians.
Barry Kozmyk, Royal LePage agent for Rocky Mountain Realty, says people are starting to discover Canmore, not just to be close to skiing, but as a year-round resort haven with mountain biking and hiking on the long list of leisure pursuits.
Kozmyk says there are two types of projects sprouting up in the area an hour west of Calgary and 75 minutes from the Calgary International Airport – those for short-term stay, such as quarter-interest shared ownership where buyers get use of the property one week every month, and outright ownership.
The former, says Kozmyk, is an affordable alternative to whole ownership, from as low as $72,500, and a much better investment than time shares of days gone by which are actually leases with an expiration date rather than investments with appreciating values.
He says whole ownership is still pretty affordable, starting from as low as the $150,000s for a studio condominium in an upcoming project of 120 suites he’ll be marketing.
While some are buying solely as investments, the majority of buyers Kozmyk has seen are semi-retired professionals who can just as easily telecommute to the office as being there in person. With 15 per cent from the UK, another 15 per cent from Edmonton, and 10 per cent hailing from the rest of Canada and the US, Kozmyk says more than half of recreational property buyers in his current project live full-time in Calgary and fall mostly into the 30- to 55-plus age bracket.
“Calgarians are buying because they are finding the usability. You can blast up here in an hour, and people who do buy are finding they use it far more than they thought they would,” says Kozmyk.
But despite climbing prices – Kozmyk cites a 12 to 16 per cent increase in value on average per year over the past few – it’s not too late to get a piece of the Canmore pie. And of course, much like the Calgary market, the longer would-be buyers wait, the more they’ll pay for their slice. Now at about $380 to $430 per square foot of development, Kozmyk expects that number to spike to $600-a-foot within the decade.
With development set to span east to Dead Man’s Flats it may seem as if there is no end in sight for Canmore’s growth, but that’s not exactly accurate, says Mullen.
“There is a limit. When people understand that it won’t go on forever that really fuels demand too, which almost makes (buying) more attractive,” she projects, estimating about a 20-year build out period for the town, followed by a possible redevelopment of existing parts of the Canmore townsite thereafter.
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