A new, multi-million dollar condo project in Canmore has sold half of its units just two weeks after launching sales.
Spring Creek Real Estate launched sales for $31-million condo development White Spruce Lodge over Labour Day weekend, seeing 24 buyers in the first three days. The Lodge is part of a vacation rental program zoning exclusive to Spring Creek, allowing owners to place their suites in the care of Spring Creek Vacations management. The management team will maintain and rent out the units on behalf of owners.
Only 300 homes in the Spring Creek community will have special tourist rental home zoning.
“Canmore is a thriving community with no shortage of visitors year round,” said Frank Kernick, local developer and president of Spring Creek. “White Spruce Lodge provides the perfect investment opportunity for our homeowners to capitalize on this market and earn some revenue.”
Homeowners can choose to live in their suites year-round, periodically, or use entirely as an investment property.
The development is located within the Spring Creek 70-acre master plan. The entire Spring Creek development includes four lodges, a senior residence and single-family estates. Construction on White Spruce Lodge will begin this October and is expected to complete in 2019.
The Lodge has a mix of one to three bedroom suites still available, starting at $398,000
The Town of Canmore website estimates the cities rental vacancy rate has sat at 0 per cent for the last few years.