August 31, 2022, CANMORE, AB – Spring Creek Mountain Village, the heart of Canmore, is releasing its newest mountain lodge in September. The launch of the $42 million Black Swift Lodge coincides with the construction on the community’s brand-new central square to be completed in fall 2022. The uncertainty currently facing the recreational property market with Canadians returning to the office and the possibility of multiple interest rate hikes isn’t affecting Spring Creek as the community’s strength comes from its repeat buyers and low regional inventory.
“Buyers are attracted to quality and track record. We have both at Spring Creek and it is an incredible market testimonial when each lodge we sell has as many as 10% repeat buyers,” says Spring Creek owner and developer, Frank Kernick. “Whether it is purchasing a new luxury condo or new investment, we are proud to have so many repeat buyers.”
Canmore has a strong market with low inventory rates due to its geography. According to the Royal LePage 2022 Spring Recreational Property Report, 84 per cent of recreational property experts are reporting lower inventory than last year in their respective regions.
Low inventory but high satisfaction as a Leger survey conducted for RE/MAX showed 75 per cent of Canadians living in recreational markets are happy with their quality of life. Inter-provincial migration into recreational markets is continuing even with Canadians returning to in-person work.
The recreational market is strong as the Leger survey revealed that 24 per cent of Canadians who live in a large urban city would like to purchase a recreational property within the next two years. Another key factor when gauging the recreational property market is that buyers typically have more discretionary income and are less vulnerable to interest rates and cost of living pressures.
Black Swift Lodge, valued at $42 million at full build out, has 49 suites and is the eleventh multi-family lodge to be released in the Rocky Mountain community. Five per cent of Black Swift Lodge, and each residentially zoned building in Spring Creek is part of Canmore’s Vital Housing Program, which brings homeownership within reach and provides more affordable purchase options to eligible residents.
Smashing previous sales records, Spring Creek sold out its last four lodges, more than 230 homes, in the last three years (Tamarack Lodge, Timberstone Mountain Lodge, Jack Pine Lodge, and Arnica Lodge). After Black Swift Lodge, there are only three mountain lodges and a few collections of villas left. Mountain Lynx Lodge, which is the last lodge zoned for vacation rentals is taking registrations now.
Repeat buyer, Marlene Meyers says, “My daughter and granddaughter wandered through the community in January of 2021 and fell in love with its beauty. They were interested in purchasing a condo and I was looking at moving closer to my family in Alberta. We decided to purchase a condo together and are so happy with our decision that we are looking at buying another.”
Pairing its sales success with the opening of The Beat, its community hub and central square, Spring Creek will complete construction on the 1685 m2 central square that will feature a park and pond that will double as an ice rink during the winter months by the end of 2022. The Beat includes two brand new culinary experiences opening at the end of the year. Willow Cafe & Grocery, a 40-seat café that is part old-fashioned corner grocery store and part farmers’ market and Bridgette Bar from Calgary’s Concorde Entertainment Group, featuring eclectic décor, a chef-driven experience, and epic views of the Rocky Mountains from its outdoor patio.
Spring Creek contains plenty of places to gather and uplifting views around every corner with a neighbourhood design that sustains and builds community. Friends and family have lots of options when visiting as Spring Creek opened its four-star, 124-room Malcolm Hotel in 2018. The luxury hotel reflects the pageantry, royalty and heritage of past Scottish kings, and Canmore’s own unique history. With a significant increase in inventory, Spring Creek Vacations, the vacation rental company, now has more than 45 vacation suites.
Spring Creek is surrounded by mountain views, vast expanses of unspoiled wilderness, and clear, glacier-fed rivers and streams. The opportunities for outdoor adventure are endless and include world-class skiing, golfing, fly-fishing, hiking, biking, and mountaineering. Elevation Place, a $36 million Canmore Recreation Centre featuring an aquatics centre, a climbing centre, and a library, is within walking distance of Spring Creek.