Moving the town into the country - Canmore
"We brought three charter planes over from Britain, and most people bought units."
It used to be a tranquil town - but also a poor town. Canmore, better known as the coal-miner community beside the luxurious resort Banff, west of Calgary, in the Canadian Rocky Mountains. via NowPublic
It is all about real estate speculation in Alberta and the houses price will sooner or later go south (see how prices in certain areas in Miami or Las Vegas lost more than 50% of their value). The only jobs Canmore offers are in the service area and even if the pay for those jobs increased from $7 to $12 there is no way someone will afford to buy something at those prices… Add to this the fact that everything is 30% to 100% more expensive even compared with Calgary (basically because of local administration as they refuse to accord permits for ‘low price’ big boxes like Canadian Tire in order to protect THEIR local overprice basenesses).
Real estate prices increased a lot in Alberta recently and everyone and his mother used the plus value in their home to buy new homes hopping the price will double again in a few months. That’s way most of the new homes in Canmore are brought by people from Calgary for ‘investment’ NOT locals. Locals are moving away and I know a lot of them… This is the reason the prices increased a lot in Canmore and Alberta in general not the oil. The oil is at 600 Km north of Canmore and most of the Albertans are not gaining anything from the oil price increase, except the very few working in the oil industry…