Canmore council rejects Smith Creek but allows potential development of Three Sisters Village - with amendments

The talk of the town is still the Three Sisters Development and the impact on Canmore council rejection of Smith Creek ASP. Village ASP will probably, with amendment go ahead.  The immediate impact of the vote caused the prices of single houses to jump up 10% just in the week. It is a purely emotional reaction because the lots from Smith Creek would not come to the market in less than 2 years anyway. It is inevitable, that Smith Creek will come in 5 to 10 years back, slightly redesigned, because development will not stop, unless some conservation organization comes and simply buys the land as it happened in farmlands adjacent to  Watertown National Park in southern Alberta bordering Montana.

 But in the meantime, there will be no availability of decently priced lots for family housing in the foreseeable future, having space for kids able to play in the backyards. There are some lots at Silvertip coming soon to the market, but I doubt that they will be priced under a million. 

As far as Village ASP I am happy that there is an amendment in place changing the minimum designated for affordable or vital housing lifted from 10% to 20%. What I do not like is the removal of any “Tourist” zoning from the Village amended plan. All previously Tourist zoned lots will be changed to Visitor (Hotel Condo) zoning. My out-of-town clients, who are planning to retire permanently in Canmore, will not be able to purchase property designated a long-term rental while they are waiting for their move. I expect huge demand for Tourist zoned properties and multiple offers if they come to the market. I understand that Tourist zoning was first introduced as the way for locals to be able to rent short-term when they go for holidays. But lifestyle has changed and I believe that Tourist zoning is nowadays a great way how to create flexibility and allow to mitigate the lack of long-term renting shortages.

On a different note: The statistics for the current market are brutal. Here is my favorite pick of four indicators. Look at Days on Market below!

Basic April Canmore market statistics
Do not get fooled by the average price staying the same. There were only 12 sales in Covid stricken in April 2020, at that time real estate agencies did not adapt to the new Covid shutdown.

Email me and I will send you the full April Market Update (several pages).

Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
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