Having Edmonton and Calgary within a 150km radius gives them a wider market of two million people and two international airports, and access to over 15 million people in Western Canada and the U.S. Pacific Northwest further afield.
The entire Edmonton-Calgary corridor, known as a “Region of Opportunity”, has been booming for years, and with a diverse and thriving economy that counts oil, gas, transportation, farming, retail and wholesale, a growing manufacturing sector, and a thriving tourism trade as its major industries, the region is all set to continue the success it has enjoyed up to now.
From Alberta’s third most populous city to an Edwardian high street, Central Alberta’s most famous lake each community provides a similar opportunity for commercial rental or purchase of real estate, due to the continued growth of each of these Central Alberta communities:
The population of Red Deer is expected to grow from 98,000 in 2014 to 175,000 in 2041, while the number of building permits issued in the city rose from 1522 in 2013 to 1612 in 2014.
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The value of building permits in Lacombe topped $31 million in 2014, up from $27 the previous year, while the population is predicted to grow 3% annually.
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Sylvan Lake expects to see its population rise from 13,000 in 2014 to 18,000 in 2017, and saw the value of its issued building permits rise from $52 million to $68 million from 2013 to 2014.
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The town of Blackfalds is growing by 8% year on year, while the number of building permits issued rose 17% from 2013 to 2014, the value of them a staggering 64% higher.
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One of the region’s smallest towns, Penhold’s population has doubled since 2001, and the value of its building permits issued in 2014 was $35 million, almost doubling the total from 2013.
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As families migrate to the Red Deer County communities to take advantage of the excellent lifestyle on offer, the population continues to grow while the average age falls, making the region among the most highly regarded locations for industrial real estate investment or commercial rental today.
Despite the growth, Red Deer, Lacombe, Sylvan Lake, Blackfalds and Penhold all work to maintain the small town charm and community spirit that first attracts home buyers and visitors. Combined with all the advantages they inherit from being located in the Central Alberta “Region of Opportunity”, these communities are prime sites for investment in commercial real estate, be that commercial rental, purchasing of property, or land sales for recreation or construction.
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