March 24, 2018
Sylvan Lake is famous throughout Alberta for the 15km body of water that gives the town its name, makes it a premier tourist destination. Understandably, the recreational land for sale is among the most highly sought in the province.
Sylvan Lake’s close proximity to Red Deer City allows the town to enjoy the same logistical benefits of its larger neighbor, with an immediate trade area of over 270,000 people and easy access to the province’s main north-south arterial highway, Highway 2, opening up a market of two million people in a 150km radius, including Edmonton, Calgary, and their international airports.
The population of Sylan Lake increased by 22% from 2006 to 2013, and the town is one of the fastest growing conurbations in Canada, with the current population of just over 13,000 expected to hit 18,000 by 2017. Due to this unprecedented growth, Sylvan Lake offers fantastic opportunity for commercial real estate investment, with the town also keen to retain the friendly, small-town community feel that it’s young residents and visitors love.
This decade long development of Sylvan Lake can be seen also in the town’s commercial assessment value, which grew by 290% from around $73,500,000 to around $286,500,000 between 2002 and 2012, with the amount of commercial property and land, including recreational land for sale, rising significantly in this period and continuing to rise since.
Building permits have to be granted for new development in Sylvan Lake, and the expansion of the community is evident in the number of these issued in 2014, with the tally reaching 334, and a total value of around $68 million. In comparison, the value of all permits issued in 2013 was around the $52 million mark.
Helping Sylvan Lake to flourish alongside its neighbours in Central Alberta is the province’s tax environment, which remains one of the most competitive in North America. The only province that does not have a provincial retail sales tax, provincial capital or payroll taxes, Alberta is a hotspot for commercial real estate investment, and Sylvan Lake’s local environment make it a prime area for investing in recreational land for sale, especially with no local business tax enforced by the town.
Sylvan Lake has also been actively redeveloping its downtown and waterfront area, which has helped the town to attract an increasing number of tourists year on year. Aside from ensuring access to the lake was maintained and enhanced, the plan was designed to attract new investment and employment opportunities, and to accommodate a wide range of compatible land uses to support vibrant economic development where people can live, work, shop, and play together.
Such an initiative should only encourage private investors considering recreational land for sale in Sylvan Lake.
With outdoor lake activities including swimming, waterskiing, boating and fishing popular in the summer and winter sports from skating and skiing to tobogganing and skidooing available in the winter, the vibrant young population of Sylvan Lake is an active one, making the town an attractive place to consider when looking to invest in recreational land for sale.
With the steady expansion of the community being carefully managed to maintain the small town atmosphere that makes Sylvan Lake such an inviting place to live and visit, the time for commercial real estate investment in the recreation, tourism, and residential amenity sectors is now.
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