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Red Deer, Sylvan Lake in REIN’s top 10
Oct.18, 2003
Harley Richards
Business Editor
Red Deer Advocate
Sylvan Lake has been identified as one of the best places in Alberta to invest in real estate, behind only Edmonton and Devon.
A prominent real estate investment consultant has included Red Deer, Sylvan Lake and Lacombe in his list of the 12 best communities in Alberta to invest in. Don Campbell is president of the Calgary-based Real Estate Investment Network, which provides research information to investors. Its members, he said, own more than $580 million in property. Earlier this week Campbell released the seventh edition of his Top 10 Alberta Towns To Invest In. In it, he ranks Sylvan Lake third, with Red Deer tied with Okotoks for fifth, and Lacombe and High River sharing sixth place. In touting Sylvan Lake's potential, Campbell pointed to planned improvements to Hwy 11 and the town's "increasingly affluent population." He said property there is in high demand, with lakefront lots selling for $5,000 per frontage foot and up. Campbell also suggested many companies that require employees to work in the area – particularly those "out in the field" – are arranging for them and their families to live in Sylvan Lake. That makes it easier to hire and retain key workers. The attraction of Red Deer from an investment point of view includes the city's location in the bustling Edmonton-Calgary Hwy 2 corridor. Campbell said it draws from a trading area of more than 180,000 people and has an affluent population, which has resulted in a number of major retailers and service companies arriving here in recent years. Campbell cited Red Deer's access to two international airports and its proximity to industrial centres as further reason for economic growth "well into the decade." Lacombe's investment appeal also stems in large part from its position on the Edmonton-Calgary corridor, said Campbell. The Joffre petrochemical plants and the industrial and commercial base in nearby Red Deer also make Lacombe a good place to buy property. Heading Campbell's list is Edmonton, which he said leads the country in economic growth. He said Moody's Investment Services has concluded the Alberta capital has the most diverse economy of any major city in North America. The Town of Devon was second, with Calgary fourth and Cochrane seventh, followed by Grande Prairie, St. Albert and Fort McMurray. Rocky Mountain House was among a group of nine communities that Campbell feels offer very good investment opportunities but don't score as high as the top 12. Sylvan Lake also placed third on Campbell's 2002 list, with Red Deer and Lacombe tied for seventh spot. Speaking from his office in Calgary this week, Campbell said Alberta is currently a very attractive place to invest. Among the reasons for this is American demand for a secure source of oil, the province's low taxes and relatively well-educated workforce, and future access to the Alberta SuperNet – a high-speed broadband Internet and networking service. Red Deer's prospects are particularly promising, he said. "You can't get placed much better than it is."
Not only does the city benefit from the oil and gas industry, its central location makes it a good place for companies to build. Campbell anticipates other call centres like Convergys Corp. will set up shop in Red Deer. He explained these labour-intensive businesses can operate at a lower cost here than they can in larger cities. "It's cheap infrastructure."
Campbell added the city is attracting people from Edmonton and Calgary who want to live in a smaller centre. The best is yet to come, he said, predicting economic growth in the region won't peak for some time. "The bottom line is we haven't seen anything yet compared to what we're going to see by 2010-2012." Campbell said he brought three busloads of prospective investors from Alberta, British Columbia and Ontario to the region in July. The group was impressed by the opportunities here. "Their jaws were dropping." Posted October 18, 2003 |
