In a time of economic slowdown there are products that are able to capitalize during the downturn simply by offering value to their consumers. These products can do exceptionally well during tougher times, some even better than when the economy is strong. My question is could the Crowsnest Pass take advantage of this recessionary period just based on the affordability of the area? I don’t see why not. We potentially could, and as a matter of fact there are signs that we already are drawing homeowners to this area because we do offer an affordable alternative. For example the recreational market, fixed income, and for those with careers that are fortunate enough to live where they choose, we offer an awesome Rocky Mountain location, a great community, and an affordable housing market relative to so many other Western Canadian towns.
As I have mentioned in a previous post, our average house price in the Pass is sitting around $237,000 and you can indeed still buy a house on its own lot here in the low $100’s. We currently have 23 homes and apartment units for sale for under $200,000. You can also still buy a decent family home here in a great location, on a large lot, with an awesome view, for under $300,000. Compare this to places like Calgary, Canmore, and Fernie, and you will not be disappointed.
I believe there potentially could be a huge advantage for us at this time as a result of our area not having reached its potential during the “boom” period. We could certainly take advantage of this situation at this point. Our current Real Estate Market prices, in combination with the ever increasing pressures in cities like Calgary, and inflated Real estate values in other recreational destinations, in my opinion is making the Crowsnest area look more attractive all the time. I hope whoever is in charge of our Economic development these days considers promoting these benefits we have to offer, especially at this point in time. Emphasizing our location and affordability would well be worth the effort. In the meantime, for those of us who are fortunate enough to live and play here already, we do have it pretty good here, and we may be in great shape to weather the storm. I believe taking advantage of being the affordable alternative right now would be a great move for our area.