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Residential real estate sales help Alberta town after flood

After a flood that devastated the High River area of Alberta four years ago, the scenic locale of 13,000 residents is finally on the rebound. Floods impacted many southern Alberta communities, but those in 2013 threatened the very existence of High River. In fact, three residents died and the residential real estate market suffered immeasurably, with many homes being so devastated that they had to be torn down.

Montrose, a community in the High River area, is being given an economic jolt by Western Canadian development company Dream Development. According to a company spokesperson, Dream Development's plan is exactly what the area's ailing residential real estate market needs. The company intends to fill 37 lots and then plans to bring on another 42.

Even though Montrose came out of the flood waters a little more fortunate than other areas of High River, the community has continued to have an image problem. The community's manager of economic development said Dream Development's investment in Montrose sends a message to the rest of the province that High River can offer more for less when it comes to residential real estate. In fact, when homes of a similar size on a comparable lot in south Calgary are compared to similar homes in the High River area, purchasers could expect to pay about $100,000 less in a High River location. 

Dream Development's plans are expected to entice out-of-area purchasers. Any new residential real estate development comes with new or modified zoning and building code bylaws. Would-be purchasers would do well to consult an Alberta real estate lawyer prior to making an offer to purchase either a lot or a home in a fledgling development. 

Source: renx.ca, "High hopes in High River: Alberta town on rebound : Real Estate News Exchange (RENX)", Joel Schlesinger, Accessed on June 29, 2017

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