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Cold Lake to get hotter?

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Guest | 03 Nov 2013, 08:00 PM Agree 0

Cold Lake may be one of Alberta’s lesser known investment hotspots but that could change quickly as the oil industry players and local mayor, Craig Copeland, pushes for greater access in the booming region.
With a repotredly major Canadian commercial carrier interested in setting up camp there, Copeland met the Minister of Transport, Lisa Raitt, this week and said afterwards he is positive that the wheels of the project will finally be in place within the next six months.
“This would naturally further boost the oil and gas industries here, and help attract more workers to the region,” says Ryan Lefebvre from Coldwell Banker Home Team Realty in Cold Lake. “With a zero vacancy rate and high rents, averaging $2,500 for a two-bedroom apartment, investor interest has spiked in the last year.” In a bid to solve its rental problem, the city launched a cash incentive earlier this year for developers. For three-to-12 unit rental properties, developers received cash back of $5,000 per unit and $7,500 per unit for buildings housing 13 units or more.
“The city will evaluate the success of this incentive in January and decide whether to extend it,” Lefebvre tells CREW. “Prices have increased due to limited supply but there are a lot of new developments coming on board so investors have more choice.”
  • Len Lane | 05 Nov 2013, 03:09 PM Agree 0
    I've been saying this for months, clients recently purchased a 1/2 duplex for under 300000 with 20% down and rented it for 3500/month. Renter actually wanted a two year lease he was smart enough to say 1 year as they will probably get more in 12 months.
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