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.
That scheme has recently been extended to April 2016, according to Copeland.
“Prices have increased due to limited supply but there are a lot of new developments coming on board so investors have more choice,” says Lefebvre.