Okotoks among best investment opportunities in Alberta

Okotoks council’s decision to eliminate the population cap is being applauded by a B.C. real estate think tank saying it opens the door to more investment in the local economy.

The Real Estate Investment Network (REIN) has given Okotoks solid marks as one of the top 10 communities in Alberta to invest in over the next six years. The Town ranked ninth on the list among the largest cities in the province. The top three communities on the list were Calgary, Edmonton and Airdrie.

One of the report’s authors said the decision to eliminate the 30,000 population cap bodes well for the community’s future. “That will allow it to annex lands in the surrounding area and that just creates a huge potential,” said Allyssa Epp, a research analyst with the organization. “It’s 15 minutes outside of Calgary and we have young families and young professionals moving to the area because the housing prices are significantly cheaper.”

The REIN report states rising demand for space, easy access to Calgary and the Town’s “Green” initiatives make Okotoks an attractive place to live, work and invest.” Epp said it could have been a different story if the Town had not dropped the population cap. “That makes it very hard for investors to get into the city because there’s nowhere to build,” she said.

The Town’s biggest challenge now is to expand its water supply for future growth, said Epp.
“If that’s something they’re not able to work out, that would hinder future growth in the town,” she said.  She said Okotoks has a lot of strengths in its favour, including having the amenities of a larger community with a small town feel.

The town’s relatively stable real estate market is positive and both investors and families alike benefit from Okotoks’ comparatively lower home prices, she said. “It allows people who otherwise wouldn’t be able to own their own homes to do so,” she said.

She added the report is directed towards real estate investors and illustrates the town’s strengths as a place to invest in real estate.

On the residential side, she said Okotoks is attractive for investors looking for rental properties and the town’s low vacancy rate shows there is a huge demand for additional residential development and rental properties.

On the commercial and industrial side, she said the strength of the local business community shows the town is a good place for business development. The president of the Okotoks and District Chamber of Commerce has mixed emotions on the ranking.

“It’s kind of nice to see we’re ninth in Alberta, but for me it’s a double edged sword,” said Cheryl Actemichuk. “I like that we have the ability to stay in town and shop in town and at the same time I miss when it was smaller.”

She said the Town needs to have a clear vision of what it wants Okotoks’ economy to be like in the future. She said she wants to see investment that will help create a strong local job market outside of the retail sector.

“What are we doing to create those job opportunities that aren’t minimum wage retail places?” she asked. She said she is concerned about how the Okotoks’ already strained infrastructure will be able to keep up with growth. “What about our infrastructure, how are our roads going to handle it?” she said. “Even at 25,000 people right now it’s crazy.”

Shane Olson, Okotoks’ economic development team leader, said the ninth place ranking shows the Town’s economy is on the right track. “They basically said Okotoks is one to watch in the long-term,” he said. “It’s a community to keep your eye on.”

Okotoks is about to see a number of new businesses and stores open near Costco over the next year, including GoodLife Fitness, Sport Chek, Carter’s Oshkosh, Sleep Country, Ardene, Tommy Gun’s Barbershop and First Choice Hair.

Olson said the Town is not actively trying to attract retailers at the present. He said project developers like those in the Southbank area are now driving retail growth. He said it’s a larger priority for the Town to develop its business/industrial sector, particularly in the expanded Okotoks business park and the Southbank Business Park.