Interest in the small B.C. town of Valemount has been fluctuating for the last six years, but with the approved Valemount Glacier Destinations Ltd. ski resort set for a 2020 opening and property assessments rising, locals are bracing for an influx of residents.
According to the latest BC Assessment numbers, residential property value rose by nearly 30% in Valemount between 2016 and 2017, the largest increase in the area in many years.
“I am excited about the potential development here,” said Valemount Mayor Jeanette Townsend. “The value of bare, residential lots in Valemount has increased. They have probably doubled in the last year and a half but they are still affordable compared to what you have in Vancouver.”
Valemount has one of the most diverse economies in northern B.C., making it less dependent on cyclical factors like commodity prices. The region also has the lowest living wage in northern B.C.
Housing in the region has largely been considered affordable. In 2016, the percentage of average household income in northern B.C. required to finance home ownership was estimated to be 26.8%, compared with 125.4% for Vancouver. The north-central region also has the lowest industrial and business tax share in northern B.C.
Last year, Shirley Bond, then minister of jobs, tourism and skills training and minister responsible for labour, signed an agreement with Valemount Glacier Destinations Ltd. finalizing the approval of a new ski and sightseeing resort in the town.
The project was initially slated to open by Christmas 2018 but the company announced late last year that the resort wouldn’t be operational until at least 2020.
“We are working towards completing the financing process this year and, depending on the construction window, starting survey work as soon as possible,” said Tommaso Oberti, vice-president of the Pheidias Group of Companies, whose Oberti Resort Design and Pheidias Project Management Corp. are working to achieve the outdoor destination’s vision. The companies, which are managing the design and construction of the project, have spearheaded numerous notable B.C. resort developments in areas like Kicking Horse and Whistler.
“We get a lot of calls from people interested in investing in some form or shape in Valemount itself,” said Oberti. “The one thing we always caution people about is that these resorts aren’t built overnight.”
Beyond the resort, the area has become a hub for other outdoor activities, and an affordable option for families in surrounding areas.
“It’s not just the glacier destination resort that has increased the interest in the real estate market here in Valemount; we are very popular among snowmobilers from Alberta, Saskatchewan and even south of the Canadian border,” Townsend said.
Oberti added that Valemount “is an incredible area from a scenic point of view, but also it is starting to grow on its own, with people looking for outdoor activities and adventures.”
“There is a lot of overflow from Jasper as well and a lot of younger families that work in Jasper are coming into Valemount for real estate reasons, availability, pricing,” he said.
Townsend said that she, along with Columbia Basin Trust and local developers, is looking at developing affordable housing in the area to help accommodate resort staff as it is built.
“There is nothing negative [in Valemount],” she said. “When our mill closed a number of years ago, young couples had to move away to where employment was, and for what they sold their homes for here, there was no way they could buy anything in an urban area.”
Townsend said she’s confident the resort and related developments could bring employment and young families back into the area.
