Published on 02/25/2007

Real estate in Lacombe Alberta for the years 2004 and 2005 were quite similar in that there were 92 residential permits acquired for an average total of just over twelve million dollars.

Lacombe Alberta Residential Real Estate and Housing

Lacombe Alberta Residential Real Estate

Numbers speak for themselves
Real estate in Lacombe for the years 2004 and 2005 were quite similar in that there were 92 residential permits acquired for an average total of just over twelve million dollars. In 2004 there was a total of just over 18 million dollars in real estate permits, and in 2005 approximately 14 million. However, 2006 will prove to be the busiest real estate year in Lacombe ever with over 22 million dollars allotted to permits by the end of the third quarter. There is also another 27 million in commercial and industrial along with a few churches and renovation projects.

Oil Industry keeping trend
Construction of oil sands industry projects and related oil business is a major driver behind the current level of economic activity and the real estate growth in Lacombe and most parts of Alberta. Oil & gas and oil sands projects account for almost 69% of the value of all major projects listed by Alberta Economic Development [AED] in the Inventory of Alberta Major Projects. During the operational phases of these projects - most will have life spans of 30 years or more - they will contribute to the economic well being and real estate of Lacombe through long-term employment creation, purchases of goods and services, and payment of taxes and royalties.

No signs of slowing
Real estate will continue on its upward trend in Lacombe from rapid growth of the community due to strong economic stability and new business interests for the area. The oil industry is not the only source of economy as new meat packing plants, agricultural and other ventures continue to offer residents the ability to enjoy a healthy lifestyle, raise their families, and be confident in a sound real estate area. There are even specialty real estate ventures that are taking place, which wouldn't have otherwise happened in the past, such as the Residential Airpark Community District (R-AC), which will provide for residential users combined with airport hangers on the same site. The Lacombe real estate market has all the signs of continuing on its upward trend for many years to come.