Capstone Redevelopment Program Seizes Opportunity to Shine

According to Statistics Canada population data, Canada's appeal as an immigration destination continues to grow, with an increase of 1,271,872 people to the country between Jan 1, 2023, and Jan 1, 2024. This is an increase of 3.2% - the highest annual population growth seen since 1957. Alberta also witnessed a remarkable surge in population in 2023, adding 202,324 residents to reach 4.8 million. This marks the largest annual increase in Alberta's history, equivalent to 550 people moving to the province every day! Notably, Alberta also broke a national record in 2023 for interprovincial migration, boasting a net gain of 55,107 people, the highest ever recorded by any province.

Industry experts attribute Alberta's population boom to its housing affordability compared to cities like Toronto and Vancouver. The Alberta government's "Alberta is Calling" ad campaign, launched in spring 2023, highlighted the province's high salaries, lower real estate prices, and booming economy, attracting Canadians priced out of their local markets.

In response to this rapid population growth, municipalities like Red Deer have been adapting to accommodate new residents. The Capstone redevelopment program has capitalized on these favorable socio-economic conditions, accelerating its land initiatives and advancing its vision for a master-planned downtown community.

Earlier this year, ground was broken on the first residential rental project, "ALEX," a 62-unit mid-rise development by Red Deer's High Rise Properties. This week, to meet growing interest and demand, Red Deer City Council gave initial approval for a zoning change (on Carnival Cinema’s site, 2.3 acres) to facilitate a mixed-use residential and commercial complex at the gateway of the Capstone neighborhood, providing affordable and attainable housing options to Red Deerians.

Above: Rendering of High Rise Properties Inc.'s new residential development project.

Further buoying interest in home building, in yesterday’s federal budget, Ottawa announced a $15 billion top-up to the Apartment Construction Loan Program, aiming to build 30,000 new homes across the country. This injection of funds bodes well for developers seeking to address the increasing demand for housing in Red Deer.

Finally, to add to the growing interest around Capstone, East Lincoln Properties are well into construction on their newest commercial building, dubbed ‘5441 Centre’ a 16,000 square foot L-shaped single-story commercial structure which will offer a mix of food and beverage, offices and other retail uses. 


Above: East Lincoln Properties new "5441 Centre".