In Canmore, town bureaucrats have had years where they processed permits for more than $200 million in new construction, much of it for condos and hotel condos aimed at second homeowners living in Calgary or further away.
But the value of permits issued for the first two months of 2009 totalled only $2.8 million, with $2.5 million being for one single-family home.
Interestingly, at least one entity in the mountain town appears convinced real estate will boom again in the Alberta Rockies.
PriceWaterhousecoopers, the receiver handling the receivership of Canmore's largest developer, Three Sisters Mountain Village, took action in May to challenge the Town of Canmore's bid to reduce the town's urban growth boundary.
The proposed change would put about 600 acres belonging to the troubled developer outside future development plans.
The Three Sisters land potentially affected has an estimated value of $169 million, according to court documents filed in the case.
From the Western Investor, August 2009
