This past year, Edmonton finally received funding approval for their downtown arena. Vancouver has also showcased their new stadium B.C. Place as one of the best in North America. Sports venues are one of my favorite measures of seeing the direct measures of a local economy’s real estate market. When a local economy does well, this is reflected in higher attendance at sporting events regardless of how the team is doing. I am sure that the businesses around B.C. Place are doing quite well financially when the team plays a home game, Conversely, the redevelopment of a hockey arena or other sporting facility serves as a drawing feature for others to visit the area and see the type of community that exists. The redevelopment serves to create jobs in the short term and provide a base for the long term benefits which can ripple out to surrounding areas.
The next time you see a new sports facility being built or modernized, call your investment realtor who specializes in the area and see what potential investment opportunities exist.