Real estate investors: ‘No snow, no go’
Canada’s ski resort industry is estimated to be worth $1.5-billion this year. So far this year, there has been ample snow in parts of western Canada and the western United States, but the situation has been dire at European ski resorts in normally snow-laden Switzerland, France and southern Germany, where a record-breaking warm spellResorts that are not suffering snow shortages, such as Taos Ski Valley in New Mexico, are going all out to highlight their overall environmental records.
In Ontario and the Eastern U.S., larger ski resorts also recognize the need to diversify and offer alternative activities in the winter and other outdoor sports the rest of the year. It’s easier for resorts to adapt to climate change if they have integrated business models – owning the ski facilities and the ski village accommodations and commercial properties at the site, he adds.
Ski areas are most viable if they’re 12-month destinations, agrees James McKellar, professor of real estate and infrastructure at the Brookfield Centre in Real Estate and Infrastructure at York University’s Schulich School of Business in Toronto. While Sunshine has not suffered a snow drought like other resorts, it still uses a “snow-farming” system to move piles to ensure that all the runs are covered safely, she says.
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