DEEP SNOW, DEEP POCKETS

It's a billion-dollar bet on climate change. As global warming melts the world's great ski resorts, real estate developers are gambling on Revelstoke, B.C. But will the mountain's heavy snowfall outweigh its remoteness?

In the remote mountains of British Columbia near the small town of Revelstoke, snow pours almost constantly, an average of 15 metres annually, an astounding amount that has made Revelstoke and nearby Rogers Pass famous for the snow-obsessed in Canada and beyond for decades.

Now, four real estate developers are planning to spend $1-billion - with $80-million already on the table - on Revelstoke Mountain Resort LP, a giant new ski area that opened last month on Mount Mackenzie in eastern British Columbia. At its core, this is a huge property play in a place that's essentially in the middle of nowhere. To read more click here.

By DAVID EBNER
Published January 29, 2008