The history of the Cold Lake area can be traced back to 1821 when the Hudson’s Bay Company established the Beaver Crossing trading post on the shores of the Beaver River. This trading post was part of a network used to transport furs from Lac La Biche to the east, serving an important role in the country’s early fur trade industry. However, it was not until 1905 that the first British, Swedish, Norwegian, Swiss and French-speaking homesteaders arrived and settled the area. While some families settled close to Beaver River, many homesteaders decided to settle closer to the lake as livelihoods were based on farming, ranching, trapping, fishing and logging. In order to meet these needs, two separate small settlements evolved: Beaver Crossing and Cold Lake, which are now known as Cold Lake South and Cold Lake North respectively. The subsequent years saw the beginnings of a community as a schoolhouse, missionary hospital and a general store (now Clark’s General Store) were created. By the mid 1920’s, the population of Cold Lake was estimated at 50 people.
With the creation of the Air Force Base in 1954, the Towns of Cold Lake and Grand Centre emerged as two separate municipalities with diverse economic interests. The chosen location for the airbase near Grand Centre was based on factors such as low population density, accessibility, weather, suitable terrain, and available land for air weapons training. As such, Grand Centre became more of a regional centre with close ties to 4 Wing. Comparatively, the Town of Cold Lake’s economy focused more on tourism as a result of its proximity to the lake. Due to their close proximity, economic influences often overlapped. This relationship has shaped the development patterns of the area, and in 1996, the three communities were amalgamated as the Town of Cold Lake. In 2000, the Town became the City of Cold Lake.
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