In recent years , while people rent their primary home in Calgary or Edmonton (and even Toronto, yes, it’s true!), we have seen more buyers owning a vacation home in Canmore. The thinking behind this real estate investment is that city rents are typically competitive enough to provide good value to tenants while they work in the city. Canmore real estate has become a great investment over the years. Add in the fact that ever since the COVID-19 Pandemic, there has been a shift in the type of work people do. Many corporate employees no longer need to go to the office. Whether it’s a hybrid workspace or working from home, this has impacted how many buyers, partially millennials, are choosing to invest in their real estate. Buying in Canmore, Alberta, is a great real estate investment with incredible lifestyle upside. Who doesn’t love playing in the mountains and being surrounded by others there for the same reason?!
Owning a Vacation Home in Canmore Home Today
Owning a vacation home in Canmore is a great investment in the long term. Arguably better than in Calgary and Edmonton. Why? There is high demand for housing in the Bow Valley. Tourists, visitors and weekenders want to own a piece of Canmore’s rocky mountains. There is a reason why Canmore’s real estate is higher than any other town in Alberta. There is more demand. Whether millennials choose a lifestyle over the busyness of city life, wealthy weekenders, or active retirees, many across Canada and the United States are choosing Canmore. Despite what some Canadians may feel, Canmore is a world-class resort town that is relatively affordable compared to Whistler, BC, Vail and Aspen, Colorado. Having a stake in the ground in the form of ownership in Canmore is a great move. Some choose to rent out their home for additional income and the ability to travel with more flexibility.
Renting In The City
We know many wealthy renters. Yes, this may seem counter-intuitive as the North American view is that you must own a home. Some people like the flexibility that are renting offers. Also, some people want to invest their money in other avenues. Some people have more significant opportunities to invest their hard-earned capital, whether in a getaway home like in Canmore or equity investments, businesses, etc. This is often why we see some clients renting in cities. We take the time to talk to clients who want to buy a home in Canmore to ensure that their investment is wisely spent. It’s much akin to being a real estate wealth advisor. After all, why not invest in real estate that you love and want to enjoy during your downtime?
➤ For more information on Canmore real estate, check out:
- Canmore Neighbourhood Guide
- Investing In Canmore Real Estate
- 8 Tips When Buying An Investment Condo In Canmore
- Why You Should Buy A Vacation Home In Canmore
- Buying An Investment Condo In Canmore
- Looking To Buy In Canmore?
The Longterm
Buying a Canmore vacation home today will be a fantastic long-term real estate investment. Imagine as you have more spare time in later years, you can drive to Canmore and enjoy your home. It’s also not uncommon for people to make the full-time shift to Canmore, letting the city life go. If along the way, there is a season of your life that has you spending less time in Canmore, then you are in a great place to rent out your home to others. The key is getting into the market and real estate for the long term.