Canmore’s zoning may confuse some who are new to the Bow Valley. For instance, what are vacation rentals and tourist homes? And, can I rent out my house in Canmore? These are essential questions for real estate owners and investors. The town of Canmore has set a clear delineation between the two. There has been a need to offer more rental housing in Canmore as the demand for real estate has skyrocketed in recent years, which has driven up home prices. Let’s dive into the differences so that you make a wise real estate investment.
Tourist Home
If the property is designated as a tourist home in Canmore, you can rent out the house or condo for short-term stays. Also, you can live in the home permanently. You can choose to operate the dwelling unit as a temporary space to stay with or without compensation.
Tourist homeowners who wish to operate in either a short-term or long-term rental require a development permit to operate in this manner. Also, if the dwelling unit is used for rental purposes, the owner will have to pay higher property taxes.
Critical aspects of a Tourist Home – note that any of these can be relevant as in and/or:
- The occupant intends to use the dwelling unit for a short term vacation rather than a full-time residence/
- There is a commercial aspect of the tourist home.
- A big one for investors: the tourist home can be managed or advertised as a tourist home or a vacation home on websites like Airbnb and VRBO. Note that this is not allowed in a vast majority of Canmore residences.
- It is permitted to use a reservation system, deposits, confirmations of stay, credit card payments and other forms of payment for the stay.
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Tourist Homes Permitted Locations
There are very few areas in the Town of Canmore that permit Tourist Homes. Only Silvertip Resort and an area of Teepee Town permit this designation. It’s also worth noting that commercial and mixed-use zoning areas such as Bow Valley Trail and Railway Avenue can permit usage on a case-by-case basis. You can view the regions permitted on the town’s site here.
Vacation Rentals
Vacation rentals are 28 days maximum stay at any one time. No limit on how many 28 day periods in one year. Basically ensures the unit is always taxed commercially. There are no vacation rentals in residential neighbourhoods – at least not legally zoned ones. The vacation condos/hotel condos are only in specifically zoned areas of town.