Canmore has become one of the top ski resort towns in North America. Access to Calgary’s International Airport allows people from around Canada and the world to visit Canmore (and Banff.) The rocky mountains are a significant draw regardless of season and activity. The outdoor lifestyle calls many people to consider buying a second home or investment property. Once upon a time, Canmore was a small mining town; the Calgary Olympics changed all that. Canmore is now a major destination. It’s funny how people travel to Banff and realize that Canmore is the place to live! It’s only 20 minutes down the highway and much closer to the airport.
If you are reading this blog, then there is a good chance that you know how great Canmore is already. Why invest in a Canmore property? We dive into several factors driving a robust real estate marketplace.
Alberta’s Wealthiest Town
Canmore is Alberta’s wealthiest town because many of the who’s who of business in Calgary, Edmonton and outdoor lovers from around the world want to live in our majestic town. Our mountain homes are stunning. Modern architecture that you have come to expect from Dwell magazine is throughout our neighbourhoods. Whether your interest is being a weekend or a seasonal home, there is a great option here in Canmore. An old adage that serves this point: go where the money is.
Canmore Is Growing
The Three Sisters and Smith Creek projects will add over 10,000 living units in the coming years. This is a near doubling of Canmore’s current population of 15,000. The Canadian and International demand to own a piece of Canada’s Rockies is very strong. Not all of the units and development houses will not be coming to market at one time; these will hit the market over many years, which will help manage the demand and market balance.
➤ For more information on Canmore real estate, check out:
- Canmore Neighbourhood Guide
- Investing In Canmore Real Estate
- Why You Should Buy A Vacation Home In Canmore
- Buying An Investment Condo In Canmore
- Looking To Buy In Canmore?
A Top Resort Town In North America
Canmore is the primary town that provides access to the top ski resorts in the Rockies, Lake Louise, Sunshine Village, Nakiska and Norquay. Many people will visit Banff and fall in love but quickly realize that they cannot purchase within the Park without the need to reside (i.e. have a job or rent to someone who has a need to reside.) Canmore is also one of the most affordable ski towns in North America. Whistler is nearly twice as expensive. The same goes for Vail and Aspen, Colorado and Lake Tahoe. Canmore’s real estate market offers excellent value to investors.
Real Estate Wealth Is Made In Canmore
Over the last few deceased since the 1988 Calgary Olympics, large developers have entered the Canmore real estate market. They all saw the opportunity that had been overlooked for years. Nowadays, most Canadians know what a significant investment Canmore real estate makes. Historically, Canmore values have increased between 3-5% a year. However, that changes during the Pandemic. We saw real estate values skyrocket by more than 30%. We have maintained that growth burst as we are currently in a seller’s market. The growth will be more gradual moving forward, but that better substantiates the investment opportunity and give real estate investors more confidence in the stability of our market. Many locals and visitors have developed wealth thanks to wise real estate investments here in Canmore.
Canmore Investment Property Types
We highly recommend buying a house or condo for weekend use or entire winter and summer usage. The activities are endless. If you don’t live in Alberta and require a flight to visit, we suggest getting a flight pass; Air Canada offers some great options. The number of people from Toronto and the eastern United States that have homes here in Canmore is substantial. Many of these people buy flight passes that allow for last-minute bookings, upgrades and an extension of your return flight date when you just don’t want to leave! You can rent out a condo apartment and a house for more than 30 days at a time. However, Airbnb is not allowed.
Keep in mind that Canmore has a couple of zoning designations that are very different than other towns in Canada. If you want to purchase an investment property to rent out on a shorter term, there are two options: Tourist home (which allows the owner to rent it out short term and use it themselves from time to time.) Vacation homes are the second option, these cannot be rented out for more than 30 days, and the owner cannot live here for short visits.
Mortgage Financing
If you require mortgage financing, it is worth noting that Canmore’s resort-like status affects the lender’s comfort levels if you do not live here full time. Specifically, Tourist homes and Vacation homes. The underwriters at a bank often say no without putting a down payment of as much as 40% on the property. To avoid this hassle, we believe it is essential to speak to one of the local mortgage experts. We guide our clients to the best so that you have absolute clarity regarding what you can invest in before making an offer.