A Quick Guide to Buying a Vacation Rental in Canmore

Why Should I Buy a Vacation Rental Property in Canmore?

Buying a vacation rental property in Canmore is a lucrative real estate investment. Every year Canmore generates over $350 million from tourists alone.

That figure will only grow, along with its popularity and reputation.

What Are the Benefits of Owning a Canmore Airbnb Investment?

Owning a property in Canmore that has been designated as a tourist home is a smart Airbnb investment. That comes with many benefits, such as:

• Lower property taxes: The property tax rate is substantially low for having some of the highest real estate costs in the province.
• Close to Banff National Park and Calgary: Canmore is a short drive away, making it an attractive choice for those last-minute getaways.
• Freehold real estate: Buying a property in Canmore means you actually own it, which is great for generating income as a short term rental property and for resale purposes.

Household income and population growth: Steady growth in population and household income over the past 20 years is a good sign that Canmore will continue to flourish and the vacation rental industry will continue to grow.

Canmore’s Different Zoning Types Explained

Before buying rental property in Canmore, you should know the town's four primary zoning classifications.

Zone #1: Employee Housing

Available for residents who work in Canmore to have affordable housing and convenient accommodations. You must work at least 20 hours per week in Canmore to own property in this zone, and continuous monitoring ensures no short-term rentals can operate here.

Zone #2: Visitor Accommodation

This zone is for hotel-condo suites. You can only rent a Canmore hotel condominium for a maximum of 30 consecutive nights.

Zone #3: Residential

For long-term living or rentals of townhouses, apartments, duplexes, triplexes, or single-family homes.

Zone #4: Tourist Home

This zone has the most desired real estate in Canmore because you can rent it out long-term or short-term or live there casually or full-time. However, because of its desirability, properties here are 25-50% more expensive than in the Visitor Accommodation zone.

Planning on investing on a vacation rental in Canmore?

Have you considered real estate investing in Canmore? Aisling Baile offers a No-Hassle Approach To Canmore Property Management. Whether you’re a first time vacation rental owner, or have experience in the short-term rental market, our experienced property managers are here to make your life easier.

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