Like many resort towns, Canmore relies on various different zoning bylaws to manage the flow of tourists, vacationers, workers, and part-time & full-time residents. The market sector that is most heavily impacted by these regulations and bylaws is the Canmore condos market. Before venturing into the Canmore real estate market, it is extremely important that buyers familiarize themselves with the various different types of zoning that may impact them. The different categories of zoning are outlined below:
Residentially zoned properties give homeowners somewhat flexible use of their property and are the most common type found on the real estate market. Canmore's condos, townhomes, and detached homes with this zoning can either be lived in full-time or rented out on a monthly basis. More specifically, residentially zoned properties in Canmore can have only 1 particular group of tenants per 30 days.
Like in other towns, Canmore further utilizes variants of Residential Zoning, such as: R1(b) - Basement Suite, R2 (Duplex), R4 (Fourplex), Multi-Family
Vacation Use Properties
A concept that many buyers are unfamiliar with is that of the "Canmore Vacation Property". This interesting opportunity provides investors with the chance to own a property in Canmore, plus the ability to offer your unit for rent on a nightly basis. These condo-type units, often referred to as a "Hotel-Condo" or "condotel", are usually located within a hotel/resort complex and are zoned for vacation use only, and as such cannot be lived in full-time. Owners are entitled to stay in their property for periods up to and no longer than 28 days. There are many different ownership arrangements available, including fractional ownership.
Canmore's "Tourist Zoned" properties offer a unique opportunity to own a home that you can either live in full-time, or rent out on a nightly basis. These units are sometimes, but not always, located in a hotel complex. Many of the hotel style complexes offer a "Rental Pool" program where owners are able to vacate their unit and make it available to the hotel and its regular nightly rental operations. Homeowners who participate in the rental program can use this income to offset some of the costs of owning their unit.
Employee Housing/Perpetually Affordable Housing
Properties zoned as "Employee Housing" and PAH stipulate that owners must live and work a minimum of 20 hours per week in Canmore. Furthermore, owners can purchase the condo and make it available to other owners or employees working a minimum of 20 hours.
The Canmore Community Housing Corporation sells Perpetually Affordable Housing (PAH) units. There are several buyer requirements including maximum income level. For more information on Canmore's affordable housing click here.