Discover Canmore's Popular Vacation Rentals: Your Ultimate Guide to Tourist Homes and Hotel Condos🏡
Updated: Jun 8
Thinking about purchasing a tourist home or hotel condo in Canmore?
With the real estate market booming and the demand for vacation rentals on the rise, it's crucial to make informed decisions. Our vacation rental guide provides you with the knowledge and insights you need to navigate the Canmore market successfully. From understanding the different types of properties available to evaluating location, amenities, and average sale prices right now.
In Canmore last year, there were 238 real estate transactions for hotel condos and tourist homes, with an average price of $748,502 and an average square foot price of $810
How did those sales breakdown?
Out of the 238 sales in Canmore last year, 189 of them were hotel condos. These hotel condos had an average price point of $731,891, with an average square footage price of $797. Remarkably, these properties sold on average within just 28 days on the market, highlighting the high demand and desirability of hotel condos in Canmore.
In contrast, there were 49 sales of tourist homes in Canmore last year. The average price point for these homes was $812,573, with an average square foot price of $948. On average, tourist homes spent approximately 34 days on the market before being sold. These figures demonstrate the appeal of tourist homes to buyers, with their slightly higher average price point and larger square footage price compared to hotel condos.
Canmore vacation rentals - Whats the difference between a hotel condo and a tourist home?
Hotel condos and tourist homes differ in terms of versitility. Tourist homes offer the advantage of allowing full-time residential living and long-term rentals, contributing to their higher average price point. In contrast, hotel condos are primarily intended for personal use or short-term rental income and cannot be used as full-time residences.
What complexes are popular choices?
1. Copperstone Resort - Dead Man's Flats |11 Sales | Average Price $514,185
With 11 sales in 2022 and an average price of $514,185, Copperstone located in Dead Man's Flats offers a complex with enticing amenities such as a pool, hot tub, and gym facilities. Despite being located a short 5-minute drive from Canmore, this complex provides convenient access to the town's attractions while offering a more cost-effective real estate option.
2. Banff Boundary Lodge - Harvie Heights | 4 sales | Average Price $534,283
Nestled in the charming hamlet of Harvie Heights, just outside of Canmore, Banff Boundary Lodge presents an average price point of $534,283 and a total of 4 sales in 2022. As its name implies, the lodge is situated right on the edge of the Banff Boundary, granting guests convenient and swift access to the stunning Banff National Park. This prime location allows visitors to immerse themselves in the natural beauty, breathtaking landscapes, and abundant outdoor activities that the park has to offer.
3. Falcon Crest - Canmore | 10 sales | Average Price $554,463
Located on Kananaskis Way, Falcon Crest Resort offers units with an average price point of $554,463 and a total of 10 sales in 2022. This resort boasts a range of attractive features and amenities for residents and guests. With underground parking, convenience is ensured, allowing for easy access to your vehicle. The resort's location provides quick and convenient access to downtown Canmore, with its array of shops, restaurants, and entertainment options. Additionally, Falcon Crest Resort offers enticing amenities such as a hot tub and gym facilities, providing opportunities for relaxation and fitness.
4. Silver Creek Lodge - Canmore | 9 sales | Average Price $562,888
Silver Creek, with its average price point of $562,888, presents an appealing option for buyers. However, it's important to note that Silver Creek has specific rental restrictions. Owners are limited to utilizing the in-house rental pool provided by the complex, meaning they are not permitted to privately rent out their units on platforms like Airbnb and VRBO. While this restriction may limit the flexibility for owners, it also ensures a consistent and controlled rental environment within the complex. It's essential for prospective buyers to consider this aspect when evaluating their investment goals and rental options for their Silver Creek unit.
5. Grand Rockies - Canmore | 8 sales | Average Price - $571,593
Situated on Bow Valley Trail, Grand Rockies stands out with a total of 8 sales, its average price point was $571,593 in 2022. This complex offers an impressive pool facility that is particularly appealing to families visiting Canmore. With hot tubs, a waterslide, and a dedicated children's pool area, the amenities provided by Grand Rockies create an enjoyable and family-friendly environment.
6. Windtower - Canmore | 10 sales | Average Price - $605,264
In 2022, Windtower had an average price point of $605,264 with 10 sales. This complex offers a unique blend of both hotel condos and tourist homes, providing flexibility in investment choices. Whether you prefer the convenience and rental income potential of a hotel condo or the versatility of a tourist home, Windtower caters to different preferences. Situated on Kananaskis Way, the complex enjoys a prime location with close proximity to restaurants, shops, and the convenience of being within walking distance to Downtown Canmore.
7. Lodges of Canmore - Canmore | 10 sales | Average Price - $717,893
The Lodges of Canmore is a highly sought-after option for individuals looking to invest in either a tourist home or hotel condo. With 10 sales and an average price point of $717,893, this complex consists of three distinct buildings: the Wolf, Bear, and Cougar Lodge. The Lodges of Canmore offer a range of amenities that make it an attractive choice for guests and residents alike. The presence of a gym, pool, and hot tub facilities provides ample opportunities for relaxation and recreation, enhancing the overall experience for visitors.
8. Stoneridge Resort - Canmore | 8 sales | Average Price - $747,524
In 2022, Stoneridge resort had 8 Sales with an average price point of $747,524. This resort exclusively offers Hotel Condos, providing a consistent and streamlined rental experience. One of the highlights of Stoneridge is its outstanding pool and gym facilities, allowing residents and guests to relax and stay active during their stay. The units in this complex are known for their higher level of finishes, adding an element of luxury and desirability.
9. Solara- Canmore | 28 sales | Average Price - $761,418
The front runner for the most sales (28), the Solara complex commanded an average price point of $761,418. What sets Solara apart is its versatility in rental options. Investors have the choice of participating in the in-house rental pool managed by the complex, or they can opt to rent their units through popular platforms like VRBO or Airbnb. This flexibility allows owners to adapt their rental strategy based on their preferences and market conditions. It's important to note that Solara exclusively offers hotel condos and does not include tourist homes within its offerings.
10. Blackstone Mountain Lodge - Canmore | 5 sales | Average Price - $825,005
Blackstone Mountain Lodge saw 5 sales with an average price point of $825,005 in 2022. The complex features a range of amenities that enhance the living experience for residents and guests. The presence of a great pool, hot tub, and BBQ area provides opportunities for relaxation, socializing, and enjoying the outdoors. Additionally, Blackstone Mountain Lodge offers a well-equipped gym facility for those seeking to stay active. These amenities contribute to the overall appeal of the complex, creating a comfortable and enjoyable living environment. Blackstone only offers hotel condos.
11. Mystic Springs - Canmore | 4 sales | Average Price - $859,678
In 2022, the Mystic Springs complex saw 4 sales with an average price point of $859,687. It's important to note that this complex does not offer a private rental pool. As a result, owners are responsible for renting out their units privately. This presents both opportunities and considerations for potential investors. While the lack of a rental pool allows for greater flexibility and control over the rental process, it also means that owners must actively manage and market their units to secure bookings.
12. Canmore Crossing - Canmore | 4 sales | Average Price - $876,686
With 5 sales and an average price point of $876,686 in 2022, Canmore Crossing is a complex that exclusively offers tourist homes, making it a sought-after choice for those looking for a residential living experience. With no hotel condos available, Canmore Crossing caters to individuals or families seeking a permanent or long-term residence in the Canmore area. This focus on tourist homes provides a unique opportunity for buyers looking for a more residential-style property.
Canmore offers a diverse range of complexes with varying price points, including some exceeding the $1,000,000 mark. Prominent examples include Whitespruce Lodge, Basecamp Resorts, Rundle Cliff Lodge, and Mistaya Place.
What factors affect the price points?
The pricing of these complexes is influenced by several factors, such as the square footage of the unit, the quality of the finishes, the number of bedrooms, the location within Canmore, and the available amenities. Larger units with high-end finishes, more bedrooms, and prime locations tend to command higher prices. Additionally, complexes that offer exceptional amenities such as pools, spas, fitness centers, and other desirable features often have a higher price tag.
Tourist homes typically have a higher price point when compared to hotel condos due to their versatility of long term rental / full time residential.
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