Are you considering buying a home in Canmore, but feeling overwhelmed by the various zoning regulations? Don't worry; we've got you covered! In this comprehensive guide, we will walk you through everything you need to know about Canmore's zoning when it comes to residential properties, catering to first-time buyers, and even delving into long-term and short-term rentals options.
CANMORE ZONING MAP
TYPES OF PROPERTIES
Residential (Full time living) - In Canmore, residential zoning is the most prevalent category, encompassing a wide range of housing options suitable for year-round, full-time living. Whether you're looking for a single-family home, a half duplex, a townhome, or an apartment, Canmore's residential zoning has you covered.
Canmore has some wonderful family-friendly neighborhoods, popular with locals are Cougar Creek, Quarry Pines, Eagle Terrace, Riverstone, Canyon Ridge, and Three Sisters.
For first-time home buyers, the Grotto/Glacier neighborhood was Canmore's most affordable neighborhood in 2022, mainly made up of manufactured homes, this neighborhood is on the sunny side of the Valley, with amazing Three Sister views. Other neighborhoods great for first-time buyers are Peaks of Grassi, Palliser, Riverstone and Three Sisters.
If you're looking for luxury living and larger estate homes, Silvertip, Cairns, Prospect and Benchlands have some of the larger homes in town.
Hotel Condo (Visitor accommodation) - Hotel condos typically come in the form of condo-style apartments or townhomes that can be rented out on a short-term basis, making them ideal vacation rentals for VRBO or AIRBNB, alternatively some hotel condo complexes have professional property management, so you don't have to do the independent work. It's important to note that hotel condos are not intended for full-time residency and have specific restrictions in place. However, their potential as income-generating properties makes them an attractive option for investors looking to capitalize on Canmore's thriving tourism industry.
Hotel condo complexes are mainly on the Bow Valley Trail / Kananaskis Way - to learn more about what the different complexes have to offer, see our other article dedicated to hotel condos here - https://www.canmorehomesforsale.com/post/canmore-vacation-rentals
Tourist homes (Flexible mixture of both) - Hotel condos and tourist homes differ in terms of versatility. Tourist homes offer the advantage of allowing full-time residential living and long-term rentals, contributing to their higher average square foot price point. Tourist homes can be found in Spring Creek, one of Canmore's newer developments, as well as Kananaski Way, Bow Valley Trail and Railway.
TAX RATES
In Canmore, it's important to be aware that different properties can be subject to varying tax rates. The tax rates imposed on properties in Canmore are determined based on several factors, including property type, location, and assessed value.
Residential properties, such as single-family homes, townhomes, and condos intended for full-time living, typically fall under the residential tax rate. These rates are generally lower compared to other property categories since they are intended for primary residences. For more information on tax rates, please visit -https://canmore.ca/residents/property-tax/tax-rates
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