Canmore and Banff are world-class mountain destinations that millions of tourists visit annually. Despite how busy both towns get in the Summer, both are peaceful mountain getaways for people across Canada and worldwide. Relatively speaking, Canmore is one of the most affordable world-class ski towns in North America, equating to an excellent investment for those looking to buy real estate. And indeed, those looking for a fantastic lifestyle getaway on weekends or for longer stretches at a time.
So, what’s it like to live in Canmore versus Banff? The towns are distinctly different. We cover what you need to know about buying and owning real estate in either town.
Banff
Many newer people buying a home in the Bow Valley think it’s a great idea to buy in Banff. It certainly can be. However, you must have a need to reside in the National park to own a home or condo. In other words, you must have a job that requires you to work in Banff or within Banff National Park. As a real estate investor, you could purchase a property and rent it to people who work in town, but you cannot reside there unless you meet the criteria. There is no way around this. When a purchaser buys in Banff, they must show their purchase to the Parks desk to confirm their need to reside in town. This often stops most buyers in their tracks. We quickly turn their attention to Canmore, just 20 minutes east of Banff…but we will get to that shortly.
Because Banff is more strict with its real estate rules, it limits the buyer pool to those who must live in town to work there. The direct result of this is that the real estate market is slower. It takes longer to sell real estate. We also find that the upkeep of some of these homes, the styles and designs are more dated, often needing repairs. It’s not uncommon for sellers to ask for more than their property is worth; after all, why wouldn’t they? Banff is magnificent! However, the common higher-than-market prices only adds to the delay in finding buyers. The terra is leased because the real estate is located on Banff National Park lands. You cannot own the land in Banff, and the land is technically leased land.
Banff is not unlike many other beautiful destination towns in that the values have risen in recent years. Those who own real estate in Banff have been sitting on a good investment. That being said, value growth is limited compared to Canmore due to the Parks restrictions.
➤ For more information on Canmore real estate, check out:
- Canmore Neighbourhood Guide
- Investing In Canmore Real Estate
- Buying An Investment Condo In Canmore
- Looking To Buy In Canmore?
Canmore
Now that we have given a general overview of Banff, we will focus on Canmore. Just 20 minutes east of Banff (and 20 minutes closer to Calgary’s International Airport) is the less tourist, more locals feeling town of Canmore. Recently the town council voted to keep Canmore listed as a town despite having the numbers to be called a city. Why? We like to keep things quaint and approachable around here.
It’s not uncommon to meet a new buyer who wants to purchase in Banff but quickly realizes that they wouldn’t be able to enjoy the home as a vacation property. Canmore is the better real estate investment. There are few restrictions here in Canmore. You can own the land. You also have fewer “touristy” shops in Canmore, more local run and locals enjoyed. We have a more peaceful town as we get fewer tourists.
Canmore has historically appreciated at about 5% a year for decades. There are a few flat spots here and there but a consistent growth chart overall. IN recent times we have seen double-digit percentage growth. The real estate value growth has put our town in the focus of the international eye. We are getting more and more real estate investors and lifestyle enthusiasts from the US and throughout Ontario, especially Toronto.
Canmore Real Estate Market Stats
Canmore real estate is a strong seller’s market at the moment due to the high demand and growth of the town. It’s not uncommon for a great house to sell within days of hitting the market. Buyers must be agile and prepared to snap up their dream home quickly.
With a word on financing, it is essential to speak with a local branch of your bank or a local mortgage broker, as Canmore is a slightly more complicated town when it comes t financing real estate. It’s not uncommon for a bank to state that they can help, but when it comes time to underwrite the property, they realize they need local expertise. This is very rare for Canadian real estate. Word to the wise, do your due diligence before starting your house search.
Living In Banff & Canmore
Choosing to live in Banff or Canmore is a fantastic lifestyle decision! After all, look at these two rocky mountain towns; they are beautiful! There are countless activities to enjoy right out your back door. Here is our list of the 7 best outdoor activities.
