Canmore is an incredible mountain town that attracts worldwide attention. Steep rocky mountain lines, endless peaks as far as the eye can see, beautiful rivers, wildlife, and all the outdoor adventures you could imagine. These are many common reasons people look to vacation in Canmore. It’s no surprise that many Torontonians see Canmore as a great place to buy a vacation home.
Who am I to say? Well, I grew up in Toronto (specifically Lawrence Park.) I discovered Canmore one summer at the end of university in 2001. At the time, a close friend of mine was the brother of a National Ski Team member. (this is a BIG reason why we are proud to be an official sponsor of the Canadian National Ski Team!) What an eye-opener. Having spent years rock climbing in and around Toronto, I had found my meca! Canmore became my second home for the subsequent decades. I took every opportunity to fly out and enjoy the wonderful community, scenery and adventures that awaited.
Why at people in Toronto buying vacation homes in Canmore? The list is endless from our experience. However, we do touch on some key reasons below. It’s worth noting that everyone has subjective reasons for falling in love with our Bow Valley, nestled in the Canadian Rocky Mountains. Perhaps it was a visit to Banff (where everyone falls in love.) Having left Banff, they pine for a return to the Rockies. It’s important to note that buying in Banff is not permitted unless you have what is called a need to reside in Banff National Park – a job requiring you to be present and employed at a minimum of weekly hours. People fall in love with Banff because it’s a beautiful tourist destination, then discover that they can buy a wonderful home 15 minutes down the road in Canmore.
The growth in secondary properties outside of Toronto, Ontario, has been another significant reason for Torontonians to consider a more affordable yet stunning vacation property in Canmore. For some, the dream of Muskoka is no longer attainable. For others, Muskoka doesn’t offer enough outdoor adventure and rugged wilderness. For the cost of buying a home in Canmore, paying for flights and having either a rental car or a rugged four-wheel drive vehicle on hand in Canmore, it is a much more affordable option. Thankfully Canmore’s real estate market is robust, and those homeowners have seen quite an increase in their property values over the last 30 years.
Why People In Toronto Are Buying Vacation Homes In Canmore
Short Flight
Imagine jumping on the UP Express from downtown Toronto with a bag. Or jump into an Uber as you head to Pearson Airport on your way to a great vacation. Your skis, bikes and friends await you in Canmore. The ease of arrival, the 3.5-4 hour flight to Calgary International Airport (never busy, ever.) An hour’s drive to Canmore, and there you are, surrounded by the Rocky Mountains. It’s easy.
Image for a moment an alternative. It’s Friday afternoon. You jump in the car and head north to Cottage Country. With no traffic, it’s a 2-hour drive, but on a Friday afternoon or evening, you are looking at 4 hours of engaged, focused driving. Utilizing all your defensive driving skills as you head to your happy place on a lake. In that time, it’s likely your cortisol levels spiked, you may have been able to polish off half of an audiobook, but this experience is a far cry from kicking back at the Air Canada lounge as you wait to board your flight to this quiet, quaint town of Canmore that rarely gets traffic. When you do the math, the amount of vacation “commute” time from Toronto to Canmore versus Toronto to cottage country is not much different. We have many clients who do this regularly. In some cases, last least once a month, they fly from their home in Toronto to their idyllic property overlooking East Rundle Moutain.
Lifestyle
As you read this article, you will have gathered that Cannomre is about lifestyle. There is a mix of mountain lifestyle (all the adventures and hiking you can imagine,) family neighbourhoods, and retirement living (for the well healed who are splitting their time between Palm Springs or Florida for the remainder of the year.) It’s not uncommon for friends to go for an early morning jog, then meet up after the day and go mountain biking on the trails.
As Canmore is a small town, there is a community experience throughout the neighbourhoods and even downtown Canmore. The peaceful nature makes for easy conversation with people you would likely have much in common with.
The restaurant scene is excellent, and we love Crazy Weed!
Investment
Being that Canmore, Alberta is a world-class ski and mountain town, it is fair to say that some of the homes are at a luxurious level that few of us will ever see in person. This does afford all those to stroll by such incredible mountain luxury homes. That being said, there are options for every budget. There are hotel condos, vacation homes, semi-detached homes (called duplexes in western Canada,) townhomes and wonderful detached houses. For some, a timeshare is the best option, which is a minimal cost, though it will not perform as well as the other real estate investments.
Canmore’s real estate architecture is fantastic, magazine-worthy design – in all home values. Canmore will scratch that itch for those who dream of a mountain vacation getaway.
➤ For more information on Canmore real estate, check out:
- Canmore Neighbourhood Guide
- Investing In Canmore Real Estate
- 8 Tips When Buying An Investment Condo In Canmore
- Why You Should Buy A Vacation Home In Canmore
- Buying An Investment Condo In Canmore
- Looking To Buy In Canmore?
No Double Land Transfer Tax
For those who have been around Toronto real estate for long enough, you may remember when there was only one land transfer tax (LTT,) the Ontario LTT. Years back, Toronto added its very own LTT, making a real estate acquisition far more challenging for buyers. The cash outlay on closing (not permitted to be mortgaged) is substantial. Canmore and Alberta are very different. There is simply a small fee for a closing. Alberta likes to keep costs reasonable for their people; this is one of many examples.
Tax Example – $1,000,000 Purchase
- Toronto and Ontario would charge you $32,000 in Land Transfer Taxes – split equally between the province of Ontario and the municipality of Toronto (assuming you have purchased in Canada before)
- Cannore and Alberta would charge you a total of $770. Yes, you read that correctly, 3 figure fee, not a 5 figure fee like Toronto, Ontario, would charge. This would include a mortgage registration fee (it could be less if there is no mortgage) and a property registration fee.
Money Goes Farther
As shown in the above example, money goes farther in Alberta. One of the significant savings for anyone vacationing in Alberta or passing through is that there is no provincial sales tax. This is a substantial savings when you buy your goods in the province. Also, for those looking to fly back and forth from Canmore to Toronto, the tax savings on those flights add up to a business-class upgrade pretty quickly. Buying a car solely for your Canmore adventures is also much more affordable.
Wildlife
Something you can’t find in Ontario very quickly, especially in Toronto, is wildlife. Common wildlife visits for those who live in Toronto or other Greater Toronto areas are from raccoons, squirrels, maybe the odd chipmunk, the neighbour’s dog or cat, and birds. Pause for a moment and imagine that your backyard has a herd of Elk numbering around three dozen. as they migrate to another mountain valley. Or seeing three times larger crows than you have ever seen before. Or, coming to a stop on the road as you watch, in awe, a mama bear and her cubs crossing the street. There is a deep respect for wildlife in Canmore, and signs are put up by the Parks Wildlife Authority to stay clear, maintain distance, and, when appropriate, not enter certain areas.
Those who visit Canmore or reside are stewards of the land. The water that flows through Canmore’s mountains flows out to the prairies, which provides the food that Canada grows. The ecology is sensitive, and the wildlife depends on our care and respect.
Alberta’s Sunshine
Alberta is Canada’s version of Big Sky Country. Due to the craft that Alberta is, for the most part, in what is called a rain shadow, there is far less perception than most of the country, especially the British Columbia mountains. Canmore has roughly 300 days of sun. Yes, you read that correctly. Nearly every day has sun, even if only for an hour. There aren’t many towns in Canada that can claim that stat! It’s incredible, especially for those who are self-proclaimed “solar-powered.’
Buying A Vacation Home In Canmore
Buying a vacation home in Canmore is a big decision. Especially if you are living in Toronto, you need to work with agents who understand your unique needs and can communicate so that you are heard and understood. We want our clients to be happy and enjoy the process while feeling like they got the most professional service possible.
