Canmore Airbnb zoning and the rules around Short Term Rentals in town can be foggy (at best). I’ve written extensively in the past on the rules around Airbnbs, helping lots of clients and prospective investors navigate this special sector of our real estate market. I figured it was time to provide a bit more info regarding the zoning specifics folks need to know – as these properties can be lucrative to own as investments, in addition to being rewarding to share with your family and friends.
I’ve helped dozens and dozens of investors and families acquire successful Airbnb properties in Canmore. In fact, I’d say representing short-term rental investors on the buy-side is my primary focus in real estate. Knowing what you need to do to be successful from start to finish is essential and my ear is always to the ground for the best Airbnb opportunities for my clients. I’m proud to say I’ve helped several families create portfolios of these specific properties over time.
Providing you with the best information, finding the most desirable property, negotiating hard and protecting your interests throughout the process are hallmarks of the service I provide to my clients. So if you feel like you have more questions after reading, or just want to have a quick call to learn more about our marketplace, let’s connect directly. I’m always available via text, call or email and no question is too small.
In this post, let’s break down some key questions on Canmore Airbnb Zoning:
If you have questions about a specific property, owning an Airbnb here, or just about our community in general – feel free to reach out to me personally. I’m always available via text, call or email.
In a way, Yes – please see the map below. But also note: this map means nothing to 99% of Canmore property investors! Yes, I’m sorry – but there is no magical map of homes which can be converted into successful Airbnbs. But Why?
The map below is mainly important for a privileged few big fish who own, or can acquire, large pieces of under-utilized property in these corridors. Unless you’re looking to purchase an old hotel or commercial building in this area (rarely for sale, essentially non-existent, priced in the tens of millions with tens of millions more to execute), you won’t be building your Canmore Airbnb.
Which is completely fine, because that’s not what you’re looking for!
So, let’s forget maps and move on to more pressing questions below.
Next, let’s dispense with the term zoning. While zoning is important, what we are really talking about are “uses”.
There are essentially three types of uses that are pertinent to finding an Airbnb property in Canmore:
Residential properties are the majority of the properties in town. All detached homes, as well as nearly all townhomes and the majority of all condos are residential. The key thing is that for these properties, no rental may be less than 30 days. These are housing for people. Easy enough.
Visitor Accommodation (or Hotel Condo) properties represent the vast majority of Airbnb properties in Canmore. Almost all of these are 1 & 2 bedroom, resort style condos, with all the amenities guests want and within walking distance to all central shopping, trails and restaurants. The key thing for these properties is that no rental may exceed 30 days. This means that these are not housing, and were never intended to be housing (making them harder to finance). They are for accommodating visitors, which is exactly what you want to do. More on this later.
Tourist Homes are a much discussed but often misunderstood type of property. Canmore Tourist Home is not a style of property, and rarely if ever is it a property that has “applied to get this zoning” etc. In fact, most Tourist Homes exist in the very same buildings as Hotel Condos. As above, nearly all of these units are 1 & 2 bedroom condos. Part of the story with this use goes back in history, which I will expand on in my next article. But the key thing to know for these properties is that they can “do both” – be lived in or rented full time, or be used for short-term rentals. There are some distinct advantages to these properties which I will also expand on.
For anyone looking for an Airbnb zoned property in Canmore, we will consider both Visitor Accommodation and Tourist Home units. Working with a local agent with a strong track record, as well as access to our private local MLS system is key to identifying the right properties.
When recently speaking to Canmore Cohost, a reputable Airbnb manager in town, their analysis confirmed there were over 2700 active short-term rentals in the area.
Of these, the vast majority are two bedroom units – which is good as they have the highest demand. There are 1,160 two bedroom units, 779 one bedroom units, 143 studio suites, 365 three bedroom units, and 107 four bedroom units – with the remaining few falling into niche categories.
You can read more about the different styles of Airbnbs in Canmore, and the difficulties in acquiring suites with more than two bedrooms, in my longer article here.
For most folks, focusing on a one or two bedroom unit will be perfect for their personal use and for their investment goals.
Location is important, but its also key to note that we have a very small town. In essence, no unit is that much more walkable, close, etc. than another. Spring Creek has a more premium location, and some Tourist Home units can be plunked in the middle of downtown commercial areas. But, proximity is not always best for guests. I’ve had family staying in commercial-area units get woken up by snowplows and bright lights! So its always important to focus on then unit itself first, then building and location factors come next.
Key Streets & Areas of Focus:
Resorts of focus include Stoneridge, Blackstone, Solara, The Lodges, Falconcrest, Mystic Springs, Fire Mountain Lodge, Windtower, Grande Rockies Resort, Skyline & Highline Peaks, and select buildings within Spring Creek.
NOTE: This is by no means an exhaustive list. And on these streets, certainly not all properties are zoned for short term rentals. Connect with me directly to discuss your search so we can ensure you’re looking at the right properties, and not getting bogged down looking at the wrong ones.
I have a lot of investors reach out to me, who may already own long term rental properties in Calgary, Edmonton, Toronto or Vancouver. Which is great because they have a long term perspective and understand real estate investing. An important thing to consider with these properties however, is that it is much more like owning a hotel business, rather than a rental property. You are not looking for one tenant – you are competing for guests 365 nights a year. There are real operating costs for items such as housekeeping, maintenance, management and stocking. Guest concerns can pile up fast.
But – by the same token, unlike a long term rental property, you have so much more flexibility to improve your performance and beat out your competition. You can make choices when it comes to things like decor, furnishings and finishes that can translate into real returns. And unlike a long term rental property, you don’t have to just drive by the look at the lights in the windows. You can come and stay with your family and friends as much as you’d like!
Expect a property that operates like a business, and that you can be heavily involved in or completely hands-off with (depending on how you choose to manage it). If you get the right property, you should be able to use it as you wish and make changes, renovate etc. as desired. Selecting the right property can also lead to a very rewarding investment.
This is only an overview of some of the most important questions I hear from clients all the time. There is so much more to these properties even still: financing is very critical to get right, and Airbnb management is a very crucial choice to make. Subtleties between client goals, available properties, and overall market dynamics can mean vastly different things to different people.
Connect with me directly to learn more about your options, our marketplace and where you could enter into this exciting subset of properties. Navigating pitfalls and feeling confident in how things really work is important as a Buyer in our marketplace. I’m always here via text, call or email and no question is too small. I’m here to help!
Cheers!
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