If you’re like most folks, you’ve probably seen the name “Dead Man’s Flats” on the signs heading towards Canmore and Banff, and wondered: can I own real estate there?
Also – who wouldn’t want to own a property in a place with a name as cool as Dead Man’s Flats?!
With a location so close to Canmore & Banff, nestled in the mountains and within reach of Calgary, Dead Man’s Flats can make an interesting case for ownership. But what does this small hamlet with a population of just a few hundred people have to offer?
In this article, let’s break down:
If you’re curious about owning real estate in Dead Man’s Flats or a listing you’re seeing, send me a text, call or email directly – I’m always available to give unbiased information and to answer your questions.
There are a few versions of the story, but back when I lived in Banff I was told by a long-time resident that it was from an old story known in the valley for many, many years. Back in the late 1800s-early 1900s, a poacher was almost caught with a beaver by a park warden, but to avoid capture he played dead and smeared the blood of the animal on him to make it convincing, fooling the warden. I’m absolutely not doing this story justice; feel free to read this article here to get the best sense of the tale. Other stories focus on old murders over the years, but this story rings the most true to me, knowing the area.
Unlike the Town of Banff, which falls in Banff National Park, there are generally no restrictions on who can own property in Dead Man’s Flats, like Canmore. At least – for citizens and permanent residents of Canada.
The Town of Banff is situated in Banff National Park, and while anyone can own property there, only people who meet the “need to reside” may actually occupy the property. This means that you could own a rental property there, as long as it is rented to local workers. You could not use the property yourself however, unless you met the need to reside rules yourself.
Many Buyers are unaware, but as of January 1 2023, there has been a “Foreign Buyer Ban” in place across Canada. This bars non-citizens from purchasing properties in Canada, typically residential properties within Census Metropolitan Areas. Technically, Dead Man’s Flats is not in such an area – and would not be subject to the Foreign Buyer Ban. Note – while this information is accurate at the time of writing, legislation is evolving and this is in no way to be taken as advice for anyone purchasing a property or considering a purchase. Connect with me directly or check with your lawyer first for legal advice if the ban applies to you or a property.
While Dead Man’s Flats is a small hamlet, it does have a few different types of properties. In DMF we have:
When it comes to detached homes and townhomes, essentially all of them are along River’s Bend Way, Close and Gate. Dead Man’s Flats is seen as a “B” community to Canmore, and residential prices here are a bit lower than what we see in Canmore these days. Most detached homes are coming in at larger sizes (3000+sqft) and are all quite new and modern, many featuring suites. Prices currently range from $1.4M and up for detached, and for 3 bedroom townhomes we are starting to break the $950K mark.
The issue with residential property in Dead Man’s Flats is that there’s just so little of it, that listings are rare and we may only see a handful each year (if that). So Buyers dedicated to a search here may be in for a long, long wait. But many locals from the valley are drawn to the area as it offers a bit of price relief while still being close to Canmore & Banff for work.
In terms of Short Term rental Airbnb properties, at the moment we have Copperstone Resort and the fairly-recent SparrowHawk Lodge, both located along 2nd Avenue. There are more resort properties to come, including “Summit” and Cliff Resort, both in early stages. Read my full blog post here regarding the benefits and risks of buying a short term rental Airbnb in Dead Man’s Flats vs. Canmore.
The key thing is that while prices for Short Term rentals are lower here, their revenue performance is also relatively lower. This is because Dead Man’s Flats books best when Canmore is full; so in the busy summer season. The rest of the time however, these units don’t book as well, as Dead Man’s flats has none of the restaurants, trails or shopping folks come to the Bow Valley to enjoy. This makes them much less competitive as they may be viewed as “overflow”.
I like Dead Man’s Flats, but, at the end of the day – it’s not Canmore. Compared to Harvie Heights (another small hamlet on the West side of Canmore), I think Dead Man’s Flats has more room to run. It isn’t pressed up against the Trans-Canada highway in the same way. Also – with the expansion of Canmore via Smith Creek, as well as future potential development at Thunderstone Quarry, its impossible to say just what Dead Man’s Flats could look like in just a few decades.
If you’re curious about owning real estate in Dead Man’s Flats, Canmore, or anywhere the Bow River runs, feel free to reach out to me personally. I’m always available via text, call or email and happy to answer your questions. Cheers!