UNDERSTANDING CANMORE ZONING
Aside from the great beauty of the natural surroundings and the differing styles of properties here in Canmore, there is one other aspect of the local real estate market that is important for people to know when beginning their search: the different types of property zoning. In addition to the "normal" residentially zoned properties, those which are intended for full-time living, there are a few other options that exist within Canmore real estate, each with certain attributes that can better cater to one buyer over another.
If you have seen a property through your private search website or elsewhere online and are curious to where it fits within these zoning categories, please don't hesitate to give us a call and let us help!
*Note that these descriptions are guidelines only, and are subject to variations within each category. Please click here to read the current Town definitions of each zoning
Below is a list of the different types of property zoning* here in Canmore, as well the neighbourhoods where these types of properties can be found:
RESIDENTIAL
For those who wish to own and live in their home year-round, with no restrictions on personal use, and can also be rented out on a long-term basis (usually 1 year but needs to be a minimum of one month) should the home owner so choose. This is, as you would expect, the most common form of zoning found throughout Canmore, as seen in the list below and available for typical conventional residential mortgage financing at the most competitive interest rates.
Municipal Taxes for Residential Property: 2024 Mill Rate 4.61405 i.e. property assessed at $700,000 x the mill rate of 4.61405 = annual taxes for 2024= $3,229.84
Neighborhoods: Silvertip, Eagle Terrace, Benchlands, Cougar Creek, Avens/Canyon Close, Canyon Ridge, Riverstone, Palliser, Teepee Town, Spring Creek, South Canmore, Lions Park, Larch, Town Centre/Railway, Hospital Hill, Rundleview, Prospect, Homesteads, Peaks of Grassi, Quarry Pines, Three Sisters
VISITOR ACCOMMODATION
The third major zoning type found in Canmore, Visitor Accommodation. Almost all visitor accommodation units in Canmore allow for year-round personal use, with stays of up to 30 days at a time. When not being personally used, owners can choose to leave the units vacant until their next use, or they can place the unit in a professionally managed rental pool to generate income until their next visit, or most can be self managed or you probably can hire a management company to manage your unit that would be separate from any rental pool, which can help offset the cost of ownership, such as property taxes, condo fees, and utilities or perhaps make yourself a return on your investment. Many purchases are Cash purchases but mortgages are more recently available from lenders who work with short term rentals or an option is a commercial loan at an interest rate a bit higher than residential mortgage interest rates. (1-2% higher) Down payments can range from 25% to 35% but lets talk about the details here so you align yourself with the right lender who has previous experience and success with obtaining mortgages on short term rental properties.
Municipal Taxes for Visitor Property: 2024 Mill Rate 8.94009 i.e. property assessed at $700,000 x the mill rate of 10.25758 = annual taxes for 2024= $6258.06
Neighborhood: Bow Valley Trail
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TOURIST
Perhaps the most flexible zoning (though the smallest) within Canmore real estate, Tourist-zoned homes not only permit full-time living, but also long- and short-term rental (nightly or weekly), whether it be owner managed or by a professional management company. It should be noted that these properties are taxed at a higher rate than residentially zoned homes and lower than Visitor Accommodation zoned homes, but owners can apply to the Town of Canmore to be taxed at the residential rate if the property is declared as their primary residence, which makes for a significant difference in annual property taxes. This zoning combined with a front desk and or rental pool or self managed or hire you own management company are options and the same financing as outlined for Visitor Accommodation is available from experienced short term rental lenders.
Municipal Taxes for Tourist Property: 2024 Mill Rate 8.94009 i.e. property assessed at $700,000 x the mill rate of 10.25758 = annual taxes for 2024= $6258.06
Neighborhoods: Bow Valley Trail, Spring Creek, Town Centre/Railway, Silvertip
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