Investment in canmore, Alberta real estate

[Munish Mehan]

Hi, I am thinking to invest in Canmore for the purpose of cash flow. Are there any investors who can share their experiences?

[Travis Hewlett]

Hi @Munish Mehan,

I know a few people that have rentals in Canmore with really great results, although there is definitely a few things to watch out for. Zoning - you need to make sure the property you're looking to purchase in is zoned for short term rentals. Some buildings won't allow you too rent out on Airbnb, but you can put your unit into the rental pool and the building/concierge will rent out your condo like a hotel room with profit sharing. Some buildings are strictly long term rentals which may have rent control to accommodate the seasonal staff and employees.

Financing - I've heard that it is tougher to put 20% down on properties in Canmore, and the banks ask for larger down payments.

Properties are also very expensive in Canmore. Tourism drives a lot of the businesses and housing market in Canmore, and although Alberta has been in a recession, the rest of the world has been experiencing expansion. If we see a global slowdown, Canmore's tourism may experience a slow down. Just something to consider as Canmore's market is driven by larger factors more-so than other markets in Alberta. There is also some new condo development that will add some supply. We were very interested in Canmore's market, but there were some hurdles and decided focus on lower hanging fruit. It would definitely be beneficial to have some local boots on the ground and local insight before you jump in.  Good luck!