Canmore real estate, explained by a local.

Detached homes averaged $2.15 million in 2025, up about 8% on the year. Townhouses averaged $1.15 million, apartment condos $814,000, half-duplexes $1.92 million and tourist homes $960,000. Prices vary sharply by neighbourhood, South Canmore sits well above the average while entry-level condos still start in the $500,000s.

More expensive, by a wide margin. A detached home in Canmore typically costs two to three times a comparable Calgary home, and condos roughly double. The premium reflects constrained land supply, mountain-town demand from second-home buyers, and Banff’s ownership restrictions pushing buyers to Canmore.

Canmore has appreciated strongly over the past decade with limited land, strong second-home demand and no meaningful new supply until Three Sisters Village builds out. Returns depend heavily on property type: tourist-home zoned properties can earn nightly rental income but carry roughly triple the property tax; residential properties rely on long-term rental demand and appreciation. Run the numbers with the calculators on this site before deciding.

Housing is the big cost, Canmore has one of the highest required living wages in Alberta (about $38.80 per hour). Day-to-day costs for groceries, fuel and utilities are only a few percent above the provincial average. If you own outright or bought years ago, Canmore is very livable; if you are renting or buying now, budget for housing first.

Only if it is zoned as a tourist home or a visitor-accommodation (hotel condo) property and holds a business licence. Residential-zoned homes and condos cannot be rented nightly. Since March 2025 no new tourist-home use can be created, so the existing stock is fixed, always verify zoning on the specific unit before buying. Tourist homes also pay a much higher municipal tax rate: about 0.83% of assessed value all-in, against 0.46% for a primary residence.

Starting with the 2026 tax year, Canmore charges a higher rate on homes that are not someone’s primary residence for at least 183 days a year. Provincial legislation exempts properties owned wholly or partly by Alberta residents, so it mainly affects out-of-province second-home owners. It works out to about 0.38% of assessed value more than the primary-residence rate, roughly $4,500 a year on a $1.2 million home, and every owner must file a declaration by December 31.

The federal Prohibition on the Purchase of Residential Property by Non-Canadians has been extended to January 1, 2027 and applies in census agglomerations including Canmore, with limited exemptions (certain work-permit and study-permit holders, for example). Non-resident buyers should confirm eligibility with a lawyer before making an offer.

Canmore sits in a narrow valley hemmed in by provincial park and Crown land, so buildable land is scarce. Add year-round tourism, an hour’s drive to Calgary, Banff’s rule that only eligible residents may live there: a Banff leasehold cannot be a second home, and a quarter of properties held as second homes, and demand consistently outruns supply.