Neighbourhoods

Three Sisters Village Canmore

Three Sisters Village is the approved first phase of Canmore’s biggest expansion: 700–1,075 homes on 29.1 hectares with 400+ rentals, 10–20% affordable housing and a tourist-home component, with construction under way in 2026.

Updated August 27, 2026Canmore Properties editorial team6 min read

Sun exposure: shady side
Short-term rentals: mixed
Property mix: Planned: townhomes, stacked townhomes, apartments, tourist homes and rentals
Suits: New-build buyers, Investors

Short answerThree Sisters Village is the approved first phase of Three Sisters Mountain Village’s expansion at Canmore’s east end: 700–1,075 homes on 29.1 hectares: townhomes, stacked townhomes, apartments and tourist homes, no single-family, with more than 400 rental units and at least 10% affordable housing, rising to 20% with density bonusing. Council approved the phase in April 2024, servicing began in 2025 and the first building permits were approved in June 2026. Five further phases, including a village centre and hotel district, follow.

Key takeaways

Phase 1 was approved by council on April 23, 2024: 700–1,075 units on 29.1 ha, about 30% open space, no single-family homes, a dog park, playgrounds and a pump track.
As of August 2026 the Town has approved 249 apartment units at 700–800 Village Road and 94 stacked townhouses at 200 Yarrow Road; 76 more units at 100 Village Road are under review.
TSMV says more than 400 rental units are planned in Phase 1 and over 50 affordable units are at the development-permit stage (May 2026).
The full Three Sisters Village plan allows 3,000–5,000 homes for 5,500–10,000 people over six phases; a hotel district, innovation district and village centre come later.

Three Sisters Village Canmore is the first approved phase of the largest expansion the town will ever see: 700 to 1,075 homes on 29.1 hectares at the east end of Three Sisters, with hundreds of rentals, a guaranteed slice of affordable housing and a tourist-home component, followed by five more phases that add a village centre, a hotel district and thousands more homes over decades. Servicing is in the ground and the first building permits were approved in June 2026. Here is where it stands, what is being built, and how to think about buying in.

Where Three Sisters Village sits in Canmore and how it got here

The plan area is 169 hectares on the south side of the Trans-Canada at Canmore’s east end, beyond the existing Three Sisters neighbourhood and Stewart Creek golf course. Phase 1 occupies the north-east corner, entered from Three Sisters Parkway through a new roundabout built in 2025. Smith Creek, the second plan area, lies further east and waits on a wildlife underpass beneath the highway.

The history explains the certainty. The Natural Resources Conservation Board approved development here in 1992. Council rejected the Three Sisters Village and Smith Creek Area Structure Plans in 2021; the Land and Property Rights Tribunal ordered the Town to adopt them in May 2022; the Court of Appeal upheld that in October 2023; council adopted both plans that month, opponents, including the Îyârhe (Stoney) Nakoda First Nation and Bow Valley Engage, were still pursuing court avenues in 2025–26, but construction has proceeded.

Phase 1: what is being built

Council approved the Phase 1 conceptual scheme and land-use amendments unanimously on April 23, 2024.

Homes: 700 – 1,075; Townhomes, stacked townhomes, apartments and tourist homes; no single-family
Site: 29.1 ha; 11.15 ha residential, 2.26 ha tourist homes, 6.53 ha municipal reserve, 3.8 ha environmental reserve
Population: 1,425 – 2,133; At 50–110 units per hectare (Town of Canmore, April 2024)

About 30% of the phase is open space: an off-leash dog park, playgrounds, a bike pump track and trail links. The land is being parcelled and sold to builders, so expect several product lines and price points.

Status in August 2026: approvals and construction

Underground utilities went in during 2025, and the Town’s planning page shows the first vertical approvals.

Address	What	Units	Status
700 and 800 Village Road	Two apartment buildings	249	Approved June 9, 2026
200 Yarrow Road	Stacked townhouse buildings	94	Approved June 25, 2026
100 Village Road	Townhouse and stacked townhouse buildings	76	Under review
Smith Creek Phase 1	Conceptual scheme: detached, duplexes, townhouses on ~53 acres	,	Approved October 7, 2025; awaiting subdivision

TSMV’s July 2026 community update says homes in Three Sisters Village “are now selling”, with for-sale options from its builder partners HCI Management and PCH Builders and rental options to follow closer to completion. Other pages on tsmv.ca still say “coming soon” and invite registration, so treat the site as inconsistent: no sales launch date, first-occupancy date or pricing had been published by August 2026. A Community Discovery Centre is due to open at The Gateway in autumn 2026.

The Gateway at Three Sisters, the highway commercial centre at 300 Cascade Drive, opened its 22,000 sq ft IGA grocery store on 16 April 2026, and Sobeys Liquor, Dollarama and Pet Valu are also trading. Beamer’s Coffee Bar, Firehouse Subs, Ascent Dental and Tim Hortons had been announced but were not confirmed open in August 2026. TSMV reported 50 employee-housing beds operational in May 2026 with a further 150 under construction for 2027. The Three Sisters Pharmacy is not at The Gateway: it is at 75 Dyrgas Gate, in the older retail cluster off Three Sisters Parkway.

Tourist homes, rentals and affordable housing in the plan

Three things distinguish this phase from any other new build in town.

Rental. TSMV reported in May 2026 that more than 400 rental units are planned in Phase 1.
Affordable housing. The plan requires a minimum 10% of multi-residential units at base density to be affordable, rising to 20% where density bonusing is used; over 50 affordable units were at the development-permit stage in May 2026, with land also going to the Town for up to 26 Vital Homes units in Smith Creek.
Tourist homes. Phase 1 reserves 2.26 hectares for tourist homes, and the full plan projects 900–1,300 across the area, concentrated in the future village centre. The Town’s March 2025 removal of tourist homes did not extend to the Three Sisters plans, though staff said they would consult the developer. Any tourist home is taxed at 0.832% of assessed value all in, about 1.8 times the primary-residence rate; check the unit’s zoning and read the tourist-home zoning guide before paying for that flexibility.

The five phases after this one

The full Three Sisters Village plan allows 3,000 homes as of right and up to 5,000 with bonusing, for 5,500–10,000 residents and visitors, with roughly 602,000 sq ft of retail and business space. Later phases include a pedestrian village centre with 250–450 hotel rooms and most of the tourist homes, a hotel and spa district with 200–350 rooms, and an innovation district for creative manufacturing. Buildout is measured in decades: early buyers live next to construction for years. See Canmore new developments for how it compares with Spring Creek’s remaining phases and Silvertip.

Who it suits, and who it doesn’t

Upsides

New-build buyers who want a warranty, modern efficiency and a choice of floor plans
Families and locals looking for rental or entry-level ownership in a town that has had almost none
Investors who want a tourist-home unit in a plan that still allows them, or a long-term rental where demand is deepest

Trade-offs

Anyone who needs certainty on price or possession date this year
Buyers who want an established, quiet street. This is a construction zone for years
Walkers: Main Street is a bus or a drive; the village centre is a later phase

Compared with the existing Three Sisters, the Village is denser, newer and further from town, with rental and affordable housing built in. Compared with Spring Creek, the other large new-build condo choice, it trades a two-minute walk to Main Street for lower density around the home, more open space and, eventually, its own centre.

What this means if you’re buying

Register with the developer if you want a first-phase Three Sisters Village unit, one of the few genuinely new addresses in Canmore, but do not commit until you have the builder’s contract reviewed, the GST and deposit schedule in the buyer cost calculator, and a clear answer on whether the unit is residential or tourist home. Decide whether you are buying to live, to rent long-term or to rent nightly, because the three lead to different buildings and different tax bills.

Want to know when Three Sisters Village units are released?

A local REALTOR® in Canmore tracks builder releases, pricing and resale in Three Sisters Village. Tell us what you’re after and we’ll call when it matters. Free, no obligation.

Talk to a Canmore realtor

Frequently asked

Where is Three Sisters Village in Canmore?

It is at the east end of Canmore on the south side of the Trans-Canada, east of the existing Three Sisters neighbourhood and Stewart Creek golf course, reached from Three Sisters Parkway through a new roundabout at the Phase 1 entrance. Phase 1 is the north-east corner of the 169-hectare Three Sisters Village Area Structure Plan; Smith Creek is the separate plan area further east.

What is being built in Three Sisters Village Phase 1?

Between 700 and 1,075 homes on 29.1 hectares: townhomes, stacked townhomes, apartment buildings and tourist homes, with no single-family lots. Roughly 30% is open space including an off-leash dog park, playgrounds, a bike pump track and trail connections. The Town approved 249 apartment units and 94 stacked townhouses in June 2026; 76 more units are under review.

When will Three Sisters Village homes be ready?

Underground servicing started in 2025 and the first development permits for apartment and townhouse buildings were approved in June 2026. TSMV’s July 2026 community update says homes in Three Sisters Village “are now selling” through its builder partners HCI Management and PCH Builders, though other pages on the same site still read “coming soon”. No sales launch date, first-occupancy date or pricing has been published, and TSMV’s own May 2026 construction update had Phase 1 still on roads and underground work for the season.

Will there be tourist homes in Three Sisters Village?

Yes. Phase 1 sets aside 2.26 hectares for tourist homes, and the Area Structure Plan projects 900–1,300 tourist homes across the whole plan area, with 500–800 in the village centre. The Town did not extend its March 2025 ban on new tourist homes to the Three Sisters plans, though it has said it will consult the developer. Verify the zoning of any specific unit.

How much affordable and rental housing is included?

The plan requires at least 10% of multi-residential units at base density to be affordable, rising to as much as 20% where builders use density bonusing. TSMV reported in May 2026 that more than 400 rental units are planned for Phase 1, over 50 affordable units were at the development-permit stage, and land will go to the Town for up to 26 Vital Homes units in Smith Creek.

Is Three Sisters Village on the sunny side?

No. It is on the south side of the valley. The valley is wider here than at the west end of town, so winter light is better than in Peaks of Grassi, but shorter than on the north benches. Buildings are oriented for views of the Three Sisters and the valley; ask for sun studies on the specific unit.

Sources