Three Sisters Mountain Village, Canmore
Three Sisters Mountain Village is Canmore’s biggest expansion and Three Sisters Village its approved first phase: 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.
- Sun exposure
- shady side
- Short-term rentals
- mixed
- Property mix
- Planned: townhomes, stacked townhomes, apartments, tourist homes and rentals
- Suits
- New-build buyers, Investors
- 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 Mountain Village is the largest expansion Canmore will ever see, and Three Sisters Village Canmore is its first approved phase: 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 Mountain 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)
Phase 1 is the only part of Three Sisters Mountain Village with approvals in hand, which is why the numbers here are firmer than for anything that follows.
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 | n/a | Approved October 7, 2025; awaiting subdivision |
Everything else in Three Sisters Mountain Village is still at the planning or servicing stage.
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.
You are buying from plans, paying GST on a new home, placing deposits with a builder, and taking possession on a date that can move. Assignment rules, deposit protection, cooling-off periods and what is included vary builder to builder. Read our guide to Canmore pre-construction condos before you sign a reservation.
Tourist homes, rentals and affordable housing in the plan
Three things distinguish this phase from any other new build in town, and they come up on every Three Sisters Mountain Village enquiry we see.
- 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 wildlife corridor is the reason this project remains contested. Bow Valley Engage and the Îyârhe (Stoney) Nakoda First Nation went to the Court of King's Bench in 2024 seeking a new environmental impact assessment and were refused; they sought a Court of Appeal hearing in early 2026. It is a live legal file, and any buyer should treat timelines as estimates.
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.
Timelines across the later phases are the developer’s, not the Town’s, and every one of them has moved at least once since the 2021 approvals. Treat any date for the village centre, the hotel district or the innovation district as a direction of travel rather than a delivery date, and price a purchase in Phase 1 on what exists at possession.
Who it suits, and who it doesn’t
- 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
- 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
Buyers who register early get plan choice, not discounts. The units that hold value in existing Three Sisters are the ones with a view and a parking stall that does not require a vehicle lift; the same rules will apply here.
Three Sisters Mountain Village is a long project, and the buyer it suits is one who is comfortable with that.
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 Three Sisters Mountain Village, 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.
For how Three Sisters Mountain Village stacks up against the rest of the valley, see every Canmore neighbourhood compared.
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.
For the town-wide picture, Canmore homes for sale sets out every property type and what each budget buys.
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.
- Town of Canmore: Three Sisters Village Area Structure Plan (April 2026 consolidation)
- Town of Canmore: Three Sisters Mountain Village Area Structure Plans (legal history)
- Town of Canmore: Major Planning Applications (200 Yarrow Road, 700–800 Village Road, 100 Village Road, Smith Creek Phase 1)
- Rocky Mountain Outlook: First phase of large Canmore residential development approved (April 2024)
- CBC News: Polarizing large-scale Canmore development nears construction start (October 2025)
- Three Sisters Mountain Village: Community update: progress on housing (May 2026)
- Three Sisters Mountain Village: News and updates
- Three Sisters Mountain Village: Community update, July 2026 (homes now selling; builder partners)
- Three Sisters Mountain Village: IGA grocery opening at The Gateway (16 April 2026)
- The Gateway at Three Sisters
- Rocky Mountain Outlook: Future tourist homes banned in Canmore’s Teepee Town, Bow Valley Trail areas (tourist homes in the TSMV plans)
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