Kananaskis Way is the Perfect Area for Those Looking for Hotel Condos, Airbnb Properties and Investment Condos
Located right off Highway 1, the Kananaskis Way area is easy to access by taking the second exit into Canmore. Once you are on Bow Valley Trail (off of the highway) it is a short drive until you see “Stoneridge”, a large hotel complex. This is one of the most distinguished complexes and a visual marker that you have arrived at this popular area in Canmore.
Four streets delineate this little piece of paradise for investors and condo owners: Lincoln Park, Bow Valley Trail, Kananaskis Way and Montane Road. With over 1,100 short-term rental units located in this area, this is Canmore’s hub for vacation rentals in Canmore.
The majority are 2-bedroom apartment style properties featuring a full kitchen, bathroom and deck located within a hotel complex. Studios and 3-bedroom units are also available. Examples of these types of properties are “Stoneridge”, “Solara”, “Falcon Crest”, “Blackstone”, “The Lodges at Canmore” or the “Windtower”.
Other options like the “Mercer”, “Mystic Springs”, the “Fire Mountain Lodge”, “Sky Peaks” or the “Alpine Village” are townhouse style properties where you have your own entrance.
A lot of these hotel complexes provide amenities including underground parking, pools, hot tubs, or a gym. Condos are typically fully furnished and equipped with kitchen utensils and sold turnkey.
Depending on the zoning of the different properties, you can use the condo for yourself as a vacation retreat and/or you could rent out your unit to short-term guests (below 28 consecutive days). Consecutive stays for longer than 28 days or full time living are not allowed under this “visitor accommodation” zoning. However – some units have a “tourist-home zoning” which is more flexible and would even allow you to live in the unit or rent it out long-or short-term.
Need help running your rental operation? There are various options available for you. A lot of complexes have an in-house hotel management company and you can opt into their rental pool program. It’s completely hands-off and you will receive a cheque every month. You can also work with a platform like VRBO or Airbnb and rent out the unit yourself. A third option is to find an external property manager and let them rent out your unit through VRBO and similar websites. External property managers’ rates are usually more attractive than the in-house management companies.
There has been a huge rise in demand for this type of investment in Canmore over the last few years, leading to a rapid increase in price. I have closed about 60 transactions for short-term rental properties in this neighbourhood out of about 100 transactions for short-term rental properties in Canmore in total.
Although there are financing options available, to get a mortgage is usually more challenging than for residential properties and the banks require a larger down payment. Property prices range between $450,000 (studio) - $1.2 million.
Needless to say, these hotel complexes around Kananaskis Way have a very nice mountain style curb appeal and interiors range from standard to luxurious. It is a nice neighbourhood and only about 10-15 min. walking distance from downtown Canmore, The “Shops of Canmore” and “Elevation Place” with it’s gym, pool, climbing wall and library. There is also a bus connection.
“Fairholme Village”, “Montane Village” and “Whiskey Jack Chalets” are 3 larger residential buildings in this neighborhood. Whilst they are considered entry-level apartment buildings, they are quite nice indeed, in a good neighborhood and well kept. Montane and Whiskey Jack are zoned “employment” meaning that you would have to work in Canmore for a min. of 20h/week to qualify to reside there.
Other things to find in this neighbourhood are the “Black Dog Café” at Stoneridge, “Crossfit Canmore” ,”Yamnuska Mountain Adventures” , “Bohemian Smoked Meats and Deli” , and the “Bow Valley Garden Center” at Lincoln Park, the “Phoenix Asia Buffet” at “Falcon Crest”, a Snackbar and Deli at “Solara”, and an Indoor Golf place right opposite at Moose Meadows.
Overall, an attractive area for investment or for your own vacation getaway in the mountains! Reach out for a personalized tour of the area, I will be happy to show you around.