Canmore has once again secured its position as one of Canada's most sought-after and costly recreational property markets, placing third in the nation for average home prices. The mountain community, located just 45 minutes from Calgary, continues to attract buyers seeking an alpine lifestyle, but this demand is driving up prices and reducing affordability for local workers.
High prices and market dynamics
According to the recent Re/Max 2026 Recreational Property Report, the average home price in Canmore as of March 31, 2026, was $966,000. This represents a one percent decline from the previous year but is forecast to rise by four percent in the coming year. Only Whistler, British Columbia, and Niagara-on-the-Lake, Ontario, have higher average prices among Canadian recreational markets.
Whistler leads with an average price of approximately $1.36 million, up two percent from the same period last year. Niagara-on-the-Lake follows with an average of $1.03 million, down nearly six percent from last year, with a forecasted gain of two percent this year.
Impact on local workers
Kirsten Kyle, broker/owner of Re/Max Alpine Realty in Canmore, highlighted the challenges faced by local workers. "Every property absorbed by a non-resident placeholder or an income-focused investor is one less home available to the nurse, the ski instructor or the restaurant manager trying to put down roots," she said. Demand from investors who rent properties to tourists and from wealthy part-time residents competes directly with those who work in the community, squeezing affordability.
Alternative ownership models gain popularity
In Whistler, alternative ownership options are seeing a resurgence. Stefanie Hostetter, a realtor with Re/Max Sea to Sky Real Estate, noted that timeshares are becoming popular again. These can be purchased for about $50,000 for two weeks of annual access. Condominium units average around $1 million, while "Phase 2" condominium hotels offer hotel rooms with kitchenettes for about $500,000. Owners can use these units for 28 days in summer and 28 days in winter, with the remainder of the time placed in a rental pool to generate revenue.
Growing role in wealth planning
The report indicates that Canadians increasingly view recreational properties as a key component of their long-term wealth strategies. This trend is especially pronounced among younger adults: 54 percent of those aged 18 to 34 believe recreational properties will play a significant role in their wealth plans, compared to 30 percent of older respondents.
As demand for mountain living continues, Canmore's housing market remains a critical issue for local residents and policymakers alike.
