140 Kananaskis Way, No. 103, Canmore, Alta.
Asking price: $825,000 (March, 2022)
Selling price: $908,250 (April, 2022)
Taxes: $5,487 (2021)
Days on the market: Two
Listing agents: Christopher Vincent and Laura Wright, Sotheby’s International Realty Canada
This two-bedroom townhouse came on the market in late March, shortly after two others were snapped up in the same hotel-condominium complex. The building is approved for short-term rentals, which served to strengthen demand.
“The town is very specific on land use, so if you’re going to buy a short-time rental, it’s in a specific part of town,” agent Christopher Vincent said. “We don’t have Airbnbs all over town like Toronto does.
“People were hot and ready to go, so we ended up getting offers before the opportunity for showings really existed.”
There were three offers, with the winning bid going $83,250 over the asking price.
“The average price for short term rentals went up 43 per cent from last year,” Mr. Vincent said.
“About a decade ago – as Canmore was still recovering from the financial collapse in 2008/2009 – we couldn’t give these away at $199,000. So there’s definitely a significant turnaround.”
What they got
In 2003, the Mystic Springs complex was built with roughly four dozen nearly identical two-storey units surrounding a courtyard, heated pool and hot tub.
This 873-square-foot unit offers a combined kitchen and dining area, and a living room with a fireplace and an exit to a south-facing patio facing the mountains.
Upstairs, both bedrooms have vaulted ceilings. One also contains a private bathroom.
Monthly fees are $799. Parking is included.
The agent’s take
“This is unique because a lot of the short-term rental properties in Canmore are apartment-style whereas these are townhouses, which are popular because you can walk right outside to a nice outdoor pool,” Mr. Vincent said.
“Pre-COVID, these units were generating $85,000 in gross revenue, so they generate good income.”
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