According to the Calgary Herald, the expanding demand for Canmore residences will soon push the average price of a single-family detached home to $1 million.

But RE/MAX associate broker Ann Keith cautions that this statistic does not accurately reflect the market. “Detached homes in Canmore begin about $600,000 and go to $4 million,” she says. “Those at the high end push the average up.”

Nevertheless, steady rising property values has resulted in happy homeowners pleased with their financial investment.

Canmore is surrounded by huge tracts of scenic and protected wilderness. It's next to world famous Banff National Park, yet only an hour from Calgary International Airport. And every year, the town offers more amenities. Canmore has always had a funky mountain vibe, and newcomers bring fresh ideas, skills and sophistication.

Thanks to baby boomers’ taste for the good life, Canmore is in the midst of a vacation home construction boom. “There’s a trend toward high-end townhomes and condo units with beautiful finishing, floor plans and views,” says Keith. Convenience is a selling feature—property managers take care of exteriors and other responsibilities, leaving home-owners more enjoyment time.

Drew Betts, an associate broker with Royal Lepage, notes that townhomes, condos and vacation suites sell from $140,000 to over $3 million. The average condo in the first quarter of 2008 was $536,000 and 1222 sq ft (114 sq m).

For those who can’t be here year-round or have a more limited budget, fractional ownership can be an appealing option. Betts reports that quarter shares begin at $74,500 for a 1060 sq ft (98 sq m) unit.

International buyers easily qualify for mortgages, and there are no purchasing restrictions. Local realtors help clients find the right vacation home and manage the purchase process.

Betts concludes that while sale activity may have slowed, prices are expected to be steady for the rest of 2008. According to Keith, it’s a good time to invest in a mountain property. “International buyers continue to solidify the Canmore market,” she notes, “and Canmore is still affordable compared to other resort areas.”