Population*:
11,599 Permanent Residents
4,818 Non-Permanent (Vacation and Weekend Homeowners with a permanent address elsewhere)
16,417 Total
(*from Canmore Census 2006;  2008 Census results due for release in the fall)

Located just outside the boundary of Banff National Park on the Trans Canada Highway, at altitude 4300 ft. (1380 m) the Town of Canmore is in an ideal location for servicing a strengthening tourism sector year-round. A growing population investing in their own vacation getaways, often with the intention of eventually retiring to these homes, is fueling a substantial trade independent of leisure tourism.

Canmore is a community very aware of its spectacular mountain surroundings and of the need to protect the environment so that it can be enjoyed by its citizens and travelers for many years to come. The town has a positive attitude to development as long as it is done in a manner that matches the surrounding environment.  Some of the key advantages of living and doing business in Canmore include: excellent location; mountain lifestyle which provides a superior quality of life and sense of community; environmental protection and sensitivity; tremendous growth opportunities and ease of doing business.

Canmore is nestled in the spectacular Bow Valley, between the shores of the Bow River and the TransCanada Highway. Towering over this mountain community are the magnificent buttresses of the Rundle Mountain Range, Mount Lady MacDonald, Ha Ling Peak and Three Sisters mountain peaks. We're flanked by two of Alberta's most well-protected and well-known wilderness areas: Banff National Park to the west and Kananaskis Country to the south and east. We're a prime tourist destination - and a beautiful place to live.

Canmore is just five minutes outside the Banff National Park gates, through which close to 5 million tourists pass every year. There are four entrances to Canmore off the four-lane TransCanada Highway just before the gates, so we're always easy to access. And with restaurants, hotels, gas stations, gift shops and other immediate tourist amenities, many visitors to Banff are now making Canmore a destination, sidetracked by Canmore's conveniences, and pleasantly surprised by its charm. The 1996 Banff-Bow Valley Report prompted the federal government to significantly curb further development in Banff, and cap its population. This has meant even more spill-over and growth opportunities in Canmore.

And at less than a one hour drive on the well-maintained TransCanada highway from Calgary, the economic centre of Alberta, Canmore is convenient, too. The Calgary International Airport puts Canmore residents within hours of anywhere in North America.

Canmore was once virtually a one-industry town, with an economy that depended almost entirely on coal mining. When the last mine closed down in 1979, some people thought Canmore would become a ghost town. However, world-wide exposure from hosting the 1988 Nordic Olympic events has driven strong and steady economic growth for well over a decade.

The tourism industry continues to be the driving force behind our economy. Added to this forecast is the imminent resort development, plans which are approved or underway for 3 major projects:  Spring Creek Mountain Village, Stonecreek/Silvertip Resorts and Three Sisters Mountain Village.

While tourism and construction will continue to be driving forces for the economy, efforts towards a more diversified economy are underway focusing on the potential growth and expertise coming from our new residents. The Canmore Business Registry data shows there are just under 1500 businesses operating in Canmore. Home-based businesses make up just over 1/3 of those businesses, about 400 from out-of-district, and the remainder are resident businesses to Canmore.

Many businesses are tourism-related, however we are beginning to see them branch out into new markets driven by the expansion of our newest population growth – the semi-retired professionals, consultants, executives coming here for the unique mountain lifestyle while working globally. While Main Street bustles with funky cafes, sports stores, craft shops, art galleries, bookstores and health-food stores, we are seeing a new breed of operator, looking to tap into this new market at the same time, relying on an increasing tourism market for their bread and butter. 

In particular, Canmore has seen growth in the health & wellness sector, with over 50 doctors privileged to operate out of the Canmore Hospital.  They too, are attracted to the outdoor mountain lifestyle and opportunities for their own families or retirement.  Along with this, Canmore is seeing a great many therapists focused on sport rehabilitation and recovery among their many talents.  The active, adventure lifestyle promotes more than just a creative and talented professional - it almost guarantees a stream of new patients looking to recover from their recreation experiences or maximize their own physical abilities to take advantage of the adventure activities. 

Currently we are experiencing a construction boom, with over $127 million in building permits in 2007; construction a key force in the economy at the moment. While the majority of these permits are related to our residential growth, we are experiencing increased commercial growth particularly in the downtown core. There is incredible business potential in the areas of tourism, environmental technologies, software development and other technology related businesses as well as retail, and business services. Add an attitude that has become increasingly “business-friendly” in recent years and the formula is ready for growth.

According to the most recent census, 2006 Canmore Census, the industries that employ the largest percentage of the Canmore population are:
1. Accommodation and Food – 19.16%
2. Personal Services – 13.05%
3. Education, Health, Social Services – 12.81%
4. Construction – 11.38%
5. Retail-Wholesale Trade – 9.38%
6. Professional Services – 7.31%
7. Government – 5.12%
8. Transportation, Comm., Utilities – 4.92%
9. Financial, Insurance, Real Estate – 4.02%
10. Manufacturing – 2.37%
11. Mining and Oil – 2.59%
12. Agriculture & Forestry – 0.92%
13. Other – 2.25%
14. Unknown – 4.73%

The largest employer reflecting the tourism industry, continues to be the service sector, particularly in Accommodations, Food & Beverage and Personal Services. The Construction industry is also a major driver, related to the development still underway. The unemployment rate as measured by the Canmore Census from 1995 to 2006 has fluctuated between 1.4% and 3.1%. In 2003, it was 2.3%, and in 2006 it dropped even lower to 1.59%, well below provincial averages annually.

 

Canmore Financial Institutions - all growing or adding services to meet the needs of a growing community:
Alberta Treasury Branch – branch office expanded in 2004
Bank of Montreal – renovated space and expanded hours to meet growing community needs
Bow Valley Credit Union – continues to service a homegrown attitude
Canadian Imperial Bank of Commerce – major renovations in 2001
Royal Bank – opened and growing since 1996