Many people are not aware of the different aspects of condominium ownership (or lease in the case of Banff) that they will be affected by for the time they reside at that property, especially if one is thinking about property in Banff. Due to its location within a National Park boundary, there are certain restrictions to who can own and reside property in Banff, as laid out in Parks Canada "Need to Reside" clause*, and it is important to have a clear understanding of what this could mean to you as a potential purchaser.
Aside from the Need to Reside clause, buying a condominium property in Alberta (whether it be a conventional apartment-style unit or a bareland townhouse-style property) there are also a number of things that a purchaser should understand about how a condominium association works, the different terminology involved, and what you can expect to receive from a Seller when you have conditionally purchased a condominium property for sale.
With this in mind, Service Alberta published a handy Consumer Tips guide in Summer 2015 for those wanting to learn more about condominium associations, as well as other sources where one could go to look for more information. If you do have certain questions about a condominium property that you have seen here in Canmore, please be sure to contact us as well, as we may be able to help!
If you'd like some more details about the overall buying process, please make sure that you visit our Buyer's Guide page as well!
*For even further information, please visit Parks Canada to learn more about Eligible Residency
If you're ready to begin your search for Banff condos for sale, please make sure to complete the Buyer Profile Form below, and we will be happy to get you started!