Love the idea of waking up to Bow River light and panoramic Three Sisters views, with Main Street a quick stroll or bike away? If you are eyeing Prospect Heights or The Homesteads, you are looking at two of Canmore’s most distinguished enclaves where river, trails, and custom mountain architecture meet. In this guide, you will learn what makes these neighborhoods special, what you can expect from homes and lots, how pricing typically ranges, and the due diligence steps that matter most along the river and hillside. Let’s dive in.
Prospect Heights and The Homesteads at a glance
These adjacent neighborhoods sit on the south side of the Bow Valley, blending riverfront or river-adjacent parcels with hillside homes above the river. You will find custom single-family estates, small clusters of low-maintenance townhomes, and a limited number of development parcels. Local brokerages commonly describe the area as one of Canmore’s premier residential pockets for its views and close access to downtown. Explore an overview on the neighborhood page for Prospect Heights and The Homesteads.
A note on local history: parts of the area lie near former coal-mine lands and early mining infrastructure that shaped Canmore. The town’s trail network highlights historic features, and the Canmore Museum preserves this story. If you plan a renovation or new build, be ready to confirm whether any site-specific heritage, reclamation, or remediation records apply.
Lot sizes and property types
The housing stock here spans from bare-land or strata townhomes on compact lots to custom estates on substantial riverfront parcels. Townhome examples in the Homesteads often sit around 2,000 square feet with lot areas near 0.06 acres, while estate properties in the valley can reach roughly 0.25 to 0.65 acres and larger in select cases. Expect wide variation from site to site.
Townhomes and attached homes
You will see executive townhomes and semi-detached options designed for a low-maintenance lifestyle. Many include multi-car garages, generous glazing, and outdoor spaces positioned to capture mountain or river views. Fees and bylaws vary by complex, so plan to review current condo documents and reserve fund statements early in your process.
Custom single-family estates
Custom alpine and timberframe builds are common, often with multi-level walkouts that follow the slope, extensive windows, and large decks or patios. Many river-adjacent homes emphasize indoor-outdoor living and privacy while keeping Main Street access easy.
Views and orientation
Typical sightlines frame the Three Sisters, the Rundle range, and local peaks like Mount Lady Macdonald and Mount Lawrence Grassi. Riverfront and river-adjacent properties orient to the Bow River and valley, while hillside parcels in the Homesteads deliver elevated southern aspects and broader panoramas. For a sense of the valley setting and orientation near the area, review this listing context for 107 Three Sisters Drive.
Trails and river access
If trails are your daily ritual, you will appreciate how well this area connects to Canmore’s multi-use pathways, including the West Bow River route. The Town continues to invest in pathway and mobility upgrades, improving connections for walking and biking across the community. See the Town’s plan for moving people and active transportation on canmore.ca. Quarry Lake, the Canmore Nordic Centre, and Grassi Lakes are all within a short drive or bike ride.
Close to Main Street and amenities
Prospect Heights and The Homesteads are among the closest luxury neighborhoods to downtown. Many properties market “minutes to Main Street,” with quick access to shops, dining, the Canmore Recreation Centre, and the Canmore Golf & Curling Club. Silvertip and Stewart Creek golf resorts are also a short drive from the valley. For a concise overview, see the Prospect Heights and The Homesteads neighborhood page.
Pricing snapshot and examples
Price points vary widely with river frontage, lot size, elevation, and build quality. As a general guide, recent examples suggest:
- Townhomes and low-maintenance units often list in the low-to-mid seven figures, reflecting finish level and view orientation.
- Custom single-family and riverfront estates range from the mid-seven figures to several millions, with premium pricing for larger river parcels and top-tier builds.
To illustrate land value potential for large valley parcels near this area, consider this river-proximate development site: 107 Three Sisters Drive, which has been marketed at a multi-million-dollar price point. Always base your decision on current, parcel-specific data. Your agent can provide live listings and sold stats for these micro-markets.
Ownership models and fees
Both neighborhoods include a mix of freehold single-family lots and bare-land or strata townhome complexes. Monthly fees, bylaws, and rules differ by development. It is smart to request the full condo document set up front, including bylaws, the current budget, reserve fund studies, and recent meeting minutes. If you are comparing multiple complexes, create a simple side-by-side checklist to weigh fees, maintenance coverage, and any use restrictions.
Short-term rental policy check
If you are considering rental income, review Canmore’s evolving visitor accommodation framework. In 2024 and 2025, Council advanced measures to tighten oversight, including business licensing for individually titled visitor accommodation units and tourist homes. Before you rely on rental projections, verify licensing requirements, tax implications, and enforcement trends. Read an update in the Rocky Mountain Outlook.
Flood and geotechnical diligence
The 2013 flooding across the Bow Valley prompted updated provincial and local flood-hazard mapping. Riverfront and some valley-bottom parcels can sit within mapped floodway or fringe zones. Before you write an offer, pull the parcel on Alberta’s public mapping site and ask the Town for any floodplain statements or mitigation works that affect the property. Start with Alberta’s final flood maps.
For hillside or river-adjacent builds, plan for geotechnical review and, where applicable, alluvial-fan assessments. Confirm insurability and premiums early, since some riverfront policies can carry special conditions.
Zoning, planning, and heritage
Redevelopment potential depends on current zoning and area structure plans. Setbacks, height limits, and heritage overlays are parcel specific, especially where historic mine features exist. Confirm permitted uses and building envelopes with Town planning staff. If you are analyzing larger development parcels, the due diligence disclosed in listings like 107 Three Sisters Drive offers a good model for the level of detail you should seek.
How they compare to other luxury areas
- Prospect Heights & The Homesteads: Closest high-end valley neighborhoods to downtown, with a mix of riverfront and hillside lots, excellent trail and river access, and established custom homes.
- Silvertip: Larger executive lots, golf adjacency, elevated aspects, and a strong upper-market profile with resort amenities. Explore Silvertip for context.
- Three Sisters / Stewart Creek: Master-planned setting with a wide variety of product and golf access, often chosen for planned amenities and newer inventory.
- South Canmore / Town Centre: Historic fabric, immediate Main Street living, and a blend of older cottages and high-end infill.
Buyer takeaway: Pick Prospect or the Homesteads if you value a central valley location, quick downtown access, and a direct link to the river and trail network. Look to Silvertip or Three Sisters if larger bench lots and golf-resort living are at the top of your list.
Step-by-step buyer checklist
Verify title and MLS details: lot area, legal description, easements, frontage, current zoning, and approved uses.
Flood and hazard review: pull the parcel on Alberta’s flood maps and request any Town floodplain statements or mitigation updates.
Planning confirmation: ask Town planning for permitted uses, setbacks, max building envelope, and any heritage or environmental overlays that apply.
Condo or bare-land documents: obtain bylaws, current budget, reserve fund study, and recent meeting minutes for any townhome or strata product.
Site investigations: order a survey, geotechnical assessment, and environmental screen if near historic mine features; consider stream setback studies for riverfront lots.
Insurance and lending: request preliminary insurance quotes for riverfront or slope sites and confirm lending appetite for unique or heritage-adjacent parcels.
STR licensing: if income matters, confirm today’s requirements and timing for visitor accommodation or tourist homes. Review the latest policy coverage in the Rocky Mountain Outlook.
Neighborhood walk: visit at different times and seasons to gauge traffic, trail use, winter access, and parking patterns.
Is this your fit?
If you want river and mountain views without giving up quick access to cafés, shops, and the trail network, Prospect Heights and The Homesteads should be on your short list. The diversity of product means you can choose between low-maintenance townhomes and custom estates, all within minutes of Main Street. With smart due diligence, you can secure a property that aligns with the lifestyle you want and the long-term value you expect.
Ready to see what is available and tailor a plan around your goals? Connect with the Vincent & Wright Group | Sotheby's International Realty Canada for neighborhood-level advice, curated tours, and data-driven guidance.
FAQs
What defines Prospect Heights and The Homesteads in Canmore?
- They are adjacent, centrally located enclaves on the south side of the Bow Valley that combine riverfront or river-adjacent parcels with hillside homes, known for views and downtown access.
How close are Prospect Heights and The Homesteads to downtown Canmore?
- They are among the closest high-end neighborhoods to Main Street, and many listings highlight a short walk or bike to shops, dining, and services.
What home types and lot sizes are typical in these neighborhoods?
- You will find executive townhomes and semi-detached homes on compact lots alongside custom single-family estates, with some riverfront parcels reaching roughly 0.25 to 0.65 acres or more.
Are short-term rentals allowed in Prospect Heights or The Homesteads?
- Canmore is tightening visitor accommodation rules, so you should verify current licensing and tax requirements before relying on STR income, as outlined in recent Council updates.
How do flood and geotechnical risks affect buying along the Bow River?
- Riverfront and valley-bottom parcels can fall within mapped hazard zones; use Alberta’s flood maps and request Town guidance, plus geotechnical and insurance reviews before you offer.
How do these areas compare with Silvertip and Three Sisters for luxury buyers?
- Prospect and the Homesteads excel for central valley living and river-trail access, while Silvertip and Three Sisters often appeal for larger bench lots, golf adjacency, and planned amenities.
