If you look at my feature listings you'll see two apartments currently available at Silver Creek Lodge in Canmore. They are priced as they are because they are fractional ownerships. In this case, 1/4 shares each.
When I mention to people who call that they are fractionals, quite a few don't know what that means. I wouldn't if I didn't own one.
Is it a time share?
No, it's not.
With a fractional ownership you get a titled share of the property that you own and can sell at your leisure for whatever you can get. You can also leave to your kids.
You have certain pre-determined weeks of the year that are yours. You can put it in the rental pool when you can't use it and generate income from hotel check ins. It has a front-desk and owners get a key card when they arrive so it looks an operates exactly like a hotel.
If you believe what Wikipedia says, the concept of fractional owership took root in the ski resorts of the United States in the 1990s. It since has become popular in Ontario and British Columbia and of course Canmore, where Silver Creek Lodge opened in 2008.
In the case of Silver Creek Lodge each unit comes completely furnished with insuite laundry and your condo fees take care of utilities, insurance, internet and maintenance. Like any other condo complex, Silver Creek Lodge has a condo board made up of owners and it's annual AGM is held either in Calgary or Canmore every fall. It is managed by Waymarker Hospitality.
One thing to remember with a fractional ownership is that you can't leave anything behind that doesn't fit into your locked owners' drawer. There are cage lockers in the underground parking garage available to store your skis if that's why you came to the mountains.
With Silver Creek lodge it's also possible to buy an entire unit and live in it year round or put your own key pad on the door to keep it to yourselves when you are not in town. There are other lodges in Canmore that offer the same set up.
Among the features at Siver Creek Lodge is the 9,000 square foot Bodhi Tree Spa and Wild Orchid Bistro with its Asian fusion cuisine. There's a fitness centre, hot tubs and private function room as well. If you like your daily walk, the downtown is about 15 minutes away as are the grocery stores.
If I've missed something drop me a line and I'll get back to you with the answer.