Direct answer: STR permission in Canmore stacks municipal rules, land use, and strata bylaws — uncertainty is not a rounding error. If STR revenue must be zero in a stress case, most pro formas collapse; this is where deals break overnight when enforcement or insurance catches up.
Across comparable models on this site, many stress-tests use roughly 55%–75% blended annual occupancy and public nightly rates near $250–$450 before platform fees and discounting; monthly net cash flow still varies sharply with leverage, HOA, and nights sold.