Welcome to 396 Rainbow Falls Way, a beautifully maintained two-storey home offering a rare lifestyle opportunity in one of Chestermere’s sought-after canal communities. Set on a large pie-shaped lot with a sunny southwest-facing backyard, this property backs onto the pathway system, canal and green space, creating an exceptional setting for outdoor living, beautiful views and recreation just beyond your back gate. Enjoy canal-side walks, cycling, kayaking or paddleboarding just steps from home. From the moment you arrive, the home impresses with beautiful curb appeal, a covered front porch, Hardie Board siding and a well-maintained exterior. Inside, hardwood flooring welcomes you into an inviting layout. Just off the entry, French doors open to a dedicated main-floor office, ideal for working from home, while a separate main-floor bedroom offers flexibility for guests or family. A convenient two-piece bathroom completes this level. The heart of the home is the beautifully appointed kitchen, featuring quartz countertops, stainless steel appliances, under-cabinet lighting, ample prep space and a large island ideal for casual dining or entertaining. The kitchen flows into the dining area and spacious living room, where soaring open-to-above ceilings and expansive windows bring in natural light while framing the backyard views. A fireplace anchors the living space, making this impressive room equally inviting on quieter evenings. From the dining area, step onto the upper deck and down to the stamped-concrete covered patio, ideal for summer evenings, morning coffee or gatherings with friends. The expansive, private backyard offers room for children to play, gardening or simply soaking up the southwest sunshine, with greenery, pathways and the canal beyond. The deep lot offers space to spread out, while the open landscape behind the property adds to the peaceful, private setting. Upstairs, the primary retreat offers an abundance of space, a walk-in closet and a five-piece ensuite. Two additional generously sized bedrooms are complemented by a four-piece bathroom and separate laundry room with sink, adding convenience to the upper level. The fully finished basement extends the living space with a large recreation room, an additional bedroom, a four-piece bathroom, storage and utility space with plenty of flexibility for movie nights, hobbies or visiting family. In-floor heating adds comfort to the basement and oversized finished garage, both served by a new boiler. Additional highlights include two furnaces and two brand-new front windows. With nearly 2,500 square feet above grade, five bedrooms, a finished basement, an oversized heated garage and a southwest-facing backyard backing onto the canal, green space and pathways, this home offers an outstanding combination of space, comfort and lifestyle. Enjoy a walk or bike ride along the pathways, paddle toward the lake, or unwind in your own private outdoor retreat. 396 Rainbow Falls Way is a special place to call home.