There is great access to water sports here – kayaking in particular – as well as climbing, fishing, hiking and even skiing. Nearby lakes, mountains, rivers and fjords provide a variety of activities. There is a ciclovía (bike lane) nearly circling Lago Llanquihue in its entirety as well.
The 2015 Calbuco eruption dramatically altered the water flow of the Rio Blanco, ending Puerto Varas' canyoning industry for the foreseeable future.
Summiting Osorno or Calbuco volcanoes on a tour runs CH$200,000 for one person, but it drops to CH$180,000 per person thereafter and includes transport, all meals, overnight in a mountain retreat, all technical equipment, insurance and bilingual guide. No experience is necessary.
Moyca Expediciones is the go-to outfitter in Puerto Varas, but the three companies that climb all share the same 10 or so guides. Independent climbers must obtain Conaf permission, but this is not recommended unless you are a highly trained technical mountaineer.
There are loads of places to cast a line in the region, including Río Maullín, Río Peulo and Río Petrohué, but knowing just where the best spots are will require some local knowledge. For customized trips, contact John Joy at Tres Ríos Lodge in Ensenada or Gustavo Arenas with Patagonia Fishing Rockers.
Rafting & Kayaking
Opportunities abound for rafting and kayaking. Río Petrohué's blue waters churn up Class III and IV rapids. Half-day rafting trips run around CH$35,000 (5½ hours total, two hours river time).
All-day kayaking in the Reloncaví fjord is about CH$70,000. For multiday sea kayaking expeditions, try Al Sur or Yak Expediciones – expect about CH$150,000 or so per day, plus CH$150,000 for an optional support boat.