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In terms of schools... Canyon Lake students attend the Lake Elsinore school district. I do't have kids in that system and couldn't speculate. I am sure that like any system there are good and bad, happy and sad. Educational success is probably more indicative of the parental involvement and the childs motivation.
The distance to Rancho Cucamonga is about an hour with moderate traffic. If you have flexibility in your schedule, you might make it in less, heavy traffic and you will become intimately familiar with the 15 freeway.
As a community, Canyon Lake offers on a daily basis what others only experience on vacation. There are recreational things to do here startin with the lakes. There are 3 small lakes which offer fishing, boating, skiing and wake boarding. There is a main lake area, a ski jump area and a ski slalom course. There is a golf course, equestrian center, tennis center, club house, main lodge with pool, bar and dining facilities. There is a campground and numerous parks & beaches. For social activity, you'll find a least 30 clubs.
If you have an active family, you will be busy here, if not you can do nothing anywhere.
This is a gated, incorporated city with a lot of rules. If autonomy is real important to you, this may not be the place. One rule that has been debated for decades is the prohibition of motorcycles of any kind on Canyon Lake streets. The city does allow the operation of golf carts on the streets and many of the customized ones look like 4 wheel motorcyles.
I would say a few of the negatives are the oppressive heat in the summer. I have been here when we had periods where it was over 100 degress for 20+ days. Utilities are very expensive and Canyon Lake is an all electric city.
House prices range from a modest home at 350k to waterfront mansions for 2-3 million. There are several condo developments in the city as well.
In the big picture, there are very few places in S. Cal where you can live at a recreational waterfront area. Canyon Lake has been a well kept secret despite the real estate professions efforts. It is becoming more well known.
Good luck with your search.
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