Canoa is a small beach / surf town. It's not as big and crowded as Montanita, so it's more laid back.
But Canoa is not just about surfing, you can also go horse riding, trekking in the nearby forest, take a fish trip and even paragliding.
There are many options of accommodation, with different prices.
Canoa has a good night life and restaurants too. Try the kiosks on the beach.
Just take in count that Canoa is a small town, and sometimes there's no electricity. Canoa is mostly crowded during weekend, when people from the bigger cities come to spend some time here. During the week, it'd be more about locals and some foreigners.