Guaranda is best known for its massive Carnival celebration. Carnival, which traditionally falls at the end of February, is the week or so before the beginning of Lent. In Guaranda, there are parades, parties, and water throwing on the streets for about five days before Ash Wednesday. If you want to see the ultimate Ecuadorian party during Carnival, Guaranda is the place to go.
During the rest of the year, Guaranda is a pretty sleepy town that sees very few tourists. It is a good place to go if you want to see a more authentic view of what a typical life in Ecuador consists of. Be aware though, that you will be an outsider in town - Guaranda sees few gringos throughout the year. Also, if you want to go visit the country village of Salinas, you can catch buses headed that way in Guaranda.