Town of Banff

Realistic Housing Fees

Since 2001, the Town of Banff has required that new commercial development (or re-development that constitutes intensification) to provide new housing, or an appropriate cash-in-lieu payment currently set at $21,000 per bedroom. Cash-in-lieu payments are set aside for Banff Housing Corporation (BHC) capital projects. In the last 5 years, the Town has collected an average of $17,000 per year from housing cash-in-lieu payments, while the remaining bedroom credits have been met through the construction of new bedrooms.

Currently, the cost per bedroom is set by Council on an ad hoc basis. The review team believes that linking the in-lieu-of pricing to actual regional construction costs would create a more realistic picture of housing costs. The price associated with the construction of 1 bedroom could be set annually with the assistance of an independent, third party professional such as a Quantity Surveyor or local assessor. The review team believes that keeping pricing levels up to date in a changing marketplace would help to keep values realistic, and assist with the objective of creating additional housing units.

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Do you agree that housing costs should be revisited annually to ensure they stay consistent with regional construction costs?