Banff Avenue Affordable Housing Development
Take our survey on the Banff Avenue Affordable Housing Development.
Town council will be determining the timeline for the price-restricted home ownership project in late summer. Due to the COVID pandemic we are reaching out to potential home buyers to determine interest in the development.
At present, the development is slated for completion in the Spring of 2022. The survey closes August 21.
Banff Avenue Housing Development
Banff’s next affordable housing development will be a price-restricted home ownership project on Banff Avenue. Council directed administration to prepare a detailed scope of work report on the construction of about 20-25 entry-level units at 338/340 Banff Avenue.
A 2018 survey (with 501 respondents) showed 74% were currently renting and looking to enter the home ownership market, and 40% considered it extremely important to buy in the next two to four years. In that same survey, 82% said they have considered leaving Banff to purchase a home.
The recent Bow Valley Regional Housing Needs study estimated that 513 affordable housing units would be required in Banff by 2027.
The two plots of land on Banff Avenue were purchased by the Banff Housing Corporation in December 2013 for the purposes of a future housing development.
Preliminary unit estimates for the project (subject to change):
- 30% to be 1 bedroom (600 square feet) units
- 60% to be 1 bedroom + loft/den or 2 bedroom (850 square feet) units
- 10% to be 3 bedroom (1,000 square feet) units
- At least one accessible unit for people with mobility limitations
- All units will have personal amenity space (balconies). Other amenity space will be dedicated to communal outdoor space, such as picnic/BBQ areas, playground and outdoor seating areas.
- An estimated 20-25 units could be constructed
- Costs would be recovered through the sale of units
- Units would be price restricted below market sale price
Tentative milestones for the project are:
- November/December 2019 - Expression of Interest- Architects and Builders to be shortlisted
- February/March 2020 - Design Development Process
- April 2020 - Council to approve costing for development
- April/May 2020 environmental Screening, Development Permit application
- July 2020 – Municipal Planning Commission review
- October 2020 – Building permit issued and start of construction
Buying a Home
As with previous Banff Housing Corporation price-restricted home ownership projects, units would be pre-sold to eligible buyers. With a price-restricted purchase model, the Town would retain an equity component on each units.