Banff affordable home complex opens applications for purchasing dwellings

The Banff Housing Corporation has opened the application process for interested Banff residents wanting to purchase a new home in the Aster condominium complex.

With construction expected to be complete in summer 2022, each dwellings’ sale price is restricted to the cost of construction, making them well below market value.

“I’m thrilled to see this entry-level homeownership opportunity on sale, so that more residents who want to become homeowners in Banff can have a chance to do so,” said Banff Mayor Corrie DiManno. “With the Town of Banff as the developer, we can ensure there is no mark up on the cost of units, providing an opportunity for locals – especially first-time home buyers – to own a high-quality, modern home in the heart of town.” 

The Aster is a 33-unit condominium complex being built on Banff Avenue on the northern edge of the downtown core. Sales are restricted to qualified current residents who are eligible to live in Banff National Park according to Parks Canada eligibility criteria. The priority is to sell dwellings to first-time home buyers.

With more than 400 people who have registered their interest in purchasing a unit, sales will be determined through a lottery. People who qualify after submitting an application will be entered in the lottery. The lottery will draw applicants and place them in a numerical order. On the set sales day, January 12, 2022, each buyer will be given an opportunity to purchase a dwelling until all units are sold. First, applicants for the barrier-free units will be selected, then first-time home buyers, then all other buyers.

The Aster will have one-, two- and three-bedroom units. Homes in the complex will become a supportive community of owner occupants where subleasing is not permitted. Based on learnings from the Town’s experience in developing the Ti’nu rental apartment complex, the Aster will provide homeowners with most popular amenities, appealing suites and community space, and sustainability components.

The architectural plans for all units, pricing for each dwelling, and other information is available at AsterBanff.ca.

Timeline

• October 6, 2021 – opening date for Aster applications
• December 15, 2021, at 4:30 p.m. – closing date for applications
• January 5, 2022 – Lottery draw for assignment of purchasers order list from qualified applicants
• January 12, 2022 – Sales day (agreements are completed and $5,000 deposit is provided)
• January 27, 2022 – Secondary lottery day, if required
• Mid-August, 2022 – move in day

Application to Purchase
Individuals are required to apply to be entered into the lottery for purchase. Not all applicants will be able to purchase a dwelling because there are only 33 units. Eligible applicants will be entered into the January 5, 2022, random lottery draw. 
Click for the Application Form for entering the Aster Purchasing Lottery
To apply, applicants will need information and documentation ready for submission in the online form. Examples of documents needed include:

• Proof of Citizenship or Permanent Resident status
• Photographic identification and proof of residency
• Documentation if requiring one of the barrier-free dwelling
• Mortgage Pre-Qualification Letter from a financial institution

Required documentation can be submitted by photographing or scanning the documents and uploading into the online form as image or PDF files. 
People who are unable to submit an application online are asked to make an appointment for an in-person meeting by emailing the Banff Housing Corporation development coordinator at heather.bolt@banff.ca.

More information:

• Site plans, images, unit pricing and information on the Aster housing complex: AsterBanff.ca
• Eligibility to live in Banff National Park: https://www.pc.gc.ca/en/pn-np/ab/banff/info/permis-permit
• Application Form for entering the Aster Purchasing Lottery
• Sign up for project updates