Banff Avenue Affordable 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 29 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.

Banff Avenue Housing Location

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. 

Design/Build Teams

If you would like to receive information regarding the Expression of Interest (EOI) and Request for Proposals (RFP) for the future build, please email your name, company name, and contact details to mamiko.kawano@banff.ca and request to be added to list for the Banff Avenue Development. You can also register for bid notifications at banff.ca/bids. (Please note that the timeline for this project has not yet been finalized.)

Preliminary Information

Preliminary unit estimates for the project (subject to change):

  • Proposed unit mix is one- and two-bedroom units
  • Sizes are proposed at 450 and 700 square feet
  • An estimated 29 units could be constructed
  • Total project cost to build is estimated at $8,526,416
  • Costs would be recovered through the sale of units
  • Units would be price restricted below market sale price

Buying a Home

As with previous Banff Housing Corporation price-restricted home ownership projects, units would be pre-sold to eligible buyers on the Registered Resale List. Currently, there are over 200 people on the list to purchase Banff Housing Corporation homes. 

With a price-restricted purchase model, the Town would retain an equity component on each units.

Background