News Releases

Banff's Latest News

Posted on: October 9, 2019

Banff’s apartment vacancy rate grows to 1.1%

Mayor at Tinu Opening

For the first time in years, Banff’s vacancy rate has hit 1%.

The latest edition of the Alberta Seniors and Housing report on apartment vacancy rates and rental costs indicates that Banff’s vacancy rate increased from 0.6% in 2017 to 1.1% in 2018, an improvement of 0.5%.

The Banff Strategic Plan identified a goal to reach 1% by 2022, through initiatives to provide housing and stimulate private developers to create new housing. In 2018, Banff opened 131 new units in the Ti’nu Apartments.

“After several years of a 0% vacancy rate, it is good to see the availability of rental apartments exceed the 2022 target already, and there is a strong likelihood that we will grow in 2019,” said Banff Mayor Karen Sorensen. “But we have a way to go to achieve a healthy vacancy rate of between 3 and 5%, as identified in the Banff Community Housing Strategy.”

“The increasing rental vacancy rate is promising news, but it doesn’t mean we’ve solved the housing problem. Vacancy is tied to cost, and the cost of housing is the most significant impact on the cost of living in Banff. It will take a sustained effort to address this priority issue, but we are committed to continuing efforts to add housing and improve affordability.”

The provincial report, which used 370 units in Banff to compile data, also indicated the province’s highest reported rental rates for 2-bedroom and 4+bedroom units were in Banff. 

Using more recent data for rental rates from February to July 2019, the Job Resource Centre’s fall Bow Valley Labour Market Review showed average Banff rental rates decreased by 12% compared to the same period last year. Rental rates for 3-bedroom units had the largest decrease at 22%.

Upcoming projects for the Town include adding price-restricted, for purchase housing on Banff Avenue, and rental apartments on Cave Avenue.

“With Banff Town Council’s recent direction to pursue its next affordable housing project on Banff Avenue, we are excited to get going, and look forward to being able to respond to the need for entry-level, apartment-style ownership units being added to the mix of housing options in Banff,” said Sharon Oakley, Manager of Housing Sustainability.

For more information about housing in Banff, visit http://banff.ca/housing

Resources:


Facebook Twitter Email

Other News in Banff's Latest News

Santa's Anonymous

Santa's Anonymous 2019

Posted on: November 13, 2019
Elk Warning

Elk Warning

Posted on: November 13, 2019
Snow Clearing Map

Snow Clearing

Posted on: November 4, 2019
high school depot

Recycling Depot Changes

Posted on: October 31, 2019
Utility Bills

Third Quarter 2019 Utility Bills

Posted on: October 30, 2019
Into the Wild

Register for Into the Wild

Posted on: October 28, 2019
REV Vehicle Launch

Green fleet REVs up in Banff

Posted on: October 17, 2019
Unwanted Item By Bin

Unwanted Item Pickup now Online

Posted on: October 1, 2019
Essential Guide Cover

Fall/Winter Classes & Programs

Posted on: August 26, 2019
Parks Canada Firefighter

Prescribed Burns in the National Park

Posted on: October 10, 2019
Permit Viewer

Development Permit Viewer Map

Posted on: October 1, 2019
Johnson Lake Closure

Johnson Lake Closure

Posted on: October 1, 2019
Mountain Adventures

Mountain Adventurers

Posted on: August 13, 2019
Solar

2019 Solar Incentive Program

Posted on: March 18, 2019