Town to build price-restricted housing on Banff Ave.
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.
Last year, the Town built 131 units in the new Ti’nu rental apartments. This week, council decided to proceed with a home ownership development due to demand for affordable options to buy in Banff. 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:
- Proposed unit mix is two- and three-bedroom units
- Sizes are proposed at 700 and 900 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
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.
It is anticipated that construction will begin in the spring of 2020 with a proposed completion date of fall of 2021. Community consultation will occur prior to the design phase.
Revenue from the Ti’nu Apartments will continue to build a reserve for future investment in affordable housing, with the next project proposed for Cave Avenue rental apartments in the future.