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For example, say the following property was constructed in 2001: Ownership breakdown: 72% Homeowner/28% BHC
Home Owner Equity Share -72% (Cost to new Buyer) $216,000 BHC Equity Share (28%): $84,000 Fair Market Value (FMV) of Property: $300,000
In 2018 the same house is now valued at a fair market value (appraised value) of $850,000. The BHC has listed the house and found a registered purchaser for the property. The following breakdowns shows the cost to the buyer and the equity share for the BHC.
Ownership breakdown: 72% Homeowner/28% BHC
Home Owner Equity Share - 72% (Cost to new buyer) $612,000 BHC Equity Share (28%): $238,000 Fair Market Value (FMV) of Property: $850,000
If the BHC decides to continue in the equity share arrangement with the new buyer, then the new buyer is acquiring the home will pay $612,000 and the BHC will retain the equity of $238,000 for a total (Fair Market value of $850,000)
The Board has 15 days to make these decisions.
A sale can be completed only if the Board consents and if it decides not to exercise its ROFR. The equity share arrangement may or may not be extended to the new buyer. (See Article 8 of the sub-lease) BHC sub-lease
The BHC has a ROFR on all bona fide offers to purchase specific to a BHC property. It is at the sole discretion of the BHC to exercise this ROFR and re-acquire a BHC property per the terms and conditions of any bona fide offer presented to the BHC for consideration of consent and deferral of the BHC’s equity share in the transaction.
1. They can sell through the BHC’s Registered Resale List (RRL). For equity share properties the BHC charges a fee of 0.6% of market value for this service of which $500+GST is due upfront and is non-refundable. For price restricted properties the BHC charges a $2193+GST (2013) fee for this service of which $500+GST is due upfront and is non-refundable2. They can sell through a real estate agent or privately, requesting from the BHC approval to purchase the equity share portion, prior to the actual home sale. (Each homeowner is then responsible for the full real estate fee and in every instance where this has occurred the Board requested that the purchaser pay 100% of the sale price of the property).
In all two scenarios, once an offer to purchase has been signed for a BHC property the BHC Board must be provided with a copy of the signed offer and then has fifteen (15) days from receipt of the offer to make the three decisions described above.
1. Identification of Home SaleThe Banff Housing Corporation and the Homeowner make a binding agreement regarding the “Base Market Value” of the home.a) The Homeowner notifies the Banff Housing Corporation that he/she intends to sell.b) The Homeowner and the Banff Housing Corporation each procure an appraisal from a list of approved appraisers at their own expense, and simultaneously provide the appraisal to the other party. All appraisals should have at least one non-Banff Housing Corporation home as a comparable.c) The average of the two appraisals will be accepted as the “Base Market Value” valid for a period of 3 months. d) If the appraisals differ by more than 8%, there will be a 48 hour review period while the homeowner and the Banff Housing Corporation discuss and decide whether either party wishes to obtain a 3rd appraisal. Should either party obtain a third appraisal (at their own cost, unless both parties deem it necessary in which case the costs will be shared equally) the “Base Market Value” is the average of the 3 appraisals. e) Appraisals are kept confidential by all parties except as noted above, unless agreed to by both parties.
NOTE: The percentage difference between appraisals is calculated by: (Highest-Lowest) over Highest x 100
Step 2: Setting of the “Bookends” of the pricing rangeThe upper limit of the “Range” is 6% above the Base Market Value or 3% above the highest appraisal, whichever is lower.
The lower limit of the “Range” is 6% below the Base Market Value or 3% below the lower appraisal, whichever is higher. This lower limit is not a price guarantee of any sort.
Step 3: Clear OutcomesIf a qualified Third Party Purchaser makes an offer for a sale value within the Range, the Banff Housing Corporation will consent to the transaction and will not refuse to defer its equity on the basis of the price.
If a qualified Third Party Purchaser makes an offer for a sale value above the Range, the Banff Housing Corporation may refuse consent to the transaction and refuse deferral of its equity on the basis of the price.
The above process applies specifically to consent based on price. However, equity deferral can also be refused based on public policy. The choice to refuse equity deferral based on public policy can only be made for previously established and published public policy reasons.
UPDATE 2018 stress test: As of the 1st of January 2018, all Canadian buyers borrowing from a federally regulated lenders will be subject to the OSFI Mortgage Stress Test, including insured borrowers (those with a down payments of 20% or more.)Lenders will now have to qualify all conventional mortgages using the Bank of Canada’s 5-year benchmark rate, which is currently set at 4.99%, or at the current contracted rate + 2% if that rate exceeds the benchmark rate. So, if you are currently pre-approved at 3.5%, you will now have to qualify as if your interest rate were 5.5%, which could significantly reduce your buying power.
Implementing a clear bag program also improves worker safety by enabling waste collectors to more easily identify if there are sharp objects such as broken glass or needles, or hazardous materials such as oil, paint or corrosive materials in the bag, prior to handling.
You can also pay online through your bank's online banking services. You will need your assessment roll number to set up the account. Or you can pay in person at your bank. Be sure the transaction is completed by property tax due date.
The other two portions of property taxes are the municipal levy for services such a police, fire, recreation and snow removal and the Alberta School Foundation Fund (ASFF) which is a provincial education tax.
The addition of a fourth lane would require the sidewalks on the bridge to be narrowed on both sides from by one metre. This will negatively impact pedestrians and is contrary to council’s strategic priority of promoting sustainable modes of transportation. As well, a crash barrier between the sidewalk and driving lanes would likely be required with four driving lanes on the bridge leading to a further reduction in sidewalk width on a designated heritage structure. In the long term, traffic volumes are likely to increase beyond the capacity that fourth lane could provide.
Council considered a trial lane reversal in November 2014 to assess the efficiency of two northbound lanes. The trial was not approved because Council felt the limits of the Buffalo/Banff Avenue intersection would make the trial ineffective.
Rather than implementing a hard limit on motorists travelling over the Bow River Bridge, since 2014 Council and Administration have worked in collaboration with stakeholders and focused on promoting and investing in alternative transportation, with significant success:
• With increased service frequency Roam Transit local ridership over the Bow River Bridge has increased 47% from 374,695 in 2016 to 552,132 in 2018.• Pedestrian traffic over the Bow River (pedestrian and traffic bridges combined) has increased 53% from 571,159 to 872,542 crossings between 2015 and 2018.• Bicycle parking capacity in town has increased 55% from 550 in 2015 to over 850 in 2018, and usage has increased 42%.• Total annual vehicle volume over the Bow River Bridge decreased by 3.6% (173,548 vehicles) from 2017 to 2018.• Days with travel time delays greater than 15 minutes between Rimrock Resort Hotel and the Buffalo-Banff intersection have decreased from 15 in 2016 to 8 in 2018.
Additionally, a Central Park pedestrian crossing is under consideration subject to successful applications for both Federal and Provincial funding. The project would encourage active transportation among both residents and visitors, reducing the reliance on private vehicles to travel over the Bow River Bridge. The potential impact of a second pedestrian crossing in reducing congestion over the Bow River can be derived from the Muskrat Street pedestrian bridge usage statistics, which increased 64% (from 166,601 to 273,581 crossings) between July and August 2014 and 2018.
In 2018 Banff’s Municipal Planning Commission approved the development of a 500 stall intercept parking lot at the Banff train station, with completion anticipated for summer 2019, within 10 minutes walking distance of downtown. Shuttle services will also be provided between the new parking lot and downtown by Roam Transit.
Further planning for intercept parking near the town’s east entrance continues with the federal government and Parks Canada, as Banff’s fixed boundary does not offer existing space to accommodate a parking lot of the size required on Town owned land.
From 2014 to 2018 parking stall peak time shortfall in Zones A, B, C (downtown core) has not exceeded 80.
The increased efficiency associated with moving through the intersection for both pedestrians and motorists outweighs the increased delays. However, your wait is shorter than you think. Motorists are waiting an additional 30 seconds per cycle at most (compared to timings prior to the scramble operations) and pedestrians up to an extra 37 seconds per cycle. These wait times are reduced in the winter as the traffic signals operate with a shorter cycle length.
This timing meets the Canadian standard for calculating pedestrian clearance of 1.2 metres/second and is balanced to meet the needs of all users. A longer pedestrian crossing time would increase motorist delay or shorten green time for motorists. The timing tried to balance all intersection users.
Traffic signals at Banff’s intersections are synchronized to support travel down the main Banff Avenue corridor. On busy summer days, the northbound signal pattern is combined with green times specifically designed for high traffic volumes, with video detection cameras that support each direction. The cameras trigger a signal change if there is no traffic facing the current green light, and associate the extra, unused green time to the other movement. There is no point in time when the signals are not feeding traffic onto the bridge.
The RCMP advise that Banff’s intersections require two professionally trained traffic management officers (RCMP or Bylaw) for each intersection. This makes flagging expensive as well as ineffective at signalized intersections.