Developer

The Town of Banff is the developer of The Aster and The Banff Housing Corporation will manage the building and sales of the dwellings once the building is complete.

The objectives of the Banff Housing Corporation are to create a for-purchase, price restricted housing  development with 1, 2 and 3 bedroom dwellings that focus on the identified housing needs of individuals, couples and families.  

BHC VISION

To provide a range of affordable housing options that ensure Banff residents can find a place to call home.

BHC MISSION

BHC provides and manages a diverse range of quality rental units & equity share & price restricted homes for residents and retirees of Banff Nation Park.

History

Three parcels of land make up the development area for The Aster. Two parcels - 338 and 340 Banff Avenue - were purchased by the Banff Housing Corporation in December 2013. In the fall of 2019, 342 Banff Avenue was purchased and the dwelling count was increased by up to 50% from 22 proposed homes to 33. Purchasing 342 Banff Ave ultimately results in greater total land available for development and results in a higher net unit yield, and an economy of scale for build costs. This purchase also allows the Town of Banff to continue to address the housing unit shortfall by increasing the number of overall units. As referenced in the 2014 Community Housing Strategy, “Land is king and there is very little of it.” The Town of Banff intends to develop three lots located at 338/340/342 Banff Avenue, owned by the Banff Housing Corporation, into multifamily, high-density housing units that will be for sale to qualified buyers. The units will remain affordable and in the Banff Housing Corporation ownership portfolio in perpetuity.

Why develop:

While the 2012 Housing Study indicated the need for both rental and home ownership, the 2018 Bow Valley Housing Needs assessment indicated the need for 124 affordable home ownership units in Banff by 2027. The lack of housing has many implications for the community, including social challenges and economic realities. The community of Banff is still facing a steady demand to increase the affordable housing stock, both in rental and home ownership, based on the significant challenges the community is currently experiencing including high rental rates, severe overcrowding and lack of availability.

Demand for below market ownership opportunities have been recently identified, both from the results of a Banff Housing Corporation survey, where 371 respondents indicated they were currently renting but interested in home ownership, and from the 2018 Bow Valley Housing Needs assessment, which indicated the need for 124 affordable home ownership units in Banff by 2027.

In 2017 the Town of Banff completed the Ti’nu affordable apartment complex at Coyote lane. The development added 131 units to the community’s rental housing stock. The development has been fully subscribed with a significant wait list, indicating the demand for this type of unit.

Why Housing?

Housing is a community issue. Without appropriate housing for the entire community, our economic prosperity and our community’s wellbeing suffers. Our own quality of life suffers.

The need for affordable housing in Banff has been evident in multiple recent studies including the 2012 Banff Housing Study and the 2014 Community Housing Strategy document.

While the 2012 Housing Study indicated the need for both rental and home ownership, the 2018 Bow Valley Housing Needs assessment indicated the need for 124 affordable home ownership units in Banff by 2027. The lack of housing has many implications for the community, including social challenges and economic realities. The community of Banff is still facing a steady demand to increase the affordable housing stock, both in rental and home ownership, based on the significant challenges the community is currently experiencing including high rental rates, severe overcrowding and lack of availability.

Banff Community Housing Strategy (PDF)

Banff Community Housing Strategy:

In 2014, a community task force, with significant input from Banff residents, developed a strategy to address the critical need for safe, comfortable, affordable housing in Banff. The goals:

• By 2025, we have a robust range of housing options so that each Banffite can find a place to call home;

• Our neighbourhoods are socially, economically and demographically diverse

• Banffites understand that having appropriate housing benefits our entire community

• We take a shared approach to housing solutions. When new solutions are needed, we have the courage to change.

What we know

• We are proud residents of a national park. Our boundaries are fixed, we have a commercial development cap. Parks Canada eligibility residency regulations apply.

• Available land is scarce.

• Only 1 in 4 Banff households can afford a median-priced apartment, 1 in 10 a median-priced townhouse, duplex or single family home.

• 170 to 190 homes are in need of major repair.

• The vacancy rate has remained at 0% for the past five years. A healthy rate is 3-5%.

• Demographics and housing needs are dynamic – today’s resident needs different housing styles than in the past, and we can expect more change in the future