Banff Approves Over 550 New Housing Units Amid Crisis

UPDATE: Banff has just approved more than 550 new housing units in response to a severe housing crisis affecting the Alberta mountain town. Officials confirm that these units are crucial for addressing an estimated shortfall of 700 to 1,000 homes, significantly impacting residents like Jeffrey Carpenter, who has struggled with soaring rental rates.

The new units are part of a major policy shift initiated in 2024, aimed at increasing housing availability in a town where approximately 4,500 homes exist. Carpenter, who lived in Banff for over a decade, reflects the plight of many locals: “I simply couldn’t continue to live in my last apartment with how much the rent was,” he explained, highlighting the urgent need for more affordable options.

The approved project on Wolf Street will deliver 90 affordable units, including both rental and ownership opportunities. This initiative follows a decade where only around 400 new units were approved, indicating a significant acceleration in response to community needs.

Mayor Corrie DiManno stated, “In a community where 98.5% of developable land has housing on it, either redevelopment or infill is how we’re going to get ourselves out of the housing crisis.” The recent policy changes have prioritized flexibility in housing development, easing parking requirements to encourage more construction.

Under the new regulations, developers can focus on building much-needed homes without being constrained by strict parking mandates. According to Dave Michaels, Banff’s manager of planning services, this flexibility has allowed for more housing units to be constructed. “Developers told the town parking requirements were a ‘limiting factor’ for small and large applications alike,” he noted.

The town’s Housing Accelerator Fund, supported by federal initiatives, has been pivotal in driving these significant changes. DiManno called the fund a “game changer” that has fostered “political will” for ambitious housing policies.

Additionally, the Banff Housing Corporation, which operates under municipal guidance, has launched projects aimed at providing homes at 25% to 30% below market rates. With a current waitlist exceeding 500 for ownership and 350 for rentals, the demand for affordable housing has never been clearer.

As the town moves forward with these developments, residents are hopeful for relief from the housing crunch that has affected their livelihoods for years. The new housing units are expected to be a crucial step in allowing families and professionals to establish roots in the community.

The urgency of this situation cannot be overstated. With ongoing discussions about tourism, environmental protection, and housing, Banff is at a crossroads. The community is now watching closely as these new units rise and the impact on rental rates and availability unfolds.

Stay tuned for more updates as Banff tackles its housing crisis head-on, responding to the pressing needs of its residents and working towards a sustainable future.