More federal funding coming to Banff to combat housing crisis

An extra $320,000 in federal funding will go toward alleviating Banff’s housing crisis.

Banff’s total money coming from Ottawa’s Housing Accelerator Fund (HAF) is now $4.98 million through Jan. 31, 2027.

The southern Alberta town is one of 32 Canadian municipalities getting a bump in housing dollars.

According to a release issued by the town on Tuesday, the added cash is going to municipalities showing “strong progress in delivering on their HAF commitments.”

Tuesday’s release said half of the bonus has already been received.

The release also said the total number of new homes created through the town’s HAF agreement is expected to jump by 10, to 250.

Banff is estimated to be short 700-1,000 homes, the release said.

Banff Mayor Corrie DiManno said the town is “very pleased” with Ottawa’s “vote of confidence.”

She said the HAF was “a catalyst” for the town to “make bold decisions” to address its housing crisis.

“Through policy changes, we have increased opportunities for new homes in existing neighbourhoods, created incentives for homeowners to add rental suites and removed barriers to development,” she said, “all of which are contributing to the most significant and rapid growth in housing Banff has seen in decades.”

Tuesday’s release said the town “was lauded for” a car-share program meant to “increase transportation supports for people living car-free or car-light.”

The town said that the project, which launches late next month, “aligns with Banff’s reduced parking requirements in new housing developments.”