Additional housing and rental options are coming to Banff in 2018 and residents were given a look at the future site and plans for a 132-unit development on Deer Lane.
An open house for the affordable housing development presented an array of new information such as construction timelines, costs, and rental rates at a Sept. 15 open house at Banff’s Scout/Guide Hall.
The three-storey (max. height 11.5 metres), three-apartment building development will be located on land just off Banff Avenue, between Marmot St. and Antelope St.
Construction is slated for spring 2017 and has a projected 2018 occupancy, which includes 26 studios (300 sq. ft., minimum), 69 one bedrooms (approx. 425 sq. ft.), 37 two bedrooms (approx. 600 sq. ft.), and five two-bedroom A-frame duplexes.
“It’s a real interesting mix of buildings,” said Sharon Oakley, Banff’s housing sustainability coordinator. “It has a great entrance way and community spaces in there and that’s something that was important to us; that we’re not just creating a building, we’re creating a community.
“The architectural team used space that we thought you could not develop on and it gave us an additional (five duplexes),” said Oakley.
According to financial spreadsheets presented, the cost of the project is estimated at just over $23.8 million – none of which will be at the cost of Banff ratepayers, said Oakley.
The Town of Banff borrowed funds for the project and it will be repaid from revenues generated through rents.
“It was a bit of a juggling act,” said Oakley, “from our costs to build and wearing that developer’s hat and architecture fees and all that kind of stuff, but still, being able to create 132 units for our community that’s in desperate need of housing and bringing in affordability and not have it taxpayer funded, we think that’s a big success story.”
With a vacancy rate in Banff at zero per cent for the past three years, the development is expected to potentially house nearly 250 people.
Current market rates are calculated to be above the 30 per cent income threshold in Banff.
To rent a unit, a proposed rate will be based on Banff’s median employment income, with rent to not to exceed 32 per cent of household income.
The forecast 2018 median income per year in Banff, according to the Town, is just over $28,000 and monthly rental rates will be: studio ($860.38), one-bedroom ($1,122.24), and two-bedroom ($1,645.96). Terms and conditions have not been finalized yet.
“We don’t want anyone to live house poor, that’s not the intent of this. This is affordable housing and we want everybody to be able to have just a portion as recommended by (Canada Mortgage and Housing Corporation),” said Oakley.
According to the Job Resource Centre’s fall 2016 Bow Valley Labour Market Review, the average starting wage in the valley from February to July 2016 was $14.84 per hour.
Starting wages range from $13.18 to $14.68 in sectors such as kitchen and front line food and beverage (that combined had a 40.1 per cent occupational demand), hotel guest services, and housekeeping and cleaning, and sales and services.
If a single Banff worker made $13.50 per hour and worked a 40-hour week for 52 weeks, that worker would gross enough money per year to meet the median.
Also, as an example, the median cost for rentals can be split between multiple people to reach the projected $28,000 median household income.
“We will have a minimum and a maximum (median income price), and will be very generous,” said Oakley. “One of the things we’re very aware of is that in a studio, it could have two people sharing it.”
In addition to the development, there will be an underground parkade for 80 vehicles and space for 234 bicycles.
The three buildings will mirror environmental standards of Leadership for Energy Efficiency and Design (LEED) platinum, and will include on-site storage and shared laundry facilities.
Following Deer Lane’s project completion, Oakley said the Cave Avenue district is the next area Banff will look at in negotiating a land purchase with Parks Canada to build affordable housing.
For more information on Banff’s affordable housing development, please go to Banff.ca/housing.
