Banff Housing Corporation Gets First Full-Time Leader in 12 Years

Banff Housing Corporation (BHC) has its first full-time leader in 12 years, and his first big task is overseeing public consultation on the future of its 161 equity-share homes, now expected to begin in 2027.

Darren Veres started as managing director on Sept. 22, taking over leadership of BHC, which had been overseen part-time by the Town of Banff's manager of housing sustainability.

“Now it’s a dedicated leadership role to oversee the existing portfolios and then, of course, prepare the organization to take on the new units that are under construction,” Veres told Bow Valley Insider.

Why a full-time position now?

BHC is wholly owned by the Town of Banff and manages 349 below-market homes, including 133 rentals and 216 ownership units.

Its portfolio has grown considerably during 12 years of part-time leadership. Ti'nu added 131 rentals in 2018, The Aster added 33 price-restricted homes in 2023, and the upcoming Wolf Willow development will add another 90 units by the end of 2027.

With the portfolio growing, Veres said BHC needed more direct leadership.

Having a dedicated leader, he said, “gives the BHC an opportunity to dig deeper into the affordability issues in Banff and the needs of the community.”

Veres previously spent roughly 18 months working in affordable housing for the City of Edmonton and 14 years in development planning and affordable housing with the District of North Vancouver.

“North Vancouver actually, I think, shares a lot in common with Banff… a smaller municipality with very big affordability issues that they’re grappling with,” he said.

While working in North Vancouver, Veres lived in Squamish, where he saw firsthand how housing provided through the Whistler Housing Authority helped support the neighbouring community.

He said the opportunity to make a difference in Banff was the main draw, although the outdoor lifestyle also appealed to him as an avid trail runner whose family enjoys hiking and camping.

In his first year, Veres hopes to raise awareness of BHC's housing options and help new residents settle into Wolf Willow. But one of his biggest challenges will be addressing rising home prices and keeping equity-share housing affordable.

How BHC works

According to a 2025 assessment report, BHC retains a 13 to 35 per cent share in its ownership homes, allowing buyers to purchase the remaining share below market value.

Ownership homes fall into two categories. Price-restricted homes can rise in value by no more than 2 per cent a year, while equity-share homes have no price increase cap and can rise with the market.

The report estimated the average price after BHC's share at about $750,000 for an equity-share home, compared with $447,000 for a price-restricted home.

In 10 years, equity-share homes could reach $2.1 million if prices keep rising at historical rates, the report projected, or $1.3 million at 5 per cent a year. Over the same period, price-restricted homes would rise to about $556,000.

The report found equity-share homes have risen about 10.5 per cent annually since the program began, broadly in line with Banff's wider housing market over recent years.

Geoff Hilhorst, a realtor with Grassroots Realty Group/Hilhorst Realty, noted the report's chart shows average Banff home prices rising about 6 per cent annually from 2019 to 2024. His MLS data shows increases of 3 to 9 per cent a year, depending on the type of home.

According to Hilhorst, the median Banff home sold for $880,000 in 2025 and $925,000 from January to September 2026. Only seven of 92 homes sold for under $500,000 between January 2025 and September 2026.

By comparison, the average Banff household earned $103,000 in the 2021 census, enough to afford a home worth approximately $476,000 with a 10 per cent down payment, according to the report's calculations.

What's being considered

At BHC's June 23 annual shareholder meeting, Banff council directed the corporation to seek public feedback on three proposals: changes to equity-share home appraisals, a two-year pilot giving first-time buyers twice the chances in purchase lotteries, and buying back certain equity-share homes to convert them into price-restricted housing.

The report recommended a $2-million revolving fund to purchase about three homes annually. Lowering the resale price of a purchased home to the price-restricted benchmark would require an estimated additional $200,000 per home.

BHC has 627 applicants on its ownership waitlist and 333 on its rental waitlist. Meanwhile, proposed changes raise questions for existing equity-share owners who expect their properties to appreciate with the market.

“Many bought expecting to build wealth the way other homeowners do, and planned around that, whether to move up, retire, or leave something to their kids,” Hilhorst said.

“For buyers, a cap would keep these homes affordable for good, instead of drifting out of reach. Both sides have a real point. How the town treats current owners in any change matters a lot.”

“They want to understand the community’s thoughts on those three items, and that’ll inform what kind of decisions they make,” Veres said.

No decisions have been made, and no current owner will be required to sell, Veres confirmed. Existing equity-share owners will “definitely be engaged” in the consultation.

When residents will be asked

A BHC briefing posted in August said consultation would begin this fall. Veres now says it will likely start in early 2027, as a consultant has yet to be hired. He said the report to council, due by the end of March 2027, may be pushed back.

The consultation will seek input from “people throughout Banff,” according to Veres, including equity-share and price-restricted owners, people on the resale list, renters and future buyers.

“The engagement will seek to understand residents’ views on maintaining below-market housing, and the potential concerns, unintended consequences, and opportunities associated with the proposed changes,” Veres said in an email.

Wolf Willow

Wolf Willow, the other big project on BHC’s horizon, remains on schedule to be completed by the end of 2027, Veres said, with BHC taking over ownership and management at completion. No rents or sale prices have been set for the 90 units.

Residents interested in renting or buying at Wolf Willow, or in other BHC homes, can register at banffhousing.ca.

Veres said a big part of why he took the job was to help “make this place a place where locals can stay and thrive and access housing.”