Banff Approves $26.1M Loan for 90 Below-Market Homes

Banff town council has approved borrowing of $26.1 million to help build 90 below-market homes at 50 Wolf St, a project the town says is aimed at easing Banff’s housing crunch. 

Banff says rental vacancies are below 1%, and it estimates the community is short 700 to 1,000 homes. 

The town’s Wolf Street project will add 75 rental homes and 15 ownership homes, with prices set lower than typical Banff market rates. The plan also includes an 8,000-square-foot community space. 

What council approved

Town staff told council the borrowing includes two parts: 

• About $7.7 million in short-term borrowing to build the ownership units

• About $18.4 million in long-term borrowing to build rental units

Town documents also cap the total project cost for this phase at about $37.1 million. The town lists the remaining funding as about $10.6 million from grants and donations, plus about $408,000 from reserves. 

Town staff also said the town will only borrow the money as the project needs it, rather than taking it all at once.

Construction timing and the latest project update

The Town’s project update page anticipates that major excavation and foundation work will begin in March 2026, with occupancy expected in summer 2027. 

Water and sewer connections are expected to be finished before the end of February 2026, and gas and electricity connections before the end of March 2026. 

The town also says it will set rental rates and sale prices once construction costs are finalized, which it expects to do in fall 2026.

Council comments on taxes and priorities 

Mayor Corrie DiManno said the Wolf Street project is part of Banff’s effort to address affordability while limiting tax impacts. 

“I’m blown away by what we’ve achieved,” DiManno said.

“I’m proud we are continuing to move the needle on much-needed housing supports,” Coun. Kaylee Ram said in a statement. “It’s encouraging that we can make meaningful progress while still keeping the tax increase low.”

More details on the project are available on the Town of Banff’s Wolf Street Housing Project page.