Below-market condo complex opens in Banff amid continued housing crunch

A new 33-unit condo development in Banff is complete and its new owners are almost all moved in.

The below-market complex will be managed by the Banff Housing Corporation and each unit was sold at cost of construction.

The complex, in the heart of downtown, has one,two and three-bedroom units.

Almost all of the units at the Aster went to first-time home buyers.

"Banff has been actively trying to address our housing crisis for about a decade now and a part of that strategy was also looking at for-purchase condos for first-time home owners," said Banff Mayor Corrie Dimanno.

"And so we really wanted to create an opportunity for folks that want to make back their home long term and would like to own a home."

One-bedroom units started at about $357,000 and thethree-bedroom condos started at about $501,000.

As part of Banff's housing strategy, future resale prices at the Aster will be capped.

Over 100 people registered an interest to purchase the homes, and only those eligible to live in Banff could apply.

Long-time Bow-Valley resident Karen Thomas is one of them.

"I'm very happy to be in one of the accessible units so I can age in place and stay in my community," she said.

The Aster is named after a perennial wildflower frequently found in Banff National Park.

The town's next affordable housing project will be a planned 250-unit complex in the Tatanga area on the edge of town.

According to the town, the community continues to have a zero per-cent vacancy rate.