How will I know if I am an ‘eligible resident’ for the Aster?

  • Are you a Canadian citizen or permanent resident?

  • Is your primary employment in Banff?

  • Are you an individual who operates a business in the Banff and whose presence at the place of business is necessary for the day-to-day operation of the business?

  • Are you a retired individual or in receipt of disability benefits currently living in Banff and meet one of the following criteria?

    • Have 5 consecutive years of Banff employment history immediately preceding the retirement date or hold a statutory declaration of retirement from Parks Canada OR

    • Has 5 consecutive years of Banff residency.

  • You live in Lake Louise and have children attending school in Banff.

Why are first time home buyers given priority?

Banff’s Community Housing Strategy has laid out a clear vision for Banff’s housing future which includes providing a range of housing options with affordability outlined as a key factor. Demand for below market home ownership opportunities have been identified through two Town of Banff surveys. 74% of 501 respondents from the 2018 housing survey were identify as first-time home buyers. Based on this data, qualified first-time home buyers will be given priority in the lottery system.

What is a ‘qualified buyer’?

  • A qualified buyer will need to meet the following requirements during the formal application process.

  • Meets the eligible ‘resident criteria’ as listed under question number 1 above.

  • Must agree that The Aster will be his/her primary residence.

  • Agrees to the maximum number of people per unit restriction. See question three.

  • Mortgage pre-approval must be equal to or greater than the sales price of the unit you would like to purchase, for example:

    • My lender has preapproved me for a mortgage of $300,000 and my unit preference is a 2-bedroom dwelling the estimated sales price of a 2-bedroom unit is over $400,000. Application DENIED

    • My lender has preapproved me for a mortgage of $585,000 and my unit preference is a 1 bedroom plus loft, sales price of a one-bedroom plus loft approximately $400,000. Application APPROVED

Local bank contacts for mortgage pre-qualification:

Banff Financial Institutions (suggested but not limited to)

Alberta Treasury Branch, 317 Banff Ave., Cascade Plaza, Call 403.762.8505 OR Book a meeting at www.atb.com

Bow Valley Credit Union, 216 Banff Ave., Call 403.76.3398

Canadian Imperial Bank of Canada, 98 Banff Ave., Call 403.762.3317 OR Book a meeting at www.cibc.com

Is there a maximum number of people per unit?

  • 1 bedroom: Max 2 people

  • 1 bed+ loft or den: Max 4 people

  • 2 bedroom: Max 4 people

  • 2 bedroom loft: Max 4 People

  • 3 bedroom: Max 6 people

What is a first-time homebuyer (FTHB)?

  • An individual(s) who does not own either personally, jointly, or indirectly through a trust of business, any real estate anywhere (all individuals who would be on title) OR

  • Any individual(s) who have not owned in the past five years, either personally, jointly, or indirectly through a trust of business, any real estate anywhere.

What does ‘price restricted’ mean?

The BHC owns a percentage of a home, and the homeowner pays for and owns the rest. The future resale of these properties is tied to a maximum increased value of 2% per year, compounded annually and is tied to the amount the buyer paid for the unit when the property was originally sold, example;

 Purchase price to homeowner $300,000

Possession Date, Sept. 15, 2022

Value of property on Sep 15, 2023: $300,000 x 2% = $306,000

Value of property on Sep 15, 2024: $306,000 x 2% = $312,120

Value of property on Sep 15, 2025: $312,120 x 2% = $318,362.40

How much down payment do I need?

Your lender will require a minimum of a 10% down payment. This money is sourced from your personal savings, family assistance or investments such as RSP’s.

Is this a rent to own development?

No. There is no rent to own option available. All units will be pre-sold.

How much will the property taxes be?

Property taxes are dependent on the size of unit purchased. They will range from approximately $1700 to $3600/year.

BHC Fees

The BHC charges a nominal yearly fee to provide operational and administrative services to all BHC homeowners. Fees are $257.14 + GST =$270.00 per year

What are closing costs and who is involved?

Closing costs usually cost around 1-1.5% of the purchase price. For example, a $400,000 home, the closing costs will be roughly $4000-$6000.  These costs include legal administration fess associated with the final sale of the home; sales agreement, mortgage agreements, Parks Canada agreement- sublease consent, etc.  

Will I need a lawyer?

Yes. The Banff Housing Corporation does not provide legal counsel to purchasers. A home purchase is one of the most significant investments you will make in your life. Lawyers offer a multiple of services to their clients that aid in the purchase of a home. They review all legal documents, agreement of purchase, lands titles and ensuring Parks Canada need to reside.

Is parking included?

Yes – there is an underground, heated parkade.  

What kind of storage is included?

All units have in suite storage. There will be a separate covered, secure bike storage facility. Storage will not be permitted on balconies.

Can I buy a unit with my friend?

Yes –however, all owners of BHC properties must be on land title and it must be the owners primary place of residence. When entering into a co-ownership agreement, ensure you have all the details worked out prior to purchase, such as division of expense and household responsibilities, ownership percentage, and addressing the possibility of substantial life changes down the road. A lawyer will be able to help in defining the terms of this agreement.

Can family or friends help me buy a dwelling?

Yes. Family and friends can contribute to the down payment. However, if the property is shared ownership, all owners must live on site.

Are pets allowed?

Yes – there is a maximum of 2 pets per unit with the exclusion of exotic and farm animals and rabbits which are strictly prohibited in the Town of Banff. ‘Pet’ includes domestic, dog, cat, bird, and small caged animals (guinea pig, hamster, gerbil, reptile).

After initial sale of unit, all proposed pets require the approval from the Condo Board prior to housing/purchasing pet.

All guardians of a domestic cat or dog must obtain an annual license and pay a license fee to the Town of Banff which are payable by January 1 of each new year.

Are BBQs allowed on private patios?

Due to fire code regulations (covered balconies), BBQs are not permitted on private patios. There will be  a commercial BBQ located on the third-floor deck for all residents to enjoy.

Bike storage?

There is underground, secured bike storage available to residents along with a ‘gear wall’ in each dwelling.

Interior package?

Details will be available soon

Can I rent my unit out after I purchase it?

No. Units must be the primary residence of the person(s) listed on title. There is no subletting allowed.

Can I rent a room in my unit?

Yes, provided you fall within the occupancy rules as stated above and tenants satisfy the Parks Canada need to reside.

What happens if I lose my job in Banff and no longer have need to reside?

All residents of Banff must satisfy the Banff National Park need to reside. Please refer to https://www.pc.gc.ca/en/pn-np/ab/banff/info/permis-permit/resident-residency

Does the BHC help me with my mortgage?

No, you are responsible for the entire mortgage on your unit.

If I want to put more than 10% as a down payment, am I able?

Yes, it is encouraged to put more than 10% down if you are financially able to. A higher down payment means a smaller mortgage.

What is the timeline for moving into my unit?

The projected timeline for completing the building is scheduled for Winter 2023. More updates will be available as construction progresses. Details coming soon