In 2023, in response to increased attention, discussion and concern about housing affordability and availability in the Bow Valley, Banff Canmore Foundation (BFC) began to research and examine successful models which address these issues in comparable, predominantly tourist-driven communities and destinations.

In particular, BCF wanted to identify and learn about programs which are not government-led nor large employer-driven, that focus instead on multi-stakeholder initiatives and those supported by the social sector, foundations, charities and the like.

The initial findings were featured in BCF’s Bow Valley Vital Signs report on Housing which not only presented housing market trends, affordability indices, relevant ratios and demographic shifts and a nuanced understanding of the regional housing landscape, but also uncovered some specific areas for further exploration.

BCF learned that deed restrictions and covenants have enabled some of the most creative and potentially effective solutions being implemented in comparable communities, particularly in the US, but that such solutions might be hampered by current provincial or municipal policies, tax regulations, legislation and other barriers.

BCF, with the generous support of the Alberta Real Estate Foundation is preparing a research project to identify these barriers, propose alternatives and possible advocacy and funding opportunities to address what remains a key obstacle to sustained community vitality in the Bow Valley.

BCF and AREF look forward to continuing this research and sharing the findings widely, anticipating that the research will be applicable to communities in the Bow Valley and surrounding region, notably the Towns of Canmore, Jasper and Banff, the Municipal District of Bighorn, as well as other Alberta communities exploring tourism investment or expansion.

If you have any specific examples or questions that you think would be relevant to this research, please feel free to contact BCF’s Vital Signs Lead, Erin Woods, at ewoods@banffcanmorefoundation.org