Land Negotiations Break Down for Affordable Housing in Banff, Alberta

Land negotiations between Parks Canada and the Banff Housing Corporation (BHC) have broken down, meaning it is unlikely the city will move forward with some of its plans to create new affordable housing on the parcel. Parks Canada had the land appraised at $8.15 million, however BHC argues it has reason to believe the appraisal is too high. While Parks Canada says it is unwilling and unable to change the appraised value, BHC says the land is most likely worth $6.5 million. With the appraisal standing, BHC would have to pay $2 million for the land, a price tag they say is too high to make developing affordable housing on the land viable. The remaining money set aside for the project will be redirected into BHC's acquisition of 10 affordable housing units in Peyto Place.