The Town of Banff officially started construction on March 17, 2026, for a new development at 50 Wolf Street that will provide a large community hub and 90 affordable homes in Banff, Alberta.
The project is being built with the help of a $5 million donation from the Wim and Nancy Pauw Foundation. This funding will create 8,000 square feet of space for residents, including a commercial kitchen, a dining area, and a food distribution centre.
The site will offer 75 rental units and 15 condos that will be sold at prices below the usual market rate. These homes are meant to help with the local housing shortage, as the town currently has a rental vacancy rate of zero per cent and needs up to 1,000 more homes.
The total cost for the new buildings is about $41.5 million, with other funding provided by the provincial and federal governments. The work is expected to be finished by the end of 2027, which is when the first residents are expected to move in.
Foundation director Cathy Geisler said the new space will offer a place for families to gather and for local non-profit groups to meet. The construction site is located right next to the Mineral Springs Hospital and the Banff Canoe Docks.
