2025-2026 Budget Approved
Council approved the 2025 and 2026 operating and capital budgets today. The 2025 operating budget of $98.1M represents a 3.9% tax increase, and the 2026 operating budget of $104.9M represents a 7.1% tax increase, both excluding growth and the Livability Tax Program.
The budget keeps our service levels the same as 2024, except for the addition of the Livability Tax Program. which is meant to incentivize full-time occupancy of homes. The Livability Tax Program is estimated to bring in $10.3 million in revenue in both 2025 and 2026, which will go towards supporting affordability in Canmore through such things as developing non-market homes and the Town services and infrastructure to support them. The budget is also intentional about contributing to our reserves at the recommended levels, ensuring long-term financial health.
A median residential home in Canmore was assessed at $1,043,000 in 2024. Using this median as a sample, a Canmore property with an assessed value of $1,043,000 can expect a monthly tax increase of approximately $6.94, or $83.30 annually.
Housing Action - 100 Palliser Lane
Council gave first reading to Canmore Community Housing (CCH) 100 Palliser Lane Loan Bylaw 2025-07, which proposes to loan CCH $12.0M. The loan is to assist CCH in securing the construction financing required for the development of a purpose-built rental complex at 100 Palliser Lane.
Council also:
- Approved a new capital project for phase two of FireSmart work in the Larch area, funded in full by the Forest Resource Improvement Association of Alberta.