Housing Action Updates
Purpose-Built Rentals Incentive Policy
Council approved a purpose-built rentals incentive policy at today's meeting. The policy will allow a grant equivalent to 75% of municipal property taxes for a period of up to 10 years. In order to qualify, 95% of units must be rented long-term to primary residents of Canmore.
Short Term Rental Enforcement Fund Application
Council approved the submission of an application to the Housing, Infrastructure, and Communities Canada (HICC) Short Term Rental Enforcement Fund (STREF). The purpose of the STREF is to limit short-term rentals that take away units from the long-term rental market across the country. If successful, the funds would be used in a number of ways to increase short-term rental enforcement and compliance.
Off-Site Levy Bylaw Update
Council approved a budget increase for Off-Site Levy Bylaw Litigation from $500,000 to $600,000. The funds are necessary to pay for services that are required in relation to the appeal of the 2024 Off-Site Levy Bylaw amendments to the Land and Property Rights Tribunal (LPRT).
Why was an updated Off-Site Levy Bylaw needed?
Canmore is growing. Growth requires the construction of public infrastructure. The development community contributes to these infrastructure costs through the payment of off-site levies. Costs that are not recovered through off site levies will fall on existing ratepayers.
How much are we talking about?
The difference in the costs of public infrastructure attributable to new development between the 2020 Off Site Levy Bylaw and the 2024 amendments is approximately $69,700,000. The majority of new project costs added through the 2024 amendments are necessary to support growth.
Learn more here: Off-Site Levy Bylaw Update: News - Town of Canmore