Council has made it a priority to take action regarding Canmore’s housing crisis, and we have been working tirelessly towards that goal. I don’t need to elaborate on the housing challenges facing our community, I know many of you face them daily.
Here is an update on one important program we will be implementing for the 2025 tax year, the Primary Residence Tax Program. The aim of this program is to incentivize full-time occupancy of homes in Canmore.
What does this mean?
- If you live in your home full-time or rent all or part of it to someone who does, you will not be charged the higher rate on the municipal portion of your tax bill.
- If you do not live in your home full-time or rent a portion of it to someone who does, you will be charged the higher rate on the municipal portion of your tax bill.
- Full-time is defined as living in your home for at least 183 days per year, 60 of which must be consecutive.
How will the program work?
- All property owners will have to fill out a status declaration annually. We are working on this right now and hope to keep it as quick and simple as possible.
- If you do not complete a status declaration, you will automatically be charged the higher rate.
- We know this is a change for all property owners. As such, we will be communicating extensively about the program to you once details are finalized.
How much will the tax be? What will the funds be used for?
- The rate has yet to be determined but will be calculated as a percentage of your home's assessed value.
- Council was presented with preliminary data at the August 20 Council meeting, and you can find that information online at canmore.ca/housingaction
- Funds collected will be used for livability and affordability initiatives. This may include things like purchasing property for non-market housing, incentivizing development of accessory suites, or supporting infrastructure needed for housing such as a pedestrian underpass in the Palliser area. This list is not exhaustive, but intended to give you an idea of how these funds could help the future affordability of our community.
Learn more about this program and other housing action updates at canmore.ca/housingaction
While we recognize a program like this will bring about divided opinions in the community, we cannot shy away from making hard decisions. We all have a role to play in Canmore’s housing crisis, whether that is providing housing for someone who lives here or contributing financially towards future affordability and housing initiatives.