Banff, Alberta - About the "Need to Reside"...
The Town of Banff has the rare privilege of being located in a National Park, and therefore restrictions are strongly enforced to protect the Park from the people and the people from the Park.
One such restriction in place is the Need to Reside Clause, stating that one must own and operate a business that provides their major source of income or must work in such an establishment located in the Park, to have the right to reside in the Park.
Any person has the right to purchase and own real estate in Banff, though not necessarily to live there.
Real Estate Investment opportunity in Banff is widespread due to several factors:
- Future Development of both commercial and residential has been brought to a near halt in an effort to return the Park to a more natural state.
- Housing is very limited, yet there is a substantially larger permanent and transient population than there is available accommodation .
- Rental vacancy rate has been hovering around 0% for many years.
- Appreciation of Banff real estate is forecasted to rise, due to development restrictions
NEED TO RESIDE CLAUSE
LIVING IN BANFF NATIONAL PARK:
COMPLIANCE WITH "ELIGIBLE RESIDENT" REQUIREMENTS
What constitutes an "eligible resident"?
- an individual whose primary employment is the National Park
- an individual who operates a business in the National Park and whose presence at the place of business in necessary for the day-to-day operation of the business
- a retired individual who resides in the National Park and who for 5 consecutive years immediately prior to retirement, was employed primarily in the National Park
- operated a business in the National Park and whose presence at the place of business was necessary for the day-to-day operation of the business
- a retired individual who resided in the National Park at the time of the individual's retirement and who resided in the National Park on July 30, 1981
- an individual who is a student in full time attendance at an educational institution that is located within the National Park and registered under the Income Tax Act or applicable provincial legislation relating to education.
- An individual who is a lessee of public lands in the National Park and who was the lessee of those public lands prior to May 19, 1911, or
is a descendant, by blood or adoption, of an individual who was the lessee of those public lands prior to May 19, 1911 the spouse or a dependant of an individual referred to paragraphs #1-#6
- A lessee who has been granted a lease of public lands…shall, on the request of the Minister, provide to the Minister evidence, by way of affidavit or solemn declaration, that each occupant of the leased public lands is an eligible resident.
For the purposes of the definition "eligible resident", "business" means a business that is licensed under the National Parks Business Regulations or under a by-law passed by the Corporation of the Town of Banff.
Can I buy property in the National Park, even if I do not meet the "eligible resident" requirement?
The answer is "yes"- however the property must then be occupied by a renter, who meets the "eligible resident" requirements. In other words, the restrictions apply not to the ownership of property in the National Park, but the occupancy of it.
Could I buy a property for "vacation purposes" only-use it myself or friends from time to time throughout the year, and leave it vacant when not in use?
The answer is "no" to this, as "vacation" does not constitute "eligible residency"
Do these restrictions apply to properties in Canmore, Harvie Heights or Exshaw and Lac Des Arc as well?
Not at all. The above-mentioned restrictions apply only to the National Park and these communities are located outside of it.
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