Owning a house for sale in Banff is a desirable investment for nearly all Canadians. With endless amenities and jaw-dropping, 360-degree views, it’s no wonder that so many people want to call Banff home. But, how does one acquire real estate in Banff? And, is it really all that worth it to make Banff your permanent home? In this article, we hope to answer all of your most common questions about buying a house for sale in Banff. Follow along below to learn more about real estate in this famed national park.
Why Choose Banff? The Pros.
- Outdoor Paradise & Lots to Do
One of the best advantages of living in Banff is that you get to experience its outdoor landscape every single day. For example, head to one of Banff’s numerous renowned ski hills like Norquay or Sunshine Village for an afternoon of hitting the slopes. Or, take your pick of one of many hiking, biking and running trails and explore the environment around you. Besides the paradise in your backyard, Banff is a cure-all for boredom. Since it is a tourist hotspot, there’s always something to do—especially, if you love being outdoors!
- Sense of Community
Another perk of living in Banff is the incredible sense of community. Since living in Banff is no easy feat, there is a very minimal permanent population. This helps to foster a tight-knit community.
- Great Business Economy
As you may have suspected, Banff’s biggest economic driver is tourism. Tourism is the primary factor in why the Banff economy has been able to do so well over the past few years.
Why Not to Choose Banff? The Cons.
- Need to Reside Clause
The Need to Reside clause is something that all prospective buyers must understand. The government of Alberta has made it incredibly difficult for just anyone to purchase property in Banff. This is all with the goal of preserving the natural environment. However, unfortunately, this pushes out even the most well-intentioned buyers. In order to satisfy the Need to Reside Clause, you must have an active or planned business within the town, a blood relation to another person in the town, or have lived in the park since 1981.
- Abundance of Tourists
Banff is a lot of things, but big isn’t one of them. This small mountain town gets millions of visitors every year, during all seasons. If you aren’t into the tourist town vibe, then perhaps Banff isn’t right for you.
- High Cost of Living
In addition to all of this, Banff also boasts a high cost of living. Its desirability and prestige make Banff real estate in high demand. So, naturally, you can expect the price of housing and everything else to be above average.
How to Buy a House for Sale in Banff?
Buying a house for sale in Banff is no easy feat. And, buyers must understand that owning a home in a national park like Banff comes with some caveats. So, let’s say that you meet the Need to Reside Clause and are able to now purchase a property in Banff: how do you do it?
Well, buying a home in Banff is similar to buying a home anywhere else in Canada—with the exception that all properties in Banff are held in a leasehold title ownership. This means that those who buy a home in Banff will only have ownership over the structure(s) on the property, but not the land itself. Contrastively, when you buy a home in other cities in Canada, your ownership is generally fee simple. This allows you to own both the land and buildings on it.
Who Can Live in Banff?
The only people who can live in Banff are the ones who are eligible by the Need to Reside clause. Some of the reasons that you may be permitted to live in Banff include:
- Business owners who operate a business in the park that is necessary for day-to-day operations
- Those who live in the park for five successive years directly before they retire.
- Anyone who is a full-time student at a school within the park
- Any person who is a spouse, common-law partner, or dependent of an employee of the park
- Anyone who has primary employment in the park
Contact us About Buying a House for Sale in Banff!
If you are interested in purchasing a house for sale in Banff contact us today! Banff is an incredible area to own a property. Reach out today to learn more about all of the amazing opportunities that come with living in real estate in Banff. For more information, feel free to message us with any questions or concerns you have about living in this amazing city. Be sure to check back next month for more real estate-related content and visit our social media page! We look forward to working with you in the near future!