Canmore’s Palliser 144-unit affordable housing project received a $3.66-million boost by draining one of the town’s key municipal reserves. The reserve was emptied, and half of an $864,000 loan given to Canmore Community Housing (CCH) was forgiven after council approval.
Mayor Sean Krausert emphasized the importance of utilizing funds efficiently for housing initiatives rather than letting money sit idly in reserves. While Town of Canmore staff typically advocate for increasing reserves to bolster municipal finances, the decision to empty the reserve aimed at enhancing the chances of securing affordable housing grants.
The move to deplete the reserve drew criticism from some officials who expressed concerns about the lack of a plan to replenish it. Coun. Tanya Foubert highlighted the need for discussions on refilling the reserve and potential implications on taxation to support the ongoing success of the housing project.
A staff report outlined the goal of reaching 15% of the development cost to qualify for grant funding, with CCH contributing $2.65 million from its reserves. The project also involved a $864,000 loan approved in 2024, emphasizing the importance of repayment to sustain the reserve for future endeavors.
Amid challenges in securing funding for affordable housing, Canmore faced setbacks, including rejection from federal programs. Despite these hurdles, the town and CCH managed to secure funds through alternative avenues like the Power of P4 initiative and loans from financial institutions.
CCH, a wholly-owned entity by the Town of Canmore, has been actively managing a portfolio of homes for ownership and rental purposes. The organization faces high demand, with waitlists exceeding 500 individuals seeking affordable housing solutions.
The Palliser project, signifying a significant step towards addressing housing needs, commenced construction in fall 2025. Ongoing efforts and discussions within the community aim to support the successful completion and operation of the affordable housing development.
