Fifty units of rental housing in Parksville have been protected, keeping rental rates affordable for people through the latest acquisition by the B.C. Rental Protection Fund.

“Thanks to the Rental Protection Fund, seniors in Parksville will be able to age in place affordably, close to their loved ones, community and services they rely on,” said Ravi Kahlon, Minister of Housing. “In addition, I look forward to seeing the impact of new renovations coming to the building, ensuring improved building conditions for residents.”

Built in 1976, Moilliet Manor, an apartment building at 211 Moilliet St. in Parksville, was bought by Ballenas Housing Society. Many residents have called Moilliet Manor home for more than 20 years. Approximately half of the current residents are at least 75 years old.

The building is primarily made up of two-bedroom units, which are renting at 45% below market rates.

Seniors are often the most at risk of displacement. This acquisition secures much-needed affordable housing in a community with the highest concentration of seniors per capita in the province.

The Rental Protection Fund provided a capital contribution of $5 million that allowed Ballenas Housing Society to purchase the property, and a renewal grant of $1.25 million to support necessary building renovations. The former building owner also provided a donation to Ballenas that will help fund a new roof.  

“When seniors make up the majority of Parksville’s affordable housing waitlist, and are the most prone to displacement, we simply can’t afford to lose the affordable seniors housing we already have,” said Katie Maslechko, CEO, Rental Protection Fund. “Housing that many of these residents have called home for decades, in the community they’ve contributed so much to and come to rely on. This is what fairness for every generation looks like, and we hope to see the federal government join us in protecting even more homes before they’re lost forever.”

Moilliet Manor will be owned and operated by Ballenas, which will be leading the capital renewal project.

The $500-million Rental Protection Fund (RPF) was established in 2023 and provides one-time capital contributions to non-profit housing organizations so they can buy affordable residential rental buildings and co-operatives listed for sale. The Rental Protection Fund has approved funding to preserve 1,471 homes throughout the province, with thousands of additional homes under funding consideration.

The RPF is part of an historic $19-billion housing investment by the B.C. government. Since 2017, the Province has nearly 80,000 homes that have been delivered or are underway, including 213 homes opened in Parksville.

Quotes:

Andrea Blakeman, CEO, Ballenas Housing Society –

“Approximately half of the residents of Moilliet Manor are 75-plus, highly value the community they have created in the building and rely on each other and the neighbourhood amenities that are very close by. Ensuring that we keep these sorts of buildings and communities intact, both in Parksville and around Vancouver Island, means that future generations of seniors can benefit from long-term stability to support the best quality of life possible.”

Jill Atkey, CEO, BC Non-Profit Housing Association –  

“Preserving existing affordable housing is crucial in addressing the housing crisis, and protecting and improving the affordable homes that seniors have lived in for decades are absolutely essential. This acquisition through the Rental Protection Fund achieves both and ensures these seniors can maintain their sense of safety, security and community for years to come.”

Sue Foreman, resident, Moilliet Manor –

“For the past 10 years, I have been watching the oncoming squeeze on below-market rentals for seniors. It has been a worrisome ride. The news of the purchase of Moilliet Manor by Ballenas Housing Society with help of government funding through the Rental Protection Fund has been a tremendous relief. I am immensely grateful to everyone involved.”

Russell Clark, representative of former owners, Moilliet Manor –  

“The purchase took a bit longer than an average transaction. However, the information required by RPF and Ballenas Housing Society showed that they were doing their due diligence. From our perspective as the ownership group of Moilliet Manor, it has always been a priority to provide a safe, clean and comfortable home for the tenants. We are happy that this philosophy will continue.”

Quick Facts:

• The Province provided a waiver of the property transfer tax worth $468,000 because Ballenas Housing Society is a registered charity.
• The Rental Protection Fund has approved funding to preserve almost 1,500 homes throughout the Province that will be announced in the coming months, with thousands of additional homes under funding consideration.

Learn More:

To learn more about the Rental Protection Fund, visit: https://rentalprotectionfund.ca/

To learn more about government’s Homes for People action plan, visit: https://news.gov.bc.ca/releases/2023HOUS0019-000436

To learn about the steps the Province is taking to tackle the housing crisis and deliver affordable homes for British Columbians, visit: https://strongerbc.gov.bc.ca/housing/