Victoria residents will be able to continue living in affordable homes, thanks to the Rental Protection Fund’s contribution to purchase two properties in the community.

“The acquisition of these two properties provides 68 households with immediate housing security that is invaluable for many renting families and individuals,” said Ravi Kahlon, Minister of Housing. “The Rental Protection Fund continues to safeguard existing rental stock and maintain rent affordability in this highly changing market. People will be able to remain in their homes and communities for decades to come without the risk of being displaced in the future.”

The Greater Victoria Housing Society (GVHS) has purchased properties in Victoria at 430 Michigan St. and 1500 Chambers St., ensuring a total of 68 homes remain accessible to people who need them. The society has more than 65 years of experience serving seniors, families, people living with disabilities, and working singles and couples in more than 1,000 homes in the capital region.

“We thank our partners, through the leadership of the Province, for working with us to purchase these two buildings in Victoria,” said Virginia Holden, executive director, GVHS. “For years to come, we will be able to preserve these units as affordable housing, ensuring that the residents have high-quality, safe, accessible and sustainable homes.”

The property at 430 Michigan St. has 44 homes ranging in size from studio to two-bedroom units and 1500 Chambers St. has a mix of one-bedroom and two-bedroom units for a total of 24 homes.

The Rental Protection Fund provided approximately $8 million in capital contributions for 430 Michigan St. and approximately $4.6 million for 1500 Chambers St. to secure the purchase of the properties and ensure rents remain affordable for residents. As part of the capital contributions, the fund provided approximately $1.2 million in renewal grants for building improvements.

“Protecting affordable rental housing means residents can feel secure in their homes and their community,” said Katie Maslechko, CEO Rental Protection Fund. “Through the Fund, we’re able to preserve affordability where people want to live, close to parks, transit and services, in the heart of the city. Not only will these homes continue to be affordable for renters in Victoria, but through this investment, these buildings will be more sustainable and continue to provide secure, affordable homes for the future at a fraction of the cost of building new.”

Renting at below current Victoria market rates, both properties are in convenient neighbourhoods and close to transit and shops. The society has committed to retaining the existing, deeply affordable rental rates upon unit turnover with adjustments for inflation. Approximately 70% of homes in the two buildings are affordable for households earning median renter incomes in Victoria. The society is also investing in immediate capital and energy-efficiency upgrades to ensure the buildings remain in good condition for decades to come.

The $500-million Rental Protection Fund provides one-time capital grants to non-profit housing organizations so they can purchase affordable residential rental buildings and co-operatives, thereby protecting the people living there and safeguarding the units in the long term.

The fund is part of a $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 more than 3,000 homes in Victoria.

Quotes:

Grace Lore, MLA for Victoria-Beacon Hill –

“Housing stability is so important, and by working with the Greater Victoria Housing Society and the Rental Protection Fund, we’re providing security, peace of mind and affordable rents for these residents for years to come. As we look to build more affordable housing in our community, we also need to protect the housing we already have – the Rental Protection Fund allows us to do that, and I know the purchase of these buildings will make a meaningful difference in our community.”

John Collison, resident –

“I couldn't be happier with the positive changes since GVHS took ownership of our building. I finally feel secure in my long-term living arrangements. The improvements in condition, cleanliness and safety have been remarkable. I am truly grateful to be tenants of GVHS.”

Quick Facts:

• Since fall 2023, pre-qualified non-profit housing providers have been preserving homes and taking them out of the speculative market through capital contributions from the Rental Protection Fund.
• The Rental Protection Fund has approved funding to preserve almost 1,500 homes in the province that will be announced in the coming months, with thousands of additional homes under funding consideration.

Learn More:

For information about the Rental Protection Fund, visit: https://rentalprotectionfund.ca

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