More people in the Lower Mainland will continue living in affordable homes and be protected from housing speculators and profiteers, thanks to the purchase of 147 units in three properties through the Rental Protection Fund.

The properties, located in Burnaby, Maple Ridge and Vancouver and acquired by non-profit housing organizations with contributions from the fund, are part of the nearly 1,500 homes acquired with support from the Rental Protection Fund in 2024. The fund is well on track to exceed its 2,000-home target ahead of schedule, with thousands more under consideration.

“Having safe homes with secured affordable rents makes a difference in the lives of so many, especially in communities seeing a high demand for homes,” said Ravi Kahlon, Minister of Housing. “The acquisition of these three properties through the Rental Protection Fund will protect 147 households from significant rent increases, ensuring they remain affordable under new non-profit ownership. This is our Homes for People action plan addressing the critical needs of our communities.”    

Catalyst Community Developments Society bought Parkwood Gardens – a 79-unit complex located at 8357 10th Ave., 8350 and 8353 11th Ave. in Burnaby – with approximately $16 million in capital contributions from the Rental Protection Fund.

The project is family-oriented with large units, including 75 three-bedroom homes and four two-bedroom homes, and a 25-space child-care facility built into the property. These homes are renting for approximately 50% below current market rents, making them affordable in Burnaby, and are located close to an elementary school.

“Catalyst is thrilled to be operating more homes in Burnaby,” said Luke Harrison, CEO, Catalyst Community Developments Society. “This acquisition of 79 homes by a non-profit was impossible without the collaboration of the new Rental Protection Fund and an accommodating vendor that shared our objective of ensuring Parkwood Gardens remains affordable to its current community members.”

The Rental Protection Fund has also provided approximately $9 million in capital contributions to allow Connective – a social services non-profit with 90 years of experience in B.C. – to buy and manage Brookside Gardens, 20834 Dewdney Trunk Rd. in Maple Ridge.

The complex contains 44 townhomes, all of which are three-bedroom homes with fenced yards. The property is centrally located within walking distance of amenities and services that people look for, such as schools, parks, shopping districts and the local hospital

“This exciting addition to Connective’s affordable housing portfolio allows us to apply our expertise in response to an identified community need. Brookside Gardens, as the only purpose-built rental townhomes in Maple Ridge, are an important resource for families looking to build a life in the region,” said Mark Millier, CEO, Connective. “We’re grateful to the Government of British Columbia and the Rental Protection Fund for allowing us to secure its affordability and shield generations of residents from potential displacement or redevelopment.” 

The fund has also provided more than $5 million in equity toward the purchase of a 24-unit property at 8820 Cartier St. in Vancouver, along with a $240,000 grant to support building renewals. The units include one-, two- and three-bedroom homes, with affordable rents that average 62% below current rents within Vancouver’s Marpole neighbourhood.

“The support received from the Rental Protection Fund to preserve affordable housing is critical for non-profit organizations like Lookout Housing and Health Society,” said Shayne Williams, CEO, Lookout Group of Non-Profits. “These investments help address the need for the full continuum of housing in communities like Vancouver, where it's needed most.”

In January 2023, the Province made a historic initial investment of $500 million to establish the Rental Protection Fund as part of the Homes for People action plan, to preserve existing affordable rental housing stock, protect renters from significant rent increases, and provide homes for British Columbians for decades to come.

“Every dollar invested in the Rental Protection Fund is worth at least three dollars toward solving the housing crisis,” said Katie Maslechko, CEO, Rental Protection Fund. “With each acquisition, the non-profit now has equity they can leverage to provide even more housing without displacement, and the former owner has freed up capital they can redeploy into new supply – all while delivering housing security for thousands. It is a proven model with a profound impact, and given the stakes, is one of the most strategic housing investments you can make.” 

The Rental Protection 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 more than 3,500 homes in Burnaby, 410 homes in Maple Ridge and more than 8,500 in Vancouver.

Quotes:

Lisa Beare, MLA for Maple Ridge-Pitt Meadows –

“The types of homes secured by Connective, through the Rental Protection Fund, include spaces ideally suited to serve families with children or those in multi-generational living. This program means that more people in Maple Ridge can continue to live, and afford to live, in the community they love.”  

Katrina Chen, MLA for Burnaby-Lougheed –

“This acquisition is a demonstration of our commitment to address housing insecurity. Homes with deeply affordable rents and childcare are hard to come by in a growing community. This is why this Rental Protection Fund purchase is a good example of how we can put the needs of people first.”

Geroge Chow, MLA for Vancouver-Fairview –  

“Through the support of the Rental Protection Fund, we are adding to the supply of affordable housing that communities are calling for. People in Vancouver, including middle-income renters and families, will benefit greatly from these latest acquisitions.”

Mike Hurley, mayor of Burnaby –

“Our position in Burnaby is clear – nobody should be priced out of their neighbourhoods by redevelopment. That’s why we have the best Tenant Assistance Policy in the country, and that’s why we’re proud to work with our partners to support initiatives like this that protect valuable family homes for years to come.”

Sandy Burley, resident, Brookside Gardens –

“I was pleased that Connective has purchased this complex. The staff that I have met have been friendly and helpful. It is nice to know Connective has made a commitment to keep their homes affordable, with everything going up in price it is sometimes hard to afford everything.” 

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 British Columbians, visit: https://strongerbc.gov.bc.ca/housing/

A backgrounder follows.