Hundreds of families, seniors and individuals now have certainty that they can stay in homes they can afford with funding from B.C.’s Rental Protection Fund.

“In the midst of a global housing affordability crisis and rising costs, we’re securing affordable housing that gives people stability and peace of mind to help them thrive in their communities,” said Ravi Kahlon, Minister of Housing and Municipal Affairs. “When people lose their homes, it can be a real struggle to find another affordable rental and communities can lose the people who work in local businesses, schools and hospitals. We created the Rental Protection Fund to help people stay in the homes they can afford now and in the future.”

To make sure more people throughout B.C. can remain in their homes affordably, the Rental Protection Fund has supported non-profit organizations to buy a total of 220 homes, including:

• Chilliwack: 85 homes at Camelot Apartments, 9197 Mary St., bought by Affordable Housing Societies;
• Fort St. John: 18 homes at Alpine Lodge, 10304 95 Ave., and 24 homes at Grandview Townhomes, 10620 111 Ave., bought by Connective;
• Kamloops: 25 homes at Riverside Gardens located at 139 Tranquille Rd., bought by Connective Kamloops;
• Penticton: 14 homes at 680 Wade Ave. E., bought by Penticton and District Society for Community Living;
• Prince George: 21 homes at 890 Tabor Blvd., bought by More than a Roof Mennonite Housing Society; and
• Vancouver: 33 homes in Abana Court at 5454 Balsam St., bought by the New Vista Society.

To secure these homes, the Rental Protection Fund provided partners with more than $26 million in capital contributions and renewal grants, including approximately $2.3 million to improve the buildings and ensure the homes remain in good condition for the people living there.

“We’re safeguarding affordability for renters across the province in communities big and small,” said Katie Maslechko, CEO, Rental Protection Fund. “These acquisitions show what’s possible when governments, community housing providers and even residents work together to keep our housing Canadian and affordable through community ownership.”

The homes range from studios to three bedrooms, and are suitable for the diverse needs of seniors, families and individuals. The homes are centrally located within walking distance of core services that people rely on, such as child care, schools, parks and transit.

“I have lived here for the past eight years, and prior to the Penticton and District Society for Community Living acquiring the property, the uncertainty and constant worry about potentially having to move or paying one-third or more for rent elsewhere in the city was extremely unsettling,” said Vicki Rylander, a tenant in Penticton. “Being on a limited income, such a change would have had a seriously negative impact on my financial stability.”

The properties in this announcement are part of the nearly 1,600 homes protected through the fund since its launch in 2023. Based on its effect so far, the fund is on track to exceed its target of protecting 2,000 homes well ahead of schedule.

The fund is part of a $19-billion housing investment by the B.C. government. Since 2017, the Province has nearly 92,000 homes delivered or underway, including more than 360 homes in Penticton.

Quick Facts:

• In January 2023, the Province made a historic initial investment of $500 million to establish the B.C. Rental Protection Fund.
• The fund provides one-time capital contributions to non-profit housing organizations so they can buy existing affordable rental buildings and co-operatives, protecting the people living there, safeguarding the units and keeping those units as affordable, long-term housing.
• On average, rents secured through the fund are 44.2% lower than local market rates and are kept below market to ensure long-term affordability for people with low or moderate incomes.

Learn More:

To learn more about the individual properties, visit: https://rentalprotectionfund.ca/

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.