Housing and Municipal Affairs
Summary
- B.C.’s Rental Protection Fund has surpassed its original goal of protecting 2,000 rental homes in less than three years
- New acquisitions include 40 homes across two properties in Vancouver and 37 homes across three properties in White Rock, protecting seniors, low-income families and long-time community members
- The Province’s $500-million investment to the fund continues to help non-profits purchase and protect more existing affordable rental homes in B.C.
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Thousands of people in B.C. have greater stability with the Rental Protection Fund surpassing its original goal by protecting nearly 2,200 homes and helping renters stay in their communities with affordable rents.
“When we established the Rental Protection Fund, we understood that people thrive when they have safe, secure homes without living in fear of being evicted or sudden rent increases,” said Christine Boyle, Minister of Housing and Municipal Affairs. “By surpassing our goal so quickly, we’re showing that protecting homes people already rely on is one of the most impactful tools we have to ease pressures on renters.”
Created in 2023 with a $500-million provincial investment, the fund partners with non-profit housing providers to buy rental buildings at risk of being lost to the private market, ensuring people keep their homes and rents remain affordable. The fund’s original mandate was to protect 2,000 homes in three years, which is a target that has been exceeded in less than three years, with more homes continuing to be protected as funds remain available.
“For long-time renters, acquisitions like these mean being able to breathe a little easier,” said Katie Maslechko, CEO of the Rental Protection Fund. “It means not having to worry about being forced to leave the home they’ve built their lives around. This is why the fund was created — it's the kind of impact already reaching thousands of renters and one that will only continue to grow. This is just the beginning.”
Vancouver renters benefit from new acquisitions
With support from the fund, New Chelsea Society acquired two affordable apartment buildings in Vancouver’s Grandview-Woodlands neighbourhood. These are the fund’s first acquisitions in East Vancouver, marking an expansion into a fast-growing community.
The properties include:
- 20 homes at Chelsea Capri, 520 N. Nanaimo St.
- 20 homes at Chelsea Cove, 2280 McGill St.
Most of the residents have been in these homes for decades. Chelsea Capri, in particular, demonstrates the importance of preserving existing affordable rental stock. It has had no tenant turnover in the past three years, and average tenancies exceed 20 years. The acquisition prevented displacement and ensures people can continue to stay in their affordable homes.
Located less than 250 metres apart, the two properties offer rents more than 50% below Vancouver market averages, ranging from $1,100 for a studio to $1,500 for a two-bedroom home.
“By welcoming these two buildings into our portfolio, we are not only protecting long-term affordability for current and future residents but also extending our well-established community programs and resident supports to the people who call these buildings home,” said Ahmed Omran, CEO of New Chelsea Society. “We are truly excited to welcome residents into the New Chelsea community and to strengthen the meaningful connections that help residents thrive.”
White Rock homes secured for renters
In White Rock, 37 homes across three properties that are within 600 metres of each other were recently purchased by More Than a Roof Housing Society with support from the fund. The buildings include:
- 20 homes at Merklin Manor, 1351 Merklin St.
- nine homes at Spring Villa, 15150 Roper Ave.
- eight homes at Montague Place, 1361 Martin St.
People living in these buildings include singles and workers looking for suitable homes and seniors on fixed incomes who have deep ties to their neighbourhoods.
“We are so thankful for the innovative solution offered through the Rental Protection Fund,” said Lee-Anne Michayluk, CEO of More Than a Roof Housing Society. “This acquisition underscores our ongoing commitment to fostering strong, thriving communities by prioritizing sustainable and affordable housing solutions.”
Rents in these properties are affordable, approximately $800 to $1,550 or approximately 45% below market on average, which is significant in a city with few non-market rental options. Nearly half of the units are two-bedroom homes, serving seniors, local workers and others facing limited alternatives in the market.
Protecting affordability, strengthening communities
While new housing is being built in B.C., protecting existing affordable-housing stock remains a crucial part of the Province’s housing strategy. The recent acquisitions in Vancouver and White Rock show the fund’s impact in communities, helping renters stay housed in some of B.C.’s most competitive rental markets.
Properties considered by the fund are anchored in the community and centrally located within walking distance of services that people look for, such as daycare, schools, parks and transit services.
“Working with the fund, we’re preventing displacement, keeping seniors and families rooted in their communities, and protecting affordability for the long term,” Boyle said.
The fund is part of a $19-billion housing investment by the B.C. government. Since 2017, the Province has more than 93,600 homes delivered or underway in B.C.
Quotes:
Niki Sharma, MLA for Vancouver-Hastings –
“For growing regions like Vancouver and White Rock, every protected home strengthens the neighbourhood. By transitioning these homes to the community-housing sector, residents can stay in place without being priced out of the areas they’ve built their lives around. This is thanks to the non-profits and Rental Protection Fund, who share in our vision to make affordable housing accessible for everyone.”
Rob Botterell, MLA for Saanich North and the Islands –
“We can protect people from housing insecurity by investing early, working with non-profit partners and centring affordability. By delivering 30,000 affordable homes through Cooperation and Responsible Government Accord, the B.C. Greens are helping ensure the Rental Protection Fund keeps existing homes affordable and people rooted in their communities. This is how we prevent displacement and make sure no one is left behind.”
Learn More:
- To learn how B.C. is working to deliver more homes for people, visit: https://gov.bc.ca/homesforpeople
- To learn more about the Rental Protection Fund, visit: https://www.rentalprotectionfund.ca/
- To learn more about the Vancouver and White Rock properties, visit: https://rentalprotectionfund.ca/news-posts/rental-protection-fund-surpasses-2-000-homes-protected
A backgrounder follows.
