Vancouver/CMEDIA: Having reportedly surpassing its original goal of protecting 2,000 rental homes in less than three years, British Columbia (B.C.) ‘s $500-million investment continues to help nonprofit purchase of more affordable rental homes in B.C.
Besides providing thousands of people in B.C. with greater stability, the Rental Protection Fund has helped 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.”
Partnering with non-profit housing providers to buy rental buildings at risk of being lost to the private market, a $500-million provincial investment created in 2023 ensures people keep their homes and rents remain affordable and 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
Acquisition of two affordable apartment buildings in Vancouver’s Grandview-Woodlands neighbourhood have been made possible by support from the fund’s first acquisitions in East Vancouver New Chelsea Society acquired, 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.
Having been in these homes for decades by most of the residents, Chelsea Capri, in particular, demonstrates the importance of preserving existing affordable rental stock with no tenant turnover in the past three years and average tenancies exceeding 20 years. The acquisition prevents displacement and ensures people can continue to stay in their affordable homes.
By broadening their mandate with a people-first approach to include seniors and people with disabilities and families, the society has 21 affordable-housing properties in Metro Vancouver offer a range of housing options to fit the varying residents’ needs.
Offering rents in these two properties — located less than 250 metres apart — being more than 50% below Vancouver market averages, range 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.”
$6.8 million in capital contributions were provided by the fund toward the purchase of the Vancouver buildings, and approximately $800,000 in renewal grants to help with building improvements that keep the homes safe and comfortable.
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. More Than a Roof Housing Society has been delivering affordable, transformative housing in B.C. since opening its first community in 1986.
“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,” Niki Sharma, MLA for Vancouver-Hastings said.
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.
Included in the people living in these buildings are singles and workers looking for suitable homes and seniors on fixed incomes with 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.”
With affordable rents in these properties, approximately $800 to $1,550 or approximately 45% below market on average, seniors, local workers and others facing limited alternatives in the market comprise nearly half of the two-bedroom homes units.
Protecting affordability, strengthening communities
In spite of new housing being built in B.C., protecting existing affordable-housing stock remains a crucial part of the Province’s housing strategy.
The fund’s impact in communities is demonstrated by the recent acquisitions in Vancouver and White Rock 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.
Being part of a $19-billion housing investment by the B.C. government, the fund has enabled the Province since 2017 delivering more than 93,600 homes in B.C.
