Rental Protection Fund reaches milestone of 1,500 unit acquisitions

BC's Rental Protection Fund reaches milestone of 1,500 rental home acquisitions

165 6th Street West, North Vancouver. (Google Maps)

The Government of British Columbia’s arms-length non-profit Rental Protection Fund has supported several existing affordable housing property acquisitions in the communities of North Vancouver and Squamish.

A Thursday release announced that the fund has worked with several local entities to protect a combined total of 75 affordable rental homes.

This includes working with Squamish Nation’s Hiy̓ám̓ ta Sḵwx̱wú7mesh Housing Society (Hiy̓ám̓ Housing) to provide about $9.5 million towards the acquisition and renewal of Ocean View Apartments at 165 6th Street West within the Lonsdale area in North Vancouver City. This 1969-built, three-storey property has 35 units, and the location is deemed suitable for seniors and smaller households looking to live close to the services provided by the First Nation.

You might also like:

Another acquisition with the fund’s support was for the 1965-built Tantalus Manor at 1098 Wilson Crescent in Squamish, in partnership with the District of Squamish’s independent Squamish Community. The fund’s $5.6 million contribution towards equity and renewal secures 40 affordable rental homes.

With these latest acquisitions, the fund has supported the acquisition and protection of 1,500 homes since the program was launched in 2023.

The fund was provided with an initial investment of $500 million from the provincial government to partner with non-profit and community organizations to acquire at-risk housing properties to maintain their use for existing residents at affordable rents for middle-income households. It aims to fill the gap between working individuals and families who do not qualify for subsidized housing but are struggling with escalating rents.

Such properties are generally older, may need renovations to extend their lifespan, and/or are at risk of being bought up by private developers for renovictions or market redevelopment.

“Everyone deserves a place to call home in a community they love. No one should have to live in fear of losing that housing – afraid that their homes are going to be sold out from under them to speculators or large corporate real estate companies,” said Premier David Eby in a statement.

The fund is now on track to exceed its initial target of 2,000 homes ahead of schedule.

According to BC Minister of Ravi Kahlon, the fund’s existing protections to date have helped more than 2,500 stay in their homes.

“The establishment of the fund was part of our Homes for People action plan. Through that plan, we also continue to crack down on speculators and housing profiteers, rein in illegal short-term rentals and break down barriers to build and deliver more rental homes for the people who live and work here,” said Kahlon.

You might also like: