B.C. fund exceeds goal: 2,200 old affordable rentals protected from big rent hikes | Daily Hive

Rental Protection Fund

A provincial initiative aimed at preventing the loss of affordable secured purpose-built rental housing has exceeded its original mandate, securing nearly 2,200 homes across British Columbia in less than three years.

The Rental Protection Fund was created by the Government of B.C. in 2023 with an initial $500-million investment to help non-profit housing providers purchase at-risk rental housing buildings that could otherwise be sold, redeveloped or subjected to sharp rent increases. The fund was originally tasked with protecting 2,000 homes over three years — a target it has now surpassed.

This is the up from the last public update in August 2024, when a milestone of 1,500 homes was reached.

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Such buildings are typically older, with many of these structures rented at market rents when they were first built decades ago. Over time, due to a combination of long-term tenancy and competition from newer homes, these older properties have become affordable compared to prevailing market rents. Many of these now-protected rental homes are occupied by seniors and families.

“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, B.C. Minister of Housing and Municipal Affairs, in a statement.

“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.”

Recent acquisitions in Vancouver and White Rock illustrate how the program is being used to stabilize existing communities rather than replace them. In Vancouver, two apartment buildings in the Grandview-Woodlands neighbourhood were purchased by New Chelsea Society, marking the fund’s first acquisitions in East Vancouver.

The two buildings contain 40 homes, many occupied by tenants who have lived there for decades. One of the buildings has seen no tenant turnover in the past three years, with average tenancies exceeding 20 years. Rents at the properties range from $1,100 for a studio to $1,500 for a two-bedroom unit — more than 50 per cent below Vancouver market averages.

In White Rock, 37 homes across three nearby properties were acquired by More Than a Roof Housing Society. The buildings house a mix of seniors on fixed incomes, single tenants and workers with long-standing ties to the area.

Rents in the White Rock properties range from approximately $800 to $1,550, about 45 per cent below market rates. Nearly half of the units are two-bedroom homes, offering options that are increasingly difficult to find in the community.

According to the fund’s leadership, the impact of these purchases goes beyond individual buildings.

“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.”

Backed by provincial funding, the Rental Protection Fund was created as a partnership between the BC Non-Profit Housing Association, Co-operative Housing Federation BC, and the Aboriginal Housing Management Association.

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