BC’s Rental Protection Fund Releases Inaugural Impact Report To The Province

BC’s Rental Protection Fund has released its inaugural Impact Report to the Province, highlighting the immediate demand for the community-led preservation of existing, at-risk rental housing across British Columbia.

“People do deserve a break, and these proposed acquisitions represent more than 3,000 British Columbians who will be able to breathe a sigh of relief that their housing is secure and escape the fear that rents will exceed their reach,” shares Katie Maslechko, CEO, Rental Protection Fund.

“And with proposed acquisitions coming forward at a pace of 25 units a day - each representing hundreds of dollars of secured affordability at a fraction of the cost of building new - the potential for impact extends far beyond this initial $500M investment. B.C.’s innovation is piquing interest across the country, and the demand is being felt across the Province - these first 1,300 homes are just the beginning.”

The province invested $500 million into the fund when it was established in January, meant to be a direct, innovative solution to address B.C.’s housing crisis.

The Fund commits equity contributions to non-profit housing organizations to acquire and renew existing, occupied rental buildings to secure housing attainability and stability for tenants over time.

The Fund also announced the first 22 pre-qualified non-profit housing applicants, along with the impact of 25 proposed housing acquisitions across B.C. currently under consideration that could ensure housing stability and keep rents attainable for more than 3,000 British Columbians.

The Rental Protection Fund has a mandate to deploy the $500 million to secure 2,000+ units over three years. To date, just four months since launching applications, the Fund has 1,363 units in its pipeline for consideration.

The Fund aims explicitly to address the middle-income renter gap in B.C.'s rental housing market, where working families and individuals are often ineligible to qualify for subsidized housing yet grapple with escalating rents.