New Fund To Protect Thousands Of Renters In B.C.

More renters in B.C. will be protected from housing speculators and profiteers through the creation of a new $500-million Rental Protection Fund dedicated to protecting tenants and preserving affordable rental homes for decades.

Increasingly, in B.C. and across Canada, older rental housing buildings are being bought by speculators and large corporations, who then redevelop properties so they can evict tenants, renovate, and sell, or simply hike rents.

The Rental Protection Fund will provide one-time capital grants to non-profit housing organizations so they can purchase affordable residential rental buildings and co-ops listed for sale to protect renters who are living there and safeguard those rental units for the longer term.

Additionally, new data released by BC Housing shows a record number of rental homes will help increase needed rental stock in British Columbia.

The 2022 New Homes Registry Report shows that 14,546 purpose-built rental homes were registered in B.C. in 2022, the highest yearly total reached since BC Housing started collecting this data in 2002.

For context, in 2012, BC Housing recorded fewer than 2,000 new rental units registered.

In total, more than 51,000 new homes were registered in B.C. in 2022.

These include 9,037 single detached homes and 42,370 multi-unit homes, slightly lower than 2021, which was the highest year on record.

Registered new homes data is collected at the beginning of a project, before building permits are issued, making it a leading indicator of housing activity in B.C.