More than 100 affordable homes preserved through Rental Protection Fund
People living in Langley will continue to have affordable rents and housing certainty with the purchase of 108 homes, made possible through the Rental Protection Fund.
“We launched the Rental Protection Fund to protect renters and preserve valuable affordable housing,” said Ravi Kahlon, Minister of Housing. “We heard concerns about real estate investment trusts buying up buildings, and in some cases displacing renters and increasing rents. Today, we are reversing that trend and ensuring that people and families, including those living in these 108 homes, will have the security of staying in the place they know and the community they love.”
New Vista Housing Society has purchased two apartment buildings in Langley, located at 5375 204 St. and 5375 203 St with nearly $24 million in capital contributions from the Rental Protection Fund. These properties were at imminent risk of redevelopment and in high demand due to their proximity to the Langley City Centre Station. With this purchase, 108 longstanding families and individuals will be able to stay in their home, with rents being secured at a minimum of 35% below market rate.
“Protecting renters — and preserving our existing rental supply — is one of the fastest and most impactful strategies to address the affordability crisis and ensure affordable rental homes are available for future generations,” said Katie Maslechko, CEO, Rental Protection Fund. “It is a transformative model that ought to be replicated across the country that has made it possible for these homes, put up for sale by a real estate investments trust (REIT), to now be non-profit owned, giving these tenants new opportunities to grow and prosper.”
The buildings were listed for sale on the open market by Canadian Apartment Properties REIT (CAPREIT). These are the first of several hundred units owned by REITs that will move into community housing-sector ownership with the support of the Rental Protection Fund, securing affordable homes for people for years to come.
“The preservation of affordable rental units in Langley is so important for our growing community,” said Andrew Mercier, MLA for Langley. “Now 108 families will be able to live in the community where they live, work and play, near their families, and near public transportation. The Rental Protection Fund has been created to provide people with housing certainty, and this building purchase will do just that.”
The $500-million Rental Protection Fund provides one-time capital grants to non-profit housing organizations so they can buy affordable residential rental buildings and co-operatives listed for sale.
Quotes:
Darin Froese, CEO of New Vista Housing Society –
“New Vista is very excited to be part of preserving long-term affordable rental housing and want to thank the Province and the Rental Protection Fund for their support and vision. We have been providing long-term care and affordable housing for over 80 years in the Lower Mainland and will ensure these building are well managed and maintained for our tenants.”
Nathan Pachal, mayor, Langley –
“Langley City has been working to provide more housing options for people in our community in partnership with the Province, including both maintaining and enhancing our affordable rental housing. This Province’s new program that purchases existing rental buildings provides security to people and ensures that they can continue to call Langley City home. I’m thrilled that the New Vista Housing Society is purchasing these buildings with funding from the Rental Protection Fund.”
Quick Facts:
- Since fall 2023, non-profit housing providers have been preserving homes and taking them out of the speculative market through pre-qualified application grants from the Rental Protection Fund.
- The Rental Protection Fund has approved funding to preserve more than 800 homes throughout the Province that will be announced in the coming months, with thousands of additional homes under funding consideration.
- The Rental Protection Fund has qualified 25 non-profit organizations and advanced 36 proposals for consideration.
Learn More:
For information about the Rental Protection Fund, visit: https://rentalprotectionfund.ca