Nearly 1,500 affordable homes protected through Rental Protection Fund
The Rental Protection Fund has helped protect 75 more affordable rental homes for people in Squamish and North Vancouver.
The properties, acquired by non-profit organizations with contributions from the fund, are part of nearly 1,500 homes protected through the fund since its launch in 2023, with thousands more under consideration. Based on its impact so far, the fund is on track to exceed its target of 2,000 homes well ahead of schedule.
“Everyone deserves a place to call home in a community they love,” said Premier David Eby. “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. We’re helping community partners purchase existing rental buildings like these buildings in North Vancouver and Squamish – to protect renters and preserve more affordable units.”
Hiy̓ám̓ ta Sḵwx̱wú7mesh Housing Society (Hiy̓ám̓ Housing) has bought Ocean View Apartments, a 35-unit property at 165 6th St. West, North Vancouver, as well as Tantalus Manor, in partnership with Squamish Community Housing Society (Housing Squamish), a 40-unit multi-family building at 1098 Wilson Cres. in Squamish. The acquisition secures a total of 75 mixed-unit rental homes remaining affordable for Indigenous people, seniors, families and workers in the community.
“Having assured access to affordable housing is a life-changer,” said Sxwíxwtn, Wilson Williams, Sḵwx̱wú7mesh Úxwumixw spokesperson and council member. “Unfortunately, a disproportionate number of Sḵwx̱wú7mesh people have been caught up in the provincial housing crisis. Securing these units – and protecting them as affordable in perpetuity – will have a significant and positive impact on our community.”
The fund provided approximately $8.6 million in capital contributions and nearly $800,000 in renewal grants to Ocean View Apartments in North Vancouver. The Squamish Nation also provided $500,000 to help secure the property and ensure the units are accessible for Nation people. The property mainly has one-bedroom homes with a few two-bedroom units, making it suitable for seniors and smaller households looking to live close to services provided by the Squamish Nation.
The fund also provided more than $4.6 million in equity and more than $1 million in renewal grants towards the purchase of Tantalus Manor in Squamish. The units of the property range in size from studio to three-bedroom homes, with nearly 70% of the units having two bedrooms that are well-suited for growing families.
Both properties have deeply affordable rents that are more than 50% lower than current local market rates. Hiy̓ám̓ Housing and Housing Squamish have committed to keep the rents for existing tenants as is, with adjustments to inflation.
“We would like to thank the fund for protecting these affordable rents,” said Donalene Rapada, CEO, Hiy̓ám̓ Housing. “This gives an opportunity for our Squamish Nation people to reside in these units and it supports our goal to bring our people home.”
In January 2023, the Province made a historic initial investment of $500 million to establish the Rental Protection Fund as part of the Homes for People action plan to preserve existing affordable rental housing stock, protect renters from significant rent increases and provide good homes for British Columbians for decades to come. Since it began pre-qualifying non-profit organizations in fall 2023, the fund has approved funding for nearly 1,500 homes throughout the province, with thousands more under consideration.
“Our province is building and protecting more rental housing than ever and we’re proud that the Rental Protection Fund has reached such a significant milestone, helping more than 2,500 people stay in their homes,” said Ravi Kahlon, Minister of Housing. “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.”
Properties considered by the fund are anchored in the community and centrally located within walking distance of amenities and services that people look for, such as daycare, schools, parks and transit services. Rents of the protected homes are, on average, 44.2% lower than the current local market rates and are kept below market, with adjustments to inflation, to ensure long-term affordability for people with low-to-moderate incomes.
“Rental Protection Fund investments are equity in action, ensuring renters have the right to housing security, that organizations like Hiy̓ám̓ Housing and Housing Squamish can broaden their impact, and entire communities become more resilient,” said Katie Maslechko, CEO, Rental Protection Fund. “For those who call them home, these buildings are far more than just structures, but affordable housing like this is disappearing across the Province, so we must prioritize investments in the affordable housing we already have.”
The Rental Protection Fund provides one-time capital contributions to non-profit housing organizations and co-operatives so they can buy affordable residential rental buildings.
The fund is part of a $19-billion housing investment by the B.C. government. Since 2017, the Province has nearly 80,000 homes that have been delivered or are underway, including more than 1,300 homes in North Vancouver and Squamish.
Quotes:
Bowinn Ma, MLA for North Vancouver-Lonsdale –
“Protecting affordable rental housing that already exists for people is a critically important part of taking action on the housing crisis. Thanks to today’s announcement, 75 households of seniors, families, and individuals in North Vancouver and Squamish can count on being able to stay in their affordable homes now and into the future.”
Susie Chant, MLA for North Vancouver-Seymour –
“It is clear just how much benefit the Rental Protection Fund has had to people and communities. The acquisition of 75 rental units in North Vancouver and Squamish provides residents with stability and helps them thrive in the community they call home. I am grateful to Hiy̓ám̓ Housing, Housing Squamish, and the Fund for working together and making sure that people in these communities keep their homes for years to come.”
Sarah Ellis, executive director, Housing Squamish –
“Demand for affordable rental is so critical in our community and stock is so limited. Forty units have now been saved in perpetuity that will provide homes for individuals and families so that people can continue to call Squamish home.”
Margaret Pfoh, CEO, Aboriginal Housing Management Association –
“AHMA celebrates the Rental Protection Fund for preserving these much-needed deeply affordable rentals. We also raise our hands to Squamish Community Housing Society and AHMA member, Hiy̓ám̓ ta Sḵwx̱wú7mesh Housing Society for providing safe, welcoming, culturally supportive housing for Indigenous people in the community.”
Two backgrounders follow.