More than 330 homes preserved for Vancouver Island residents
Families, individuals and Indigenous people on Vancouver Island will continue to have access to affordable housing with the purchase of 153 homes in Campbell River, 125 homes in Port Hardy and 56 homes in Duncan, through the Rental Protection Fund.
“Having a secure, affordable home provides people with stability. Losing affordable housing because the building is being sold can be destabilizing for families,” said Ravi Kahlon, Minister of Housing. “The Rental Protection Fund is helping to protect more than 330 homes on Vancouver Island to ensure they remain affordable for the people living in them. This is our Homes for People plan in action – protecting existing rental stock so people can keep their homes affordable, without worrying about their future.”
Connective, a social-services non-profit organization with more than 90 years of experience supporting communities in B.C., bought nine properties in Duncan, Campbell River, and Port Hardy, providing a total of 334 mixed-unit rental homes. The acquisition secures a diverse range of unit types for a variety of household sizes, including 40% of units with two bedrooms or more that are suitable for families.
“The Rental Protection Fund presents an exciting opportunity for Connective to further diversify our range of offerings across the housing spectrum, leverage our expertise in response to an underserved community need, and support those looking to live independently in Campbell River, Duncan and Port Hardy,” said Mark Miller, CEO, Connective. “We’re grateful to the Rental Protection Fund for making these acquisitions possible, and the Government of B.C. for their leadership in establishing it so that we and other non-profits can play a role in the protection of housing affordability across the province.”
The 56-unit Woodland Gardens property located at 3048 Lake Cowichan Rd. in Duncan is mainly made up of affordable one- and two-bedroom units sought-after by smaller households, especially seniors, due to its proximity to the hospital. The Rental Protection Fund provided about $5.4 million in equity and more than $630,000 to help with building renewal.
A total of 153 units, across five buildings, have been bought in Campbell River:
- Discovery Village, 275 1st Ave. – 65 units
- Oceanview Apartments, 541 7th Ave. – 22 units
- Scenic View Apartments, 621 7th Ave. – 15 units
- Park Place Apartments, 680 4th Ave. – 29 units
- Highland Court, 644 4th Ave. – 22 units
The fund provided approximately $12.3 million in capital contributions and more than $1.3 million to help with building renewal. The acquisition secures many family-friendly two- and three-bedroom homes, renting on average at up to 46% below current market rents in Campbell River.
“Rent is getting so far out of reach, not only for the elderly but also for families with children, people with physical and mental disabilities, and young adults making minimum wage,” said Sonya Laroche, a resident of Campbell River. “I have had the great fortune and a feeling of freedom from worrying that a contractor will come along, buy our community, and tear it down to build unaffordable housing for the average person. I am so grateful to live under the umbrella of Connective!”
A total of 125 units have been acquired in Port Hardy:
- Creekside Apartments, 7340 Highland Dr. – 47 units
- Cypress Park, 7235 Highland Dr. – 50 units
- New Horizon, 7275 Highland Dr. – 28 units
The fund granted nearly $7.9 million in capital contributions and more than $684,000 in building renewal support. The purchase ensures continued access to affordable housing of people, including Indigenous households, with low and middle incomes. The homes, on average, are renting at approximately 20% below current market rents in Port Hardy.
“If it wasn’t for Connective, I’d be back on the streets. I was about to be evicted from a place and had nowhere to go,” said Emma, not their real name, a resident of Port Hardy. “By the time I called, it was only within couple days I was placed in an affordable housing that was based on how much I make. This program is going to change lives and help so many in need of a place.”
The $500-million Rental Protection Fund provides one-time capital grants to non-profit housing organizations so they can purchase affordable residential rental buildings and co-operatives, thereby protecting the people who are living there and safeguarding the units for the long term.
“The loss of existing affordable rental homes in smaller B.C. communities are even more destabilizing, with profound ripple effects,” said Katie Maslechko, CEO, Rental Protection Fund. “This is housing for families, for workforce, for essential workers, and by protecting the homes where they already live affordably, these tenants won’t be pushed into housing precarity and will be able to continue contributing to these communities. But they face even greater challenges being protected and would have undoubtedly been lost forever without the incredible efforts of Connective and the support of the Rental Protection Fund.”
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 700 homes in Duncan, Campbell River, and Port Hardy.
Quotes:
Michele Babchuk, MLA for North Island –
“Like many places in B.C., the north Island is not immune to the housing crisis. The lack of affordable housing is causing concern for many families and individuals. The purchase of these affordable homes is welcome news to the community as it ensures that people can remain in their homes, safe and secure as buildings are upgraded, staying close to amenities, such as schools and hospitals, and paying rents that will continue to be within their budgets.”
Jill Atkey, CEO, BC Non-Profit Housing Association –
“Securing more than 330 affordable homes across Vancouver Island will support families, individuals and Indigenous communities now and for generations to come. This strategic investment not only preserves vital housing stock in Campbell River, Port Hardy and Duncan but also ensures the kind of diverse housing options we need to build stable and thriving communities. It’s a significant step forward in our efforts to address housing affordability and support sustainable communities throughout the Island and across B.C.”
Quick Facts:
- Since fall 2023, non-profit housing providers have been protecting homes and taking them out of the speculative market through grants from the Rental Protection Fund.
- The Rental Protection Fund has approved funding to preserve almost 1,500 homes throughout the province that will be announced in the coming months, with thousands of additional homes under funding consideration.
Learn More:
For information about the Rental Protection Fund, visit: https://rentalprotectionfund.ca
To learn about the steps the Province is taking to tackle the housing crisis and deliver affordable homes for British Columbians, visit: https://strongerbc.gov.bc.ca/housing/