The B.C. government announced Friday that three rental properties in Vancouver, Burnaby and Maple Ridge will be protected from “housing speculators and profiteers” after it unlocked approximately $30 million to help non-profits acquire the 147 units.
The money was supplied via the province’s Rental Protection Fund, which was set up by government to prevent the loss of affordable housing and protect existing tenants from significant rent increases or losing their homes.
“Having safe homes with secured affordable rents makes a difference in the lives of so many, especially in communities seeing a high demand for homes,” said Ravi Kahlon, Minister of Housing, in a news release.
The three properties:
• Catalyst Community Developments Society bought Parkwood Gardens — a 79-unit complex located at 8357 10th Ave., 8350 and 8353 11th Ave. in Burnaby — with approximately $16 million in capital contributions from the fund.
The project is family-oriented with large units, including 75 three-bedroom homes and four two-bedroom homes, and a 25-space child-care facility built into the property. The homes are renting for approximately 50 per cent below current market rents.
“This acquisition of 79 homes by a non-profit was impossible without the collaboration of the new Rental Protection Fund and an accommodating vendor that shared our objective of ensuring Parkwood Gardens remains affordable to its current community members,” said Luke Harrison, CEO at Catalyst Community Developments Society, in the release.
Maple Ridge
• Connective, a social services non-profit with 90 years of experience in B.C., used approximately $9 million from the fund to buy and manage Brookside Gardens, 20834 Dewdney Trunk Rd. in Maple Ridge.
The complex contains 44 townhomes, all of which are three-bedroom homes with fenced yards. The property is within walking distance of schools, parks, shopping districts and the local hospital.
“Brookside Gardens, as the only purpose-built rental townhomes in Maple Ridge, are an important resource for families looking to build a life in the region," said Mark Millier, CEO at Connective, in the release.
Vancouver
• The fund also provided more than $5 million in equity toward the purchase of a 24-unit property at 8820 Cartier St. in Vancouver, along with a $240,000 grant to support building renewals.
The units include one, two and three-bedroom homes, with “affordable rents” that average 62 per cent below current rents within Vancouver's Marpole neighbourhood. The property is the first acquisition via the Rental Protection Fund in Vancouver.
“These investments help address the need for the full continuum of housing in communities like Vancouver, where it's needed most,” said Shayne Williams, CEO at Lookout Group of Non-Profits.
'Profound impact'
In January 2023, the province made an initial investment of $500 million to establish the Rental Protection Fund.
Katie Maslechko, CEO of the Rental Protection Fund, said every dollar invested in the fund is worth at least three dollars toward solving the housing crisis.
“With each acquisition, the non-profit now has equity they can leverage to provide even more housing without displacement, and the former owner has freed up capital they can redeploy into new supply — all while delivering housing security for thousands,” Maslechko said.
“It is a proven model with a profound impact, and given the stakes, is one of the most strategic housing investments you can make."
