220 Homes Protected Across B.C. through Community Housing Sector Acquisitions

Yahoo

05-06-2025

In communities across B.C., the Rental Protection Fund is preventing displacement and strengthening housing stability.
PENTICTON, British Columbia, June 05, 2025 (GLOBE NEWSWIRE) -- Today, the Rental Protection Fund (the Fund) is proud to announce the acquisition of seven rental properties, securing 220 affordable homes across British Columbia—from Fort St. John to Vancouver. These acquisitions represent a major milestone for the Fund, including the Fund's first acquisitions in Northern B.C., and a growing presence in the Interior.
'We're safeguarding affordability for renters across the province—in communities big and small,' said Katie Maslechko, CEO of the Rental Protection Fund. 'These acquisitions show what's possible when governments, community housing providers, and even residents work together to keep our housing Canadian and affordable through community ownership.'
'In the midst of a global housing affordability crisis and rising costs, we're securing affordable housing that gives people stability and peace of mind to help them thrive in their communities,' said Ravi Kahlon, Minister of Housing and Municipal Affairs. 'When people lose their homes, it can be a real struggle to find another affordable rental, and communities can lose the people who work in local businesses, schools and hospitals. We created the Rental Protection Fund to help people stay in the homes they can afford, now and in the future.'
680 Wade Avenue East, Penticton
When the 14-unit building at 680 Wade Avenue East went on the market, residents—including retirees, workers, and tenants on disability support—faced possible displacement. Without intervention, all were at risk of losing their homes.
The tenants took action and asked the Rental Protection Fund to step in. The Fund worked with the Penticton and District Society for Community Living (PDSCL) to secure affordability at over 40% below local market rates for the long-term. The City of Penticton also played a key role in the acquisition through a grant from its new Affordable Housing Reserve initiative and by creating a new property tax exemption that will provide certainty and predictability for acquisitions in the community.
'Today's announcement highlights the success of our Affordable Housing Pilot Funding Program,' said Mayor Julius Bloomfield. 'This program, along with our updated Permissive Tax Exemption policy, reflects our commitment to non-market housing and partnerships to protect affordable rentals so residents can stay in homes they can afford.'
This acquisition underscores the critical need for swift intervention when at-risk affordable housing is listed for sale, stepping in to safeguard vulnerable rental stock before it's lost to the private market.
'I have lived here for the past eight years, and prior to PDSCL acquiring the property, the uncertainty and constant worry about potentially having to move — or paying one-third or more for rent elsewhere in the city — was extremely unsettling,' said Vicki Rylander, a tenant in Penticton. 'Being on a limited income, such a change would have had a seriously negative impact on my financial stability.'
The Penticton and District Society for Community Living has more than 45 years of experience delivering housing services whose mandate serves diverse needs in the community including people living with disabilities, seniors, and vulnerable individuals across properties with a variety of support levels.
"The acquisition of the apartment at 680 Wade Avenue East in Penticton, made possible through the RPF, marks a significant step in ensuring affordable housing for our community. Thanks to this funding, PDSCL has been able to maintain lower rental rates, providing stability and accessibility for residents who need it most," said Tarra Kenney, Chief Executive Officer, Penticton and District Society for Community Living.
Units Secured: 14
RPF Capital Contribution: ~$1.6 million
Renewal Grant: ~$11,000 per home
Camelot Apartments, 9197 Mary Street, Chilliwack
Camelot Apartments is an 85-unit rental high-rise in a highly walkable neighbourhood, close to downtown Chilliwack. For the many seniors who call Camelot Apartments home, this location not only provides convenience but also a vital connection to the community.
As one of the city's few high-rise rental buildings, Camelot Apartments plays a key role in the local housing landscape. With average rents nearly 40% below market rates, it was crucial to secure this affordability before it could be jeopardized by steep rent increases through unit turnover.
The intervention by the Rental Protection Fund and Affordable Housing Societies (AHS), prevented this outcome. Under AHS's stewardship, rents will remain affordable, preserving critical housing options for vulnerable renters, including seniors, newcomers to Canada, and single mothers.
'We are grateful for the support of the Province through the Rental Protection Fund for our purchase of the Camelot apartments in Chilliwack. Because of this purchase we have been able to ensure the residents of that building continue to have housing stability at rents they can afford,' said Stephen Bennett, CEO, Affordable Housing Societies.
Affordable Housing Societies was established in 1982 to develop, own, and manage rental housing for low- and moderate-income families, seniors, and singles/couples. The society is an umbrella organization, with almost 4,000 affordable homes in its portfolio and under development across British Columbia.
Units Secured: 85
RPF Capital Contribution: ~$11.2 million
Renewal Grant: ~$13,000 per home
Alpine Lodge, 10304 95 Avenue & Grandview Townhomes, 10620 111 Avenue, Fort St. John
Fort St. John's rental market is shaped by high-paying jobs in the resource sector, pricing out essential workers in healthcare, education, and the public service. These renters typically earn just half the city's average household income of $125,000—creating a pressing need for stable, affordable housing options.
The Fund supported Connective's acquisition of Alpine Lodge (18 units) and Grandview Townhomes (24 units) to address this gap. With predominantly two- and three-bedroom units, these homes provide family-friendly rentals affordable to households earning as little as one-third of the area's median income.
These acquisitions represent some of the Fund's most cost-effective purchases to date, with a per-unit investment of just over $50,000. It underscores the potential for high-impact preservation in smaller rental markets where housing is in short supply.
'Connective is honoured to support families in Fort St. John through the Rental Protection Fund. With experience in affordable housing and a strong commitment to underserved communities, we're proud to help respond to urgent housing needs. We thank the Government of B.C. and the RPF for their investment in this work,' said Mark Miller, CEO, Connective.
Acquisitions in smaller secondary markets are challenging, and many community housing providers lack the capacity or reach to serve these areas. Connective, with more than 1,000 units under management and a long history of providing housing across B.C. and the Yukon, brings province-wide operational capacity to support tenants in remote and underserved communities.
Units Secured: 42
RPF Capital Contribution: ~$1.6 million
Renewal Grant: ~$12,000 per home
Riverside Gardens, 139 Tranquille Road, Kamloops
Located on the banks of the Thompson River, Riverside Gardens offers proximity to downtown Kamloops and the Tranquille corridor. Its riverfront location made it a likely candidate for redevelopment into condominiums—threatening the loss of 25 affordable rental units in a city where nearly one in four renters face unaffordable housing costs.
The acquisition by Connective Kamloops ensures long-term affordability, pet-friendly policies, and tenant stability. More than a quarter of current residents have lived in the building for over 10 years—some for nearly three decades—highlighting its role as a long-standing and stable housing in the community.
'Connective is proud to be the new owner of Riverside Gardens and would like to thank and commend the B.C. government and the RPF for working rapidly and diligently in addressing the housing crisis through innovative programs. Connective remains committed to the development, acquisition and protection of affordable housing for our community,' said Lindsay Lord, CEO of Connective Kamloops.
Connective Kamloops operates independently within the broader Connective network. Connective Kamloops has deep roots in the community, operating more than 350 affordable homes and providing a wide range of supportive services across the interior region for over 30 years.
Units Secured: 25
RPF Capital Contribution: ~$2.8 million
Renewal Grant: ~$9,000 per home
890 Tabor Boulevard, Prince George
Prince George plays a central role in Northern B.C., but like many regional centres, it faces mounting pressures on rental housing. Tabor View Apartments—a 21-unit, three-storey walk-up—was at risk of being lost to redevelopment. The building was being marketed based on the opportunity to significantly increase rents, which would have displaced existing tenants.
Instead, More Than a Roof worked with the Fund to secure the property, stabilize rents, and revitalize the building through essential upgrades to safety and livability. This deep affordability has been protected, ensuring the deeply affordable rents, which are less than half local market rates, are preserved.
"This acquisition underscores our ongoing commitment to fostering strong, thriving communities by prioritizing sustainable and affordable housing solutions. We extend our appreciation to the RPF Team and the Provincial Government as we work together to create lasting, positive impacts for current and future residents," said Lee-Anne Michayluk, CEO, More Than a Roof Housing Society.
More Than a Roof has maintained a strong presence in Prince George for over 20 years, with active local leadership, relationships with community organizations and a well-loved property manager living in the city. Through this acquisition, More Than a Roof is ideally positioned to deliver stable, responsive housing services in this region.
Units Secured: 21
RPF Capital Contribution: ~$1.7 million
Renewal Grant: $14,000 per home
Abana Court, Vancouver
Despite being by far the largest rental market in the province, high acquisition costs make affordable housing preservation in Vancouver a challenge. But thanks to a unique partnership with the Fund and the New Vista Society, where the non-profit matched the Fund's contribution with their own equity, plus $2 million in negotiated savings, 33 units at 5454 Balsam Street, in the heart of Kerrisdale have been secured. This is the Fund's second acquisition—and New Vista's first presence—within the city.
Abana Court is steps from parks, shops, and transit, yet rents were averaging less than half of neighbourhood rates. In a city with intense redevelopment pressure, the risk of losing these units was high. The intervention by the Fund and the New Vista Society has secured these homes for years to come, providing opportunities for affordable rents today and in the future.
'New Vista wants to thank Minister Kahlon and Katie Maslechko from the Rental Protection Fund for their leadership and contribution allowing us to resume housing services in the City of Vancouver where our founder started our society back in 1943. Thank-you so much,' said Jeffrey Yu, New Vista Board President.
The New Vista Society is a non-profit charitable organization established in 1943, that provides affordable housing and care for low-income seniors across the province. The organization has committed to preserving the building's current affordable rents for its tenants and may look to explore lowering rents over time for its program participants and those on fixed incomes.
Units Secured: 33
RPF Capital Contribution: ~$5.3 million
Renewal Grant: $0
Since the start of 2024, the Rental Protection Fund has secured nearly 1,600 affordable rental homes across British Columbia. Today, the Fund continues to leverage its initial investment by the Province of British Columbia through strategic acquisitions that safeguard affordability so that thousands more British Columbians have access to stable, secure rental housing.
Through one-time capital contributions provided by the Fund, non-profits and housing co-operatives can secure, revitalize, and safeguard current rental units against escalating market rents, creating housing for underserved and vulnerable groups within our communities.
About The Rental Protection Fund:
The Rental Protection Fund stands as B.C.'s direct response to the housing crisis. Under the leadership of CEO Katie Maslechko, the Fund is dedicated to protecting tenants and ensuring the availability of affordable rental homes for future generations. By providing capital contributions to non-profit housing organizations and cooperatives, it facilitates the acquisition of existing rental buildings. This initiative is committed to maintaining housing affordability and stability for renters in B.C. in the long run. Those who wish to have a property considered for acquisition through the Rental Protection Fund can submit them at www.RentalProtectionFund.ca
We gratefully acknowledge the financial support of the Province of British Columbia through the Ministry of Housing and Municipal Affairs.
CONTACT: Katie Maslechko Rental Protection Fund [e-mail] in to access your portfolio