Latest news with #RentalProtectionFund
Hamilton Spectator
06-06-2025
- Business
- Hamilton Spectator
Provincial housing minister praised NDP program during visit to Penticton
British Columbia's Minister of Housing believes the provincial NDP government has come up with a funding model program established only two years ago that will be followed by government leaders across the country to allow Canadians to remain in housing they can afford. During a stop in Penticton Thursday afternoon, Ravi Kahlon, the provincial Minister of Housing and Municipal Affairs, revealed details about B.C.'s Rental Protection Fund, established back in 2023. As part of the fund, the provincial government announced the purchase of 14 homes at a housing complex located at 680 Wade Avenue East, purchased by the Penticton and District Society for Community Living. Kahlon said hundreds of families, seniors and individuals now have certainty that they can stay in homes they can afford due to the new funding provided by the Rental Protection Fund. 'I would say that the fear that many British Columbians have is when they drive by an encampment, many British Columbians think 'could that be me',' said Kahlon. 'When they see a 'For Sale' sign in front of their building, they think how close I could be if I lose my housing to be in a vulnerable situation. 'So while we address issues like the encampment here in Penticton, we have to ensure that the housing stock that we have protects the people that need it. That's the beauty of this Rental Protection Fund. Over 50 per cent of all the buildings purchased or sold last year, were purchased by the Rental Protection Fund. That is a significant shift of housing into the not-for-profit housing space.' The fund is not only allowing the government to protect the housing needed to provide a home for so many who are struggling to survive, but also ensuring that people can live dignified lives, said Kahlon. Kahlon said he and his government believe funding like this, which allows those struggling to access housing that is accessible and affordable, is going to become a national model for tackling Canada's affordable housing crisis. 'This program, I can guarantee you, will be scaled across the country,' he said. 'It's not whether the federal government wants to or doesn't want to. They have no choice because the data and success we're seeing in British Columbia is clear. 'We have multiple communities in today's announcement, but the reason I wanted to do it in Penticton was because Mayor and Council here are showing all councils across the province that you can be an active participant to protect the vulnerable people in your community and I'm hoping that it inspires other communities to do the same thing, so we can continue to expand this program going into the future. 'My message to the federal Housing Minister (former Vancouver Mayor Gregor Robertson) is you don't need to spend time trying to figure it out, we have the solution. Just write us a cheque.' Penticton Mayor Julius Bloomfield, who attended Thursday's announcement with members of Council and senior city administration, had high praise for the program. 'Today's announcement highlights the success of our affordable housing pilot funding program,' he said. '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.' Raymond Kendell, a tenant in Penticton, was also ecstatic. 'I was worried I wouldn't find a place,' he said. 'It's expensive here in Penticton. I've lived here 4.5 years. I appreciate that the Penticton and District Society for Community Living improved our building. Most people in the building seem stress-free and much happier now.' Tarra Kenney, CEO, Penticton and District Society for Community Living (PDSCL), said the fund will help many people in Penticton and across the province. 'The acquisition of the apartments at 680 Wade Ave. E. in Penticton, made possible through the Rental Proection Fund (RPF), marks a significant step in ensuring affordable housing for our community,' she said. 'Thanks to this funding, PDSCL has been able to maintain lower rental rates, providing stability and accessibility for residents who need it most.' In the midst of a global housing affordability crisis and rising costs, the provincial NDP government is securing affordable housing that gives people stability and peace of mind to help them thrive in their communities, said Kahlon. '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,' he said. 'We created the Rental Protection Fund to help people stay in the homes they can afford now and in the future.' To make sure more people throughout B.C. can remain in their homes affordably, the Rental Protection Fund has supported non-profit organizations to buy a total of 220 homes, including the 14 in Penticton. As well, they recently purchased: • Chilliwack: 85 homes at Camelot Apartments, bought by Affordable Housing Societies • Fort St. John: 18 homes at Alpine Lodge., and 24 homes at Grandview Townhomes., bought by Connective • Kamloops: 25 homes at Riverside Gardens, bought by Connective Kamloops • Prince George: 21 homes bought by More than a Roof Mennonite Housing Society • Vancouver: 33 homes in Abana Court., bought by the New Vista Society. To secure these homes, the Rental Protection Fund provided partners with more than $26 million in capital contributions and renewal grants, including approximately $2.3 million to improve the buildings and ensure the homes remain in good condition for the people living there, said Kahlon. 'We're safeguarding affordability for renters across the province in communities big and small,' said Katie Maslechko, CEO, 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.' The homes range from studios to three bedrooms, and are suitable for the diverse needs of seniors, families and individuals. The homes are centrally located within walking distance of core services that people rely on, such as childcare, schools, parks and transit. 'I have lived here for the past eight years, and prior to the Penticton and District Society for Community Living 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 properties in this announcement are part of the nearly 1,600 homes protected through the fund since its launch in 2023. Based on its effect so far, the fund is on track to exceed its target of protecting 2,000 homes well ahead of schedule. The fund is part of a $19-billion housing investment by the B.C. government. Since 2017, the Province has nearly 92,000 homes delivered or underway, including more than 360 homes in Penticton. In January 2023, the Province made a historic initial investment of $500 million to establish the B.C. Rental Protection Fund. The fund provides one-time capital contributions to non-profit housing organizations so they can buy existing affordable rental buildings and co-operatives, protecting the people living there, safeguarding the units and keeping those units as affordable, long-term housing. On average, rents secured through the fund are 44 per cent lower than local market rates and are kept below market to ensure long-term affordability for people with low or moderate incomes. Rob Botterell, BC Green Party house leader; MLA for Saanich North and the Islands, praised the program. 'These projects show what's possible when communities and non-profits are given the tools to take housing off the speculative market,' he said. 'When we protect and expand affordable housing, we don't just solve the housing crisis - we make progress on health, education and economic stability. To create lasting change, we need continued and expanded support for protecting existing affordable homes.' Stephen Bennett, CEO, Affordable Housing Societies, was also pleased. 'We are grateful for the support of the Province through the Rental Protection Fund for our purchase of the Camelot apartments in Chilliwack,' he said. '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.' Lee-Anne Michayluk, CEO, More Than A Roof Housing Society, credited the government for taking action on one of the most serious issues facing the province and its residents. 'This acquisition underscores our ongoing commitment to fostering strong, thriving communities by prioritizing sustainable and affordable housing solutions,' she said. '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. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. 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Yahoo
05-06-2025
- Business
- Yahoo
220 Homes Protected Across B.C. through Community Housing Sector Acquisitions
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 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 publicaffairs@ in to access your portfolio
CBC
29-03-2025
- Business
- CBC
NDP housing promise includes new landlord limits, more help for non-profits
Federal NDP Leader Jagmeet Singh is heading into the end of the first week of the campaign with a pledge to ban corporate landlords from buying existing affordable rental properties. The running theme of the week has been Singh trying to differentiate the NDP from the Liberals and the Conservatives by saying he is the only leader looking out for "working people" and not "billionaires and millionaires." Speaking at a campaign stop outside a Toronto apartment complex Friday, Singh said Canada needs to do more to help address rising housing costs. "We're going to take this problem head on, and we are going to ban large corporate landlords from engaging in the predatory practice of buying up affordable homes," Singh said. The plan is similar to a bill the NDP proposed last year that would have restricted such sales to individuals, non-profits, municipalities, agencies and co-ops. This is Singh's second time talking about housing affordability in Toronto this week. He made a campaign stop Tuesday to meet with a woman named Erin Findley who said her building was purchased by Brookfield. Liberal Leader Mark Carney was the chair of Brookfield until shortly before entering that party's leadership race in January. WATCH | Singh says he would end federal handouts to bad corporate landlords Singh says NDP would ban corporate landlords from buying affordable homes 9 hours ago Duration 1:13 Findley once again shared her story during Singh's announcement on Friday, and said she and other tenants fear the possibility of their building being torn down to make way for new condo towers. Taking on housing affordability — twice When asked about holding two similar events in the first week of the campaign, Singh said he wants to draw attention to how an NDP government would take on challenges like housing affordability. "This is a policy that I'm proud of. I think it's something that's really going to change the landscape of our country," Singh said. "And it speaks directly to who we are as a party and who I am as a leader. I want to take on the powerful that are ripping you off and exploiting you." The NDP leader honed in on Carney's former business ties, demanding the Liberal leader disclose whether or not he still has holdings associated with Brookfield. "How do we know he's not still invested in Brookfield Investments? How do we know that he's not still making money off of their predatory practices?" Singh rhetorically asked. Carney has placed his assets in a blind trust, and has begun the disclosure process with the ethics commissioner. That can take up to 60 days, so it is possible this work is not complete by the April 28 election. Singh also said an NDP government would stop financial supports — such as low-interest federal loans and mortgage loan insurance — for corporate landlords who gouge tenants. The NDP is also promising more money for the Rental Protection Fund — a federal program that supports community housing projects. Singh made his first policy announcement in Montreal to use suitable federally owned land for affordable housing. His affordability focus continued on to Hamilton where he pledged to increase the amount of untaxed income someone can earn by around 21 per cent. Pivoting after Trump's tariff announcement All campaigns were rocked Wednesday night, when U.S. President Donald Trump announced 25 per cent tariffs on auto imports starting April 3. However, some Canadian vehicles may face a lower surcharge if they contain enough American-made content. Singh cancelled campaign events in London, Ont., and made for Windsor, the heart of Canada's auto sector which is just across the Ambassador Bridge from Detroit. There, he met with union workers and announced protections for the auto sector, including measures to prevent American companies from removing equipment from factories that received public funding. On Friday, Singh said this could include new rules at the border to prevent affected equipment from being taken out of Canada. However, Singh and the NDP continue to struggle in public opinion polls. Many pollsters are tracking a two-horse race between the Liberals and Conservatives, with NDP support down in the single digits in some cases. Rallies to come later: Singh Both Carney and Conservative Leader Pierre Poilievre have attracted crowds in the hundreds at rallies, while Singh has concluded most days at local campaign offices speaking to a few dozen people. Singh said he's had large rallies before, and will do so again. He said that he's put his first week energy into talking about ideas on affordability and protecting workers from the affects of tariffs. The NDP leader argued that only his party is looking out for regular people, while he said the Liberals and Conservatives are about enriching corporations. "We're going to fight back against corporations that are buying up affordable homes. We're in it for you, and so we're going to make that case every day of this campaign," Singh said. The NDP campaign is returning to Ottawa on Friday evening, and is expected to head to B.C. this weekend.
Associated Press
07-03-2025
- Business
- Associated Press
Launching the Canada Rental Protection Fund
OTTAWA, ON, March 7, 2025 /CNW/ - Today, the Government of Canada announced the launch of its call for applications to select one or more organizations that will support the Canada Rental Protection Fund. Across the country, affordable rental apartment buildings are disappearing faster than new ones can be built—lost to redevelopment, rising rents, and conversions. This growing gap drives up costs, limits housing options, and forces renters out of their communities. To address this urgent challenge, the federal government is launching the Canada Rental Protection Fund, which is part of Canada's Housing Plan, and was also reiterated in Budget 2024. This new initiative, aimed at preserving existing, market-owned affordable rental units and preventing further loss, will help safeguard housing stability for Canadians, ensuring more people can continue to live in homes they can afford. This call for applications aims to select one or more organizations that will support community housing providers to acquire rental apartment buildings and preserve the affordability of rents over the long-term. The successful applicant(s) will leverage federal funding to attract other sources of capital (e.g. private, philanthropic and other public investments) with the aim of creating a revolving source of funds for acquisitions, supporting the growth and autonomy of the community housing sector. With the Canada Rental Protection Fund, the federal government is helping protect Canada's existing housing stock and its affordability. The Government of Canada is committed to solving the housing crisis using all tools at its disposal and to ensuring that everyone in Canada has access to housing they can afford. Quote 'We need to get governments back in the game on social housing. With the Rental Protection Fund, the federal government is empowering the community housing sector to protect affordable housing options for all Canadians.' The Honourable Nathaniel Erskine-Smith, Minister of Housing, Infrastructure and Communities Quick facts The Canada Rental Protection Fund will provide $1.47 billion ($470 million in non-repayable contributions funding and $1 billion in low-interest loans) to support the acquisitions of existing, privately-owned, multi-unit residential buildings by community housing providers. This is a five-year commitment, starting in 2025. The call for applications for the CRPF has now launched. Applications can be submitted until May 21, 2025, at 4:00 p.m. [ET]. The Canada Rental Protection Fund is part of the whole-of-government approach to address housing challenges as outlined in Solving the Housing Crisis: Canada's Housing Plan. It aligns with one of the key objectives of the third pillar of the Plan – Helping Canadians who can't afford a home – which is to increase the supply of affordable housing.
