The most affordable housing we have is the housing we’ve already got
Why do we need to protect Affordable Housing?
British Columbia has lost nearly 100,000 units renting below $1,000 per month between 2016 and 2021 - a trend that has accelerated in recent years. For every new affordable rental home that is built in B.C., four more are lost to investors, conversions, demolition and rent increases, preventing British Columbia from keeping pace with the demand for affordable housing supply serving both current and future residents.
Protecting Renters
Preserving Supply
Middle-income renters are increasingly struggling. Incomes have not kept up with housing costs and cost burden has significantly increåased in the last 10 years.
These households often do not qualify for subsidized programs but are unable to afford market rents.
A historic investment in safe, secure, affordable Housing for all British Columbians.
In January 2023, the provincial government made a historic investment of $500 million to create the Rental Protection Fund, to support the community housing sector in acquiring existing, occupied rental buildings, addressing a critical gap in housing policy – the erosion of affordability in the private rental market.
$500million
2000+ homes
Community Ownership
The Rental Protection Fund is community housing sector-led, and buildings acquired with assistance from the Rental Protection Fund will be owned by non-profits and cooperatives, with the goal of keeping tenants’ rents at existing levels and supporting housing stability and security.
Capital Contributions
The Rental Protection Fund provides capital contributions to non-profit housing organizations to help them purchase existing, occupied, purpose-built rental buildings – and retain that affordability and housing stability for tenants over time.
Capacity Building
The Rental Protection Fund will facilitate the preservation of existing affordable rental housing and enable the community housing sector to leverage the valuable assets acquired to expand affordable housing opportunities for British Columbians in the future