2024 Year-in-Review
December 30, 2024
The past year has been an incredible journey as the Rental Protection Fund completed its first full year in operation. Together, we’re transforming the housing landscape and creating stronger, more resilient communities. Join us as we reflect on everything we have accomplished this year alongside our community housing sector partners and look ahead to what 2025 has in store.
By the Numbers
This year has been remarkable, filled with achievements that have reshaped the community housing sector, and provided housing security for nearly 3000 British Columbians. Here are a few of the highlights:
Protecting the Supply of Affordable Housing across B.C.:
Together, we secured the affordability of 1,550 rental homes across 35 properties with rents that average 44% below local market rates, ensuring these remain accessible to families and individuals for generations.
Reaching Communities of all sizes:
The Fund's mandate is to equitably distribute its capital across B.C. ensuring that investments benefit communities of all sizes. In 2024, the Fund supported acquisitions in 20 municipalities with nearly one-third of all homes protected in small and rural communities.
Strategic Investments:
Through rigorous market analysis and strategic deal-making, the Fund has ensured that all its multi-family rental properties were acquired at or below fair market value, achieving nearly $9 million in collective savings by negotiating deals below third-party appraisals.
Capital Contributions:
With an average investment of approximately $150,000 per property, we’ve demonstrated the power of targeted funding in protecting and enhancing rental affordability. We've also attracted upwards of $50 million in private capital through impact investments and third-party equity amplifying the Fund's impact.
Empowering Non-Profits:
A total of 30 non-profits are now pre-qualified, equipped, and ready to play an active role in reshaping the housing market. Those who have acquired through the Rental Protection Fund to date have grown their capacity by more than $450 million.
Dramatic Market Transformation:
In the first half of 2024, we saw a seismic shift in the multi-family rental market, with Fund supported acquisitions accounting for more than half of multi-family sales in B.C. This made the community housing sector the largest player in the multi-family rental market and the real-estate industry took notice.
“They’re the proof of concept that’s inspiring other governments.”
The Fund's impact was also highlighted twice in 2024 by the publication STOREYS. In March, the Fund's CEO, Katie Maslechko was honoured as one of the Women to Watch in B.C.'s Real Estate and Housing Industry and again in October, the Rental Protection Fund was named one of the most influential figures in B.C. Real Estate right now.
From Investment to Impact
Even more important for us was seeing the Fund's impact on the lives of residents and in supporting non-profits in expanding their reach province-wide.
Housing Stability for Seniors
For Sonya Devost, a long-term tenant of the Claymore apartments, the sight of a "For Sale" sign on her lawn brought intense anxiety and uncertainty, fueling fears eviction and displacement from her community. When the property in Langley was first listed for sale in late 2023, it attracted significant interest from developers aiming to convert the building into strata condos—a redevelopment that would have displaced 108 tenant households, including Sonya’s, and permanently removed affordable rental housing options in Langley. New Vista’s acquisition, backed by the Rental Protection Fund, ensured tenants like Sonya could remain in their homes and communities without fear of losing them.
“Last night was the first full night I slept, knowing that these guys are coming, and we were gonna be taken care of. My heartrate has gone back to normal, and I’m so happy to live here.”
These accomplishments were only possible thanks to the dedication and partnership of our stakeholders, non-profits, and the broader community. These organizations work tirelessly to support marginalized and vulnerable groups in our communities, and the Fund is proud to work alongside every one of them.
Looking Ahead: What’s Next for 2025
The year ahead promises even more exciting developments. Here’s a sneak peek at what’s coming:
Scaling Up Acquisitions: We’re aiming for more property acquisitions, with the potential to amplify this impact through federal and provincial investments.
Innovative Tools for Non-Profits and Renters: We’ll roll out new resources and tools designed to empower non-profits and renters.
New Pathways to Indigenous Stewardship: Expanding opportunities for Indigenous-led housing initiatives will remain a top priority, as we advance equity and reconciliation through housing.
There’s much more work to do, and we are committed to building on this momentum to tackle affordability challenges head-on. We extend our gratitude to all our partners for being a part of our mission to leverage and catalyze investment into the community housing ecosystem to drive transformative growth. Here’s to a brighter, more affordable housing future in 2025!
