The British Columbia Rental Protection Fund (RPF), established with a $500 million provincial investment, is actively preserving affordable housing by facilitating acquisitions by non-profit organizations. Since its inception in January 2023, the fund has supported the purchase and renewal of numerous rental buildings across the province, aiming to combat the loss of housing options and protect existing tenants.
Key Takeaways
- The RPF has facilitated the acquisition of 1,570 units across British Columbia.
- A total of $274,810,000 has been distributed for acquisitions and building renewals.
- Acquisitions range from small co-ops to larger apartment complexes, often preventing displacement of existing tenants.
Fund's Mission and Operation
The Rental Protection Fund operates as an independent non-profit organization dedicated to preserving affordable housing. Non-profits seeking to acquire existing rental buildings apply to the RPF. If successful, the fund provides grants to cover a portion of the acquisition costs and, in some cases, funds for building renewal.
Notable Acquisitions and Impact
Since acquisition announcements began in early 2024, the RPF has been instrumental in securing various properties. For instance, in February 2024, the Community Land Trust acquired two co-op buildings in Coquitlam (2860 Packard Avenue and 2865 Packard Avenue), totaling 290 units, which were at risk due to expiring land leases.
Another significant transaction involved the New Vista Housing Society acquiring two buildings in Langley (5375 204 Street and 5375 203 Street) in March 2024, adding 108 units to the affordable housing stock. The fund has also supported acquisitions in smaller communities, such as the CMHA Vernon's purchase of 26 units in Vernon in March 2024, preserving homes at 45% below market rental rates.
In July 2024, Connective acquired multiple properties across Campbell River and Port Hardy, securing hundreds of units and ensuring rents remain significantly below market rates. The RPF's efforts extend to cities like Vancouver, with Lookout Housing and Health Society acquiring 24 units in August 2024, marking the fund's first acquisition in the city.
Recent Activity and Future Outlook
As of February 2026, the RPF continues its work, with recent acquisitions including properties in Vancouver and White Rock. The fund's investments are crucial in maintaining housing affordability and stability for residents across British Columbia, preventing potential rent increases and redevelopment that could displace tenants.
