NORTH VANCOUVER – British Columbia’s Rental Protection Fund has protected 75 affordable rental apartments in Squamish and North Vancouver.
The properties were purchased by nonprofits with contributions from the fund and are among nearly 1,500 homes protected since its launch in 2023, with thousands more under consideration, a news release said.
The fund is well on its way to exceeding its target of 2,000 apartments significantly earlier than planned, the press release continued.
“Everyone deserves a place they can call home, in a community they love. No one should have to live in fear of losing their housing – in fear that their homes will be sold to speculators or large real estate companies. We are helping community partners buy existing rental properties like these buildings in North Vancouver and Squamish – to protect renters and preserve more affordable housing,” BC Premier David Eby said in the release.
Hiy̓ám̓ ta Sḵwx̱wú7mesh Housing Society (Hiy̓ám̓ Housing) has purchased Ocean View Apartments, a 35-unit property located at 165 6th St. West in North Vancouver, and Tantalus Manor, in partnership with Squamish Community Housing Society (Housing Squamish), a 40-unit multifamily property located at 1098 Wilson Cres. in Squamish. The acquisitions will create a total of 75 mixed-unit rental apartments.
The Fund provided Ocean View Apartments with approximately $8.6 million in capital contributions and nearly $800,000 in renewal grants, and Squamish Nation also provided $500,000 to help secure the property and ensure the units are accessible to the nation’s population.
The fund also provided over $4.6 million in equity and over $1 million in renewal grants for the purchase of Tantalus Manor in Squamish, the press release said.
BC made an initial investment of $500 million to establish the fund in January 2023 and has approved funding for nearly 1,500 homes across the province since nonprofits began pre-qualifying in fall 2023.
The rental protection fund provides one-time capital contributions to non-profit housing organizations and cooperatives so that they can purchase affordable rental properties, the press release continued.
