On Thursday, officials announced that another 75 homes in Squamish and North Vancouver will be protected from the speculative market in the long term.

The properties, purchased by nonprofits with contributions from the Rental Protection Fund, are among nearly 1,500 homes that have been protected by the program since its launch in 2023.

“No one in this province should live in fear of losing their home or experiencing a dramatic rent increase that they can no longer afford,” said Premier David Eby in front of one of the buildings in North Vancouver.

According to the province, the fund helps nonprofit housing providers preserve homes and take them off the speculative market through pre-qualified application grants.

“That’s more than 2,500 British Columbians who watched their building go up for sale and then felt the relief that they and their neighbours would be protected for the long term,” Eby added.

In 2023, the province invested $500 million to establish the Rental Protection Fund as part of the Homes for People Action Plan.

Katie Maslechko, CEO of the fund, says the properties considered by the fund are anchored in the community and centrally located, within walking distance of amenities and services.

“Investing in the Rental Protection Fund is justice in action. It ensures that renters have a right to housing security so that organizations like Hiyam Housing and Housing Squamish can expand their impact and entire communities become more resilient,” said Maslechko.

Eby said recent projects include a 35-unit apartment building in North Vancouver and a 40-unit apartment building in Squamish that were purchased by Indigenous-led nonprofit housing associations.