Residents in three communities across B.C.’s lower mainland got some good news last week: their homes will remain affordable for good.

The welcome news stemmed acquisition of three new residential properties by the B.C. Rental Protection Fund in partnership with non-profit landlords. 

The purchases will preserve 147 units of housing at affordable rates long-term. 

The B.C. government launched the Rental Protection Fund in Jan. 2023 with a $500 million investment. It’s one of the province’s signature initiatives to combat sky-high rental prices across the province. 

The idea behind the fund is that it’s cheaper for the province to support the preservation of existing affordable units than it is to build new units outright. 

Through the fund, non-profit landlords can access capital to help purchase an existing purpose-built residential property at risk of being redeveloped. Organizations that secure funding are required to maintain affordable rental rates long-term. 

In April 2024, the federal government announced the launch of a $1.5 billion Canadian Rental Protection Fund, a similar initiative on a national scale. 

While the federal NDP has called for the creation of such a fund, they criticized the government’s proposal as too modest, according to CBC News. 

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