Series - Editorial Fellowship: Social Finance in Canada Suncor Energy Foundation 2023/24

The B.C. pilot project that prevents affordable housing loss

Author Diane Berard
Called the Rental Protection Fund, the government of B.C. created a $500 million fund to help non-profits buy affordable housing units

Why It Matters

Between 2016 and 2021, B.C. lost nearly 100,000 rental units priced below $1,000 monthly. For every new affordable rental home built in B.C., four more are lost to investors, conversions, demolition and rent increases, and new affordable units do not compensate for the loss of existing ones. The situation is similar in every Canadian province.

Itโ€™s been 11 years since the Brightside Community Homes Foundation has been able to buy a new property. This winter, thanks to a strategy the CEO said he had never used to stand out in a real estate transaction, they were successful. ย โ€œI wrote a personal letter to the owners about our organization and its mission,โ€ said William Azaroff, and the letter appears to have paid off.

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