B.C. Housing Minister Ravi Kahlon was in Penticton on Thursday touting the progress of the province’s Rental Protection Fund.
He announced seven new properties have been purchased by non-profits with the support of the fund, amounting to 220 homes.
The fund was launched in 2023 with a $500-million investment from the province. It aims to preserve affordable housing by helping non-profits purchase rental buildings. The province says rents secured through the fund are, on average, more than 44 per cent below market rates.
Kahlon said it’s not enough to rely on the private sector alone to address the issue of affordable housing.
“The cheapest way to have [affordable] housing is to protect the existing housing that you have,” Kahlon said.
The homes announced Thursday include buildings in Penticton, Chilliwack, Vancouver, Prince George, Fort St. John and Kamloops. The province says $26 million in capital contributions and renewal grants were provided to non-profit partners to secure the homes.
In the case of the 14-unit building purchased in Penticton, the city supported the acquisition through a grant and by creating a new property tax exemption. Kahlon praised the city for the move and called on other communities to step up with similar initiatives.
“I am begging local governments to come to the table. I’m begging them to make small contributions to be able to…protect housing.”
The province says the new properties bring the number of homes purchased with support of the fund to nearly 1,600.
