BC Housing hotel purchases were fair value, AG says

In the early days of the pandemic, BC Housing made a number of purchases of hotels and other properties to house people experiencing homelessness. The deals cost taxpayers a total of $221 million, raising questions from people concerned about the expense.

Those questions were answered this week by the Office of Auditor General of BC, which released its audit of the purchases.

“BC Housing met all relevant approvals and policy requirements for the purchases of nine properties in Vancouver and Victoria in 2020 and 2021,” the report concludes.

“BC Housing obtained market value appraisals for all nine properties as required by internal policies and procedures. The total of the purchases ($202.4 million) was 8.5% below the total appraised market values ($220 million) for the nine properties.”

Within Victoria, properties purchased by BC Housing include the former Comfort Inn at 3020 Blanshard St., Paul’s Motor Inn at 1900 Douglas St., Capital City Centre at 1961 Douglas St. and a housing project at 225 Russell St.