$500M to help keep rental buildings affordable

One of the solutions for helping employers find and keep workers in Greater Victoria is to ensure there are homes for all income levels. A proven method to do that is non-market housing that provides homes for the people who help tourism and hospitality businesses operate at their full potential. Affordable rent is key, and helping non-profit organizations manage housing to create homes for workers is a practical way to keep our region’s economy resilient and sustainable.

The province’s recent creation of a $500 million Rental Protection Fund has the potential to help, by allowing non-profits to acquire affordable housing units facing market pressure to be redeveloped. “According to Canada Mortgage and Housing Corporation data, between 1991 and 2021, approximately 97,000 purpose-built rental units in B.C. were either redeveloped or converted to more expensive units.” states the province’s news release.