An apartment building in Chilliwack is now secured through B.C.'s Rental Protection Fund, the government announced Thursday (June 5).
The 85 units at Camelot Apartments, at 9197 Mary St., are among the 220 homes that have been purchased by non-profit organizations, through the provincial funding program. The provincial government invested $500 million in January 2023 to establish the fund, which provides one-time capital contributions to non-profit housing organizations so they can buy existing affordable rental buildings and co-operatives.
The organization that bought Camelot Apartments is Affordable Housing Societies.
"We are grateful for the support of the province through the Rental Protection Fund (RPF) for our purchase," said Stephen Bennett, CEO, Affordable Housing Societies. "Because of this purchase, we have been able to ensure the residents of that building continue to have housing stability at rents they can afford."
Camelot is a seniors' building, and was recently in the news for having had two unrelated fires, just days apart. It is the biggest purchase announced Thursday, along with a 42 units in Fort St. John, 25 in Kamloops, 14 in Penticton, 21 in Prince George and 33 in Vancouver.
A press conference was held in Penticton.
READ MORE: B.C. acquires 220 rental homes through $26M contribution
"In the midst of a global housing affordability crisis and rising costs, we're securing affordable housing that gives people stability and peace of mind to help them thrive in their communities," said Ravi Kahlon, Minister of Housing and Municipal Affairs. "When people lose their homes, it can be a real struggle to find another affordable rental and communities can lose the people who work in local businesses, schools and hospitals. We created the Rental Protection Fund to help people stay in the homes they can afford now and in the future."
The properties in this announcement are part of the nearly 1,600 homes protected through the fund since its launch in 2023. The province stated that the fund is on track to exceed its target of protecting 2,000 homes ahead of schedule.
Katie Maslechko, CEO of the Rental Protection Fund said the acquisitions "show what's possible when governments, community housing providers and even residents work together to keep our housing Canadian and affordable through community ownership."
The homes range from studios to three bedrooms, and are suitable for the diverse needs of seniors, families and individuals. Like the Canterbury Apartments, all of the homes are centrally located within walking distance of core services that people rely on, such as child care, schools, parks and transit.
A press release from the province stated that, on average, rents secured through the fund are 44.2 per cent lower than local market rates and are kept below market to ensure long-term affordability for people with low or moderate incomes.
