The B.C. government says "peace of mind" is coming for residents of 220 rental homes across the province, including 14 in Penticton, as it contributes $26 million to the Rental Protection Fund.
Minister of Housing Ravi Kahlon spoke to a crowd of about 20 people on Thursday (June 5) at 608 Wade Ave. East in Penticton to announce support for 14 rental units at the apartment building.
"It's nice to build new buildings, but it's even better to protect the people that are already living in our communities and ensure they can stay," said Kahlon, as part of a province-wide announcement to also support affordable rental homes in Chilliwack, Prince George, Vancouver, Kamloops and Fort St. John.
The B.C. Rental Protection Fund launched in July 2023 and enables non-profit organizations to purchase and manage residential buildings while securing their "affordability forever."
In Penticton, the rental homes inside the Wade Avenue apartment were purchased by the Penticton and District Society for Community Living (PDSCL). Its purchase was supported through a City of Penticton grant.
"This initiative is in direct response to a plea for help from one of the building's tenants and underscores our commitment to protecting our residents and ensuring they have access to affordable housing," said Penticton Mayor Julius Bloomfield.
Kahlon added that B.C.'s investment in the Rental Protection Fund will give people "stability and peace of mind."
A provincial commitment of $500 million was made to the fund when it launched nearly two years ago. According to the province, the fund protects renters from investors, conversions, demolition, and price increases.
"Penticton is doing something that no other community has done in the province, which is making a small contribution in a grant but also with some tax relief to make sure we can keep rent the same for everyone in the building," Kahlon said.
"I'll be spreading the word because I hope it inspires other local governments to do the same."
Katie Maslechko, CEO of the B.C. Rental Protection Fund, said her team is actively seeking more suitable locations for the initiative across the region.
Of the province's recent $26 million contribution to the fund, approximately $2.3 million will be used to improve the buildings and ensure the homes remain in good condition, it said.
Along with Penticton, the province on Thursday released a list of the rental homes it is protecting through its latest investment:
• Chilliwack: 85 homes at Camelot Apartments, 9197 Mary St., bought by Affordable Housing Societies;
• Fort St. John: 18 homes at Alpine Lodge, 10304 95 Ave., and 24 homes at Grandview Townhomes, 10620 111 Ave., bought by Connective;
• Kamloops: 25 homes at Riverside Gardens located at 139 Tranquille Rd., bought by Connective Kamloops;
• Prince George: 21 homes at 890 Tabor Blvd., bought by More than a Roof Mennonite Housing Society;
• Vancouver: 33 homes in Abana Court at 5454 Balsam St., bought by the New Vista Society
