14.4°C Vancouver

Jan 13, 2023 1:52 AM - Connect News

New fund to protect thousands of renters in B.C. - Premier Eby

Share On

More renters in B.C. will be protected from housing speculators and profiteers through the creation of a new $500 million Rental Protection Fund dedicated to protecting tenants and preserving affordable rental homes for decades.

"Today, we’re taking action to protect renters who found an affordable place to live, but are worried their building will be bought out from underneath them," said Premier David Eby. "This fund will allow non-profits to secure older rental buildings and protect vulnerable renters from speculators who can drive up rents and evict tenants that have lived there for years. Instead, community non-profits will now be able to work with tenants to make improvements or expand to house more people, and at the same time protect affordable housing."

Increasingly, in B.C. and across Canada, older rental housing buildings are being bought by speculators and large corporations, such as real estate investment trusts. Their business model often includes redeveloping properties so they can evict tenants, allowing the trusts to make large profits by either hiking rents or selling the units and taking much-needed rental housing off the market.

The Rental Protection Fund will provide one-time capital grants to non-profit housing organizations so they can purchase affordable residential rental buildings and ownership co-operatives listed for sale to protect the renters that are living there and safeguard those rental units for the long-term. The fund is expected to protect thousands of affordable housing units throughout the province.

A new report from BC Housing shows 2022 had the highest number of new purpose-built rental units on record. A total of 14,546 rental units were registered last year, representing a 10% increase from 2021. In 2012, BC Housing recorded fewer than 2,000 new rental units.

"Our province is building more rental housing than ever, but we must also protect what we have. It’s not acceptable for speculators to be pushing renters out of their homes," said Ravi Kahlon, Minister of Housing. "By protecting more affordable housing more people can stay in their homes and build a good life in B.C."

Latest news

saskatchewan-apologizes-to-former-students-of-boarding-school
BCSep 29, 2025

Saskatchewan apologizes to former students of boarding school

The Saskatchewan government is officially saying sorry to survivors and families for its role in the historical abuse and trauma that occurred at a boarding school for Metis and First Nations children. Premier Scott Moe says the province has also agreed to pay $40 million to former students of the Ile-a-la-Crosse Boarding School and their families. The school, northwest of Saskatoon, operated from the 1820s until it burned down in the 1970s. School survivors have said they were banned from speaking their language and were frequently beaten if they did, resulting in the loss of their
vancouver-whitecaps-and-vancouver-fc-face-off-in-the-canadian-championship-final
BCSep 29, 2025

Vancouver Whitecaps and Vancouver FC face-off in the Canadian championship final

The Vancouver Whitecaps will face Vancouver FC in the TELUS Canadian Championship final, this Wednesday, October 1 at 7 p.m. at BC Place Stadium. The Vancouver Whitecaps team recently won the Cascadia Cup for the 8th time, setting a record. The Whitecaps will now be eyeing a fourth consecutive Canadian championship title. The Vancouver Whitecaps won the semi-finals against Forge FC by an aggregate score of 6-2 in the two matches and the team enters the final with strong momentum. Vancouver FC in a huddle during a match of Canadian championship. (Photo - Vancouver FC)However, Vancouver FC from
charger-fails-to-dodge-richmond-rcmp-for-second-time
BCSep 29, 2025

Charger fails to dodge Richmond RCMP for second time

Richmond RCMP Road Safety Unit impounds vehicle a second time as it fails to dodge police enforcement. On September 20, 2025, officers from the Richmond RCMP Road Safety Unit (RSU) were conducting targeted enforcement in east Richmond when an RSU officer stopped a vehicle driving 99km/hr in a 50km/h zone. The vehicle was impounded for excessive speed, and the driver received a violation ticket in the amount of $368, plus the additional cost of towing, impound, and driver premium points. Of note, the officer recalled stopping the exact same vehicle almost exactly one year ago for speeding on Hw
jobs-minister-urges-canada-post-to-table-new-offer-to-striking-union
CanadaSep 29, 2025

Jobs minister urges Canada Post to table new offer to striking union

Jobs Minister Patty Hajdu is urging Canada Post to quickly table an offer to the union of striking postal workers. The Canadian Union of Postal Workers took to the picket lines Thursday after Ottawa announced sweeping changes to the Crown corporation's operations to address its troubled financial situation. Those changes include ending daily mail delivery and moving almost all Canadian households to community mailboxes, moves the union calls a direct attack on workers. In an interview today, Hajdu did not rule out federal intervention to end the latest strike but also said Canada Post needs to
BCSep 29, 2025

One man dead and one injured in serious crash

Police are investigating after a two-vehicle collision claimed the life of one driver and seriously injured another Saturday afternoon. On September 27, 2025 at 1:30 p.m., the Oceanside RCMP received a report of a serious two-vehicle crash on Highway 4 near Cameron Lake. An eastbound Honda Civic appeared to have lost control on a series of curves where it impacted with a westbound Chevy Impala. The Civic subsequently became engulfed in flames and the sole occupant died at the scene. The driver of the Impala, a 70-year-old Alberta man, was extricated and taken to hospital with serious, potentia

Related News