Rental Protection Fund surpasses 2,000 homes protected across B.C.
New acquisitions secure affordable housing for long-term residents in Vancouver and White Rock
VANCOUVER, British Columbia, Feb. 02, 2026 (GLOBE NEWSWIRE) -- Today, the Rental Protection Fund (the Fund) marks a major milestone, with nearly 2,200 affordable rental homes now protected across British Columbia — exceeding its original target in less than three years. Through strategic, cost-effective acquisitions, the Fund will continue building on this momentum, multiplying its impact and securing affordable homes in communities across B.C.
The latest acquisitions include five deeply affordable rental properties secured in partnership with non-profit housing providers New Chelsea Society and More Than a Roof Housing Society. Located in growing communities where existing rental housing is increasingly at risk, these homes provide long-term stability for the residents who live there.
“For long-time renters, acquisitions like these mean being able to breathe a little easier,” said Katie Maslechko, CEO of the Rental Protection Fund. “It means not having to worry about being forced to leave the home they’ve built their lives around. This is why the Fund was created — it's the kind of impact already reaching thousands of renters and one that will only continue to grow. This is just the beginning."
Securing Long-term Affordability in Vancouver
In Vancouver’s Grandview-Woodlands neighbourhood, New Chelsea Society has acquired Chelsea Capri (520 N Nanaimo Street) and Chelsea Cove (2280 McGill Street), two apartment buildings that together provide 40 affordable homes. Many residents have called these properties home for decades, and average rents are currently more than 50% below market. In a neighbourhood where older rental housing continues to disappear, these buildings represent the kind of affordability that cannot be replaced once it’s lost.
Chelsea Capri, in particular, has seen no tenant turnover in the past three years, with average tenancies exceeding 20 years. By securing these properties through the community housing sector, it prevents displacement and ensures residents can continue to stay in the homes and communities they know.
The Rental Protection Fund supported the purchase with approximately $6.8 million in capital contributions and $800,000 in Renewal Grants for essential upgrades and repairs, helping ensure the homes remain resilient for the long-term.
“By welcoming these two buildings into our portfolio, we are not only protecting long‑term affordability for current and future residents but also extending our well‑established community programs and resident supports to the people who call these buildings home,” said Ahmed Omran, CEO of New Chelsea Society. “We are truly excited to welcome residents into the New Chelsea community and to strengthen the meaningful connections that help residents thrive.”
Building on a heritage of supporting veterans, New Chelsea Society provides safe, secure, and affordable homes, together with supports that help residents live their fullest lives in their communities. Broadening their mandate to include seniors, people with disabilities and families, and with a people-first approach, the Society now has 21 affordable housing properties across Metro Vancouver, offering a range of housing options to meet residents’ varying needs.
Deepening Community Stability in White Rock
With support from the Rental Protection Fund, More Than a Roof Housing Society has secured three rental housing properties in White Rock — Merklin Manor (1351 Merklin Street), Montague Place (1361 Martin Street), and Spring Villa (15150 Roper Avenue) — where average monthly rents are approximately 45% below local market rates. The acquisition was designed to protect affordability in a community where long-time residents increasingly face displacement pressures.
This acquisition is more than a real estate transaction; it is a community-strengthening investment. By ensuring these homes remain affordable, More Than a Roof is helping residents stay connected to their neighbourhoods, support networks, and local services.
The Rental Protection Fund provided approximately $6.2 million in capital funding toward the purchases, along with $700,000 in Renewal Grants. More Than a Roof is using this funding to address overdue maintenance and complete important upgrades that improve livability and directly support residents’ health, stability, and sense of belonging.
“We are so thankful for the innovative solution offered through the Rental Protection Fund,” said Lee-Anne Michayluk, CEO of More Than a Roof Housing Society. “This acquisition underscores our ongoing commitment to fostering strong, thriving communities by prioritizing sustainable and affordable housing solutions.”
More Than a Roof Housing Society has been delivering affordable, transformative housing across B.C. since opening its first community in 1986. Now with operations in 18 communities and providing homes for more than 2,000 residents, the organization is rooted in the belief that stable housing is the foundation for community belonging, personal growth, and dignity.
These five properties bring the Fund’s total to more than 50 properties protected across British Columbia, from Fort St. John to Vancouver, securing affordability for more than 4,000 British Columbians.
“When we established the Rental Protection Fund, we understood that people thrive when they have safe, secure homes without living in fear of being evicted or sudden rent increases,” said Christine Boyle, Minister of Housing and Municipal Affairs. “By surpassing our goal so quickly, we’re showing that protecting homes people already rely on is one of the most impactful tools we have to ease pressures on renters.”
Since its launch in 2023, the Rental Protection Fund has provided capital contributions and renewal funding that enable non-profits and housing co-operatives to purchase rental buildings, stabilize tenancies, and keep homes affordable for generations. Today’s milestone shows that approach delivers not only results, but a powerful return on that investment — one measured in housing stability, stronger communities, and the ability to keep protecting homes for years to come.
About The Rental Protection Fund:
The Rental Protection Fund stands as B.C.'s direct response to the housing crisis. Under the leadership of CEO Katie Maslechko, the Fund is dedicated to protecting tenants and ensuring the availability of affordable rental homes for future generations. By providing capital contributions to non-profit housing organizations and cooperatives, it facilitates the acquisition of existing rental buildings. This initiative is committed to maintaining housing affordability and stability for renters in B.C. in the long run. Those who wish to have a property considered for acquisition through the Rental Protection Fund can submit them at www.RentalProtectionFund.ca
We gratefully acknowledge the financial support of the Province of British Columbia through the Ministry of Housing and Municipal Affairs.
Katie Maslechko Rental Protection Fund media@rentalprotectionfund.ca
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