Not-for-profit organizations in Canada, particularly in British Columbia, are actively purchasing existing rental buildings to preserve affordable housing, supported by provincial and federal funds. While this approach is praised for cost-effectiveness and stability for tenants like Marleny Ozuna Felix, critics argue that the focus should be on building new, higher-density housing to address the crisis.
Not-for-profits are racing to save affordable apartments. But critics say we should just build new ones
British ColumbiaCanadaOntarioStatistics CanadaBusinessRental housingCost of livingAffordable and low income housing
AI Summary
TL;DR: Key points with love ❤️Not-for-profit organizations in Canada, particularly in British Columbia, are actively purchasing existing rental buildings to preserve affordable housing, supported by provincial and federal funds. While this approach is praised for cost-effectiveness and stability for tenants like Marleny Ozuna Felix, critics argue that the focus should be on building new, higher-density housing to address the crisis.
Trending- 1 1990s: The Canadian government largely got out of subsidized housing.
- 2 2011-2021: Canada lost more than 550,000 affordable housing units.
- 3 2022: Not-for-profits in British Columbia bought just two percent of multi-family homes.
- 4 2023: The B.C. Rental Protection Fund was announced.
- 5 Last spring: The Liberal government announced the Canadian Rental Protection Fund.
- 6 Last year (2024): Because of the provincial fund, not-for-profits bought about a third of multi-family units that came up for sale in B.C.
- 7 End of May (unspecified year, likely 2025): Housing, Infrastructure and Communities Canada was accepting applications for the national fund.
- 8 Currently: Marleny Ozuna Felix pays $964 per month for her apartment in Burnaby.
- Preservation of existing affordable housing units
- Increased competition for for-profit landlords in the acquisition market
- Potential for low-density preservation in areas needing higher density (criticism)
- Ongoing debate over the most effective approach to solving the housing crisis
What: Not-for-profit organizations are buying existing rental units to keep them affordable, supported by government funds. This approach is contrasted with the idea of building new housing as a solution to the affordable housing crisis.
When: Recently (Marleny Ozuna Felix's story), 2023 (B.C. Rental Protection Fund announced), 1990s (government largely got out of subsidized housing), 2011-2021 (Canada lost 550,000 affordable units), Last spring (Liberal government announced Canadian Rental Protection Fund), Last year (B.C. fund helped acquire a third of multi-family units).
Where: British Columbia (B.C.), Burnaby (B.C.), Ontario, Canada.
Why: To combat the affordable housing crisis, preserve existing affordable housing stock, and provide stability for tenants who might otherwise face eviction or skyrocketing rents. Critics argue new builds are necessary for population growth and increased density.
How: Not-for-profits apply for non-repayable capital grants from provincial (B.C. Rental Protection Fund) and federal (Canadian Rental Protection Fund) programs to purchase existing buildings. This ensures rent remains predictable and below market rates, unlike the private sector.