The North Okanagan community of Vernon becomes the first community outside of the Lower Mainland and Greater Victoria to receive support through a fund protecting existing rental housing.

Housing Minister Ravi Kahlon Tuesday (May 21) announced $3.1 million from the Rental Protection Fund toward the purchase of 26 existing rental units in an apartment building.

B次元官网网址淲hile we build more affordable housing, itB次元官网网址檚 important to recognize that we canB次元官网网址檛 continue to lose affordable housing,B次元官网网址� Kahlon said. B次元官网网址淣othing is scarier, when you are living in affordable housing, to see a for-sale sign on the front-lawn and wonder whatB次元官网网址檚 going to happen when this building gets sold. B次元官网网址楢re we going to be evicted? Where are we going to go to?B次元官网网址橞次元官网网址�

The Canadian Mental Health Association Vernon and District Branch had applied for the funding. It will own and operate the building. Each of the units will also receive $47,000 from the fund for upgrades.

The $500-million fund launched last year, providing one-time capital grants to non-profit housing organizations for the purchase of affordable residential rental buildings and co-operatives, when they come up for sale.

The fund announced its first acquisition in early February 2024 with $71 million going toward the purchase of 290 units in Port Coquitlam with another $125 million leveraged by the future owner-operator. Subsequent purchases have taken place in Greater Victoria and Langley.

Katie Maslechko, CEO of the Rental Protection Fund, said TuesdayB次元官网网址檚 announcement is the first of many announcements involving the fund beyond B.C.B次元官网网址檚 major population centres in Greater Vancouver and Greater Victoria.

B次元官网网址淭he reality is that the erosion of affordable housing isnB次元官网网址檛 just an urban issue and the Rental Protection Fund isnB次元官网网址檛 just for big cities, either,B次元官网网址� Maslechko said. B次元官网网址淚tB次元官网网址檚 for every community, big and small.B次元官网网址�

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Maslechko, however, acknowledged that it is more difficult to find lenders outside the major urban areas.

B次元官网网址淐HMA had to work extra hard to build those relationships and get the attention of those lenders,B次元官网网址� she said.

Available figures from Canadian Mortgage and Housing Corporation peg the City of VernonB次元官网网址檚 vacancy rate at 1.2 per cent as of Oct. 2023 (up from 0.7 per cent in October 2022) with the average rent for two-bedroom-apartments at $1,435.