Residents in nine apartment buildings on Vancouver Island don’t have to worry about losing their homes for new development, thanks to a change in ownership.
Housing Minister Ravi Kahlon was in Campbell River Thursday to announce that apartment buildings in Port Hardy, Campbell River, and Duncan have been purchased by non-profit group Connective. The money comes from the $500-million-dollar Rental Protection Fund, created by the province last year to help non-profits purchase rental buildings and preserve them as affordable housing for existing residents.
Kahlon said protecting existing housing that’s already being rented out below market value — 46% below in Campbell River’s case — helps people stay in their homes by maintaining their rates.
“We need to both increase the housing supply, increase investments in affordable housing, and protect our existing housing stock,” he said. “And when you have buildings that are going up for sale, that are still in decent shape, perhaps need a little TLC, those are the ones that I think are the best opportunities.”
Sonya Laroche, resident of one of the apartments in Campbell River purchased by Connective, said in a statement that rent is getting out of reach for everyone, from seniors to families with young children.
“I have had the great fortune and a feeling of freedom from not worrying that a contractor will come along, buy our community, and tear it down to build unaffordable housing for the average person. I am so grateful to live under the umbrella of Connective,” she said.
Connective CEO Mark Miller said protecting existing affordable housing stocks is an important first step to expanding affordable housing on Vancouver Island.
“We can keep all 334 units at affordable rental rates, and protect buildings that might otherwise have been sold to private market, and potentially pricing tenants out of their homes,” he said. “It gives us an incredibly unique and unprecedented opportunity to protect affordable housing across Vancouver Island.”
As the new owner, Connective will also invest in fixing up the apartments, and improving the quality of life for existing residents. For today’s announced purchase, the Rental Protection Fund provided $25.6 million in capital contributions, and more than $2.6 million to help update and improve the apartments.
Kahlon will be in Port Hardy Friday to announce the purchase of apartments in that community.
Apartments acquired: Campbell River
- Discovery Village, 275 1st Ave. – 65 units
- Oceanview Apartments, 541 7th Ave. – 22 units
- Scenic View Apartments, 621 7th Ave. – 15 units
- Park Place Apartments, 680 4th Ave. – 29 units
- Highland Court, 644 4th Ave. – 22 units
Cost: $12.3 million plus $1.3 million for building renewal
Apartments acquired: Port Hardy
- Creekside Apartments, 7340 Highland Dr. – 47 units
- Cypress Park, 7235 Highland Dr. – 50 units
- New Horizon, 7275 Highland Dr. – 28 units
Cost: $7.9 million plus $684,000 for building renewal
Apartments acquired: Duncan
Woodland Gardens, 3048 Lake Cowichan Rd. – 56 units
Cost: $5.4 million plus $630,000 for building renewal
