Rental Protection Fund Acquires Homes in Campbell River

The Rental Protection Fund has acquired nine properties across Vancouver Island by Connective Support Society, a non-profit dedicated to protecting tenants and ensuring the availability of affordable rental homes for future generations.

“Having a secure, affordable home provides people with stability. Losing affordable housing because the building is being sold can be destabilizing for families,” said Ravi Kahlon, Minister of Housing.

“The Rental Protection Fund is helping to protect more than 330 homes on Vancouver Island to ensure they remain affordable for the people living in them. This is our Homes for People plan in action – protecting existing rental stock so people can keep their homes affordable, without worrying about their future.”

It marks the transfer of 334 rental homes in Campbell River, Port Hardy, and Duncan to Connective's ownership.

The acquisition safeguards a wide range of unit types tailored for accommodating various household sizes, with 40 percent of the units featuring two bedrooms or more.

The funding will allow Connective to ensure that 153 homes in Campbell River, 125 homes in Port Hardy, and 56 homes in Duncan will remain affordable.

Most of the properties are strategically located in close proximity to local schools, recreational centres, hospitals, and a variety of downtown amenities, ensuring residents have easy access to essential services and a vibrant community life.

The acquisition announcement marks a significant milestone for the Fund on Vancouver Island and the surrounding rural communities, building on previous announcements made in the Lower Mainland, Vancouver Island, and the Okanagan.

It allocated around $12.3 million in equity and more than $1.3 million for building refurbishments to acquire five properties in Campbell River.

The homes would rent at an average of up to 46 per cent below current market rates in the city.

Since the start of this year, the Rental Protection Fund has been able to reverse the threat of displacement at a rate of nearly 50 homes a week, delivering housing security for nearly 2,500 British Columbians and ensuring these homes remain affordable for generations to come.

For more information, visit Government of British Columbia.