B.C. begins effort to protect existing rental supply

British Columbia’s new strategy to acquire existing apartment buildings is well under way, with a handful of buildings on target for possible approvals by the end of the year.

The Rental Protection Fund aims to save thousands of units of housing and is part of a plan to grow the non-profit housing sector, which is nowhere near the size of its European counterparts. The province’s $500-million contribution is the initial injection of cash intended to grow the sector, which will continue to build a portfolio of properties and leverage those assets into more housing.