Tenants of Parkwood Gardens in Burnaby's Edmonds neighbourhood can breathe easier knowing their rental homes won't be sold for redevelopment any time soon.
Non-profit developer and housing provider Catalyst Community Developments Society acquired the property at 8357 10th Ave., 8350 and 8353 11th Ave. in May with about $15.9 million in capital contributions from the Rental Protection Fund and more than $18,000 per home in grants for building renewal.
B.C.'s Rental Protection Fund and the province announced the building's acquisition Friday.
The Rental Protection Fund said the acquisition will help with the "severe shortage" of childcare in Burnaby and the lack of affordable housing.
"The city has the second highest rental prices in Canada, and, in the southeast Highgate/Edmonds neighborhood, the fewest childcare spaces per capita in Burnaby," said a press release from the Rental Protection Fund.
The building's on-site 25-space daycare will remain.
Out of the 79 rental homes at Parkwood Gardens, 75 of them are three-bedroom units.
Rents at Parkwood Gardens are on average about 50 per cent below the current market rates in Burnaby, according to the province.
Catalyst committed to maintaining the affordability of the units and providing long-term rent stability for Parkwood Gardens' residents, according to the fund's release.
"The property is also a strategic acquisition, adjacent to 1.5 acres of vacant city-owned land, and is well-positioned to deliver more affordable housing in the future," stated the press release.
Luke Harrison, CEO of Catalyst, said the non-profit is "thrilled" to be operating more homes in Burnaby.
"This acquisition of 79 homes by a non-profit was impossible without the collaboration of the new Rental Protection Fund and an accommodating vendor that shared our objective of ensuring Parkwood Gardens remains affordable to its current community members," Harrison said in the release.
Katie Maslechko, CEO of the Rental Protection Fund, said the fund is a "proven model with a profound impact."
"Every dollar invested in the Rental Protection Fund is worth at least three dollars towards solving the housing crisis," she said.
"With each acquisition, the non-profit now has equity they can leverage to provide even more housing without displacement, and the former owner has freed up capital they can redeploy into new supply."
The B.C. government started the Rental Protection Fund with an investment of $500 million in January 2023.
The fund provides capital to non-profit housing organizations and co-ops to buy existing rental buildings and preserve them as affordable rental housing stock.
