B.C.’s Rental Protection Fund saves affordable housing in Vernon

“It was very nerve-wracking. It was a little scary to be frank,” Rhodenizer said. “Some of us weren’t sure if we were going to be evicted or not.”

“Nothing is scarier than when you are living in affordable housing to see a for-sale sign on the front lawn,” said B.C.’s housing minister, Ravi Kahlon. It added that for every new affordable rental home that is built in B.C., four more are lost to investors, conversions, demolition and rent increases, preventing B.C. from keeping pace with the demand for affordable housing supply serving both current and future residents.Inflation continues to cool. So is the Bank of Canada ready for rate cuts?“The federal government has a lot more dollars than the provincial government,” Kahlon said.

“We actually built out a 20-year plan for the building as part of our application to say this is how we’ll make these improvements,” Payson said.

Source: Real Estate Daily Report (realestatedailyreport.net)

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