As 337 more affordable rental homes open in Vancouver, new reports are showing positive signs for renters in B.C., including thousands of renters supported through the BC Rent Bank, decreases in rents and record-high rental-home construction starts.

“We are starting to head in the right direction when it comes to making progress for renters,” said Ravi Kahlon, Minister of Housing and Municipal Affairs. “In an international housing affordability crisis, we’re working hard to turn the corner and make a difference for people. As we celebrate the opening of 337 more new affordable homes in Vancouver’s River District with our partners, our message to renters across B.C. is clear: We’re going to keep working to make sure you can find a home you can afford in the community you call home.”

A new report from BC Rent Bank and Vancity Community Foundation shows rent banks in the province have helped thousands of renters stay in their homes and save on their costs, while providing a net economic benefit to B.C. According to the report, more than 2,500 renters in B.C. were able to keep their homes in 2023-24 as a result of the rent bank and avoid potential costs from rent hikes, moving and storage, saving renters an estimated $16.1 million. On top of renter savings, the Province also saved on health care, child welfare and housing services in return.

“This report is very positive, but we know too many British Columbians are still facing challenges finding a home they can afford – with too much of their income going toward rent,” said Kahlon. “This needs to change and it’s why we will continue to focus on cracking down on speculators that are taking away rental homes from people working and living in B.C., building a record number of purpose-built rentals to bolster the available rental supply and doubling down on programs like BC Builds aimed at delivering more rental homes working families can afford.”

Renters in Vancouver are also benefiting from the completion of more new affordable rental homes in the burgeoning River District. The development at 3338 Sawmill Cres. will provide a total of 337 units to families, seniors and individuals, with 220 of the units prioritized for Indigenous people. The remaining 117 will be run as a co-operative, a proven model for strong, affordable communities.

“These 337 new affordable homes will offer renters in Vancouver much-needed affordability and security in the vibrant River District,” said George Chow, MLA for Vancouver-Fraserview. “This project shows what can be accomplished for working and middle-class families when partners come together to deliver the affordable homes people need, in a community where they can put down roots and build a good life.”

The Sawmill Crescent project was among the successful proposals of the 2018 Community Housing Fund call. It is the result of a partnership between the Province, through BC Housing, the City of Vancouver and Community Land Trust (CLT), with support from Sawmill Housing Co-operative and M’akola Housing Society.

“CLT is pleased to continue our commitment to expand opportunities for co-op and non-profit housing by opening the doors to 337 affordable homes in the River District, made possible with the support of the City of Vancouver, which contributed the land for this project,” said Tiffany Duzita, executive director of Community Land Trust. “We look forward to our partnership with Sawmill Housing Co-operative and M’akola Housing to welcome our new members and residents home. We’re not just building homes, we’re building communities.”

Read the full release from BC Housing.