Photography by Shawn Xu, courtesy of Unsplash
Community impact

Partnering to protect affordable housing across British Columbia

We are in a global affordable housing crisis.

It’s estimated that more than one billion people worldwide, about one-fifth of all humanity, currently lack access to adequate housing – a number that could reach 3 billion by 2030. In Canada alone, a report by the Federal Housing Advocate published in November of 2023 suggested that 4.4 million permanently affordable and accessible homes are needed to restore affordability to Canada’s housing system.

With such a shortage, finding ways to hold onto existing affordable housing stock becomes even more critical.

The Rental Protection Fund, an organization that aims to safeguard affordable rental housing across British Columbia by supporting the acquisition of buildings that provide affordable rental units, is taking action. They sought to acquire and preserve rental properties at risk of being converted to higher-rent units.

The extra challenge?

This initiative demanded strategic navigation through the complexities of multiple real estate transactions, ensuring alignment with both community goals and affordable housing mandates. Luckily, that is something our team and the Rental Protection Fund know a thing or two about.

Enter: Avison Young Vancouver.

Our Vancouver team stepped in to represent both purchasers and vendors, in this pivotal, community-focused initiative that would help expand the capacity of the community housing sector and preserve local housing stock.

This also allowed us to showcase our ability to leverage our real estate expertise to address critical societal needs, aligning our professional goals with our broader passion for enhancing community well-being at the same time.

How did we do it?

We represented both the vendors and the non-profits:

  • We represented both the private vendors and the non- profits in the disposition and acquisition of their assets. For non-profits, we played a larger advisory role, maintaining regular communication with the Rental Protection Fund to secure all additional levels of approval required for our non-profit clients.

We conducted market analysis:

  • We identified potential acquisitions, ensuring a comprehensive understanding of market dynamics.

We ensured stakeholder alignment:

  • We coordinated with various stakeholders, including community housing providers, financial institutions, and local government bodies, to align interests and secure necessary approvals.

We performed valuations and key negotiations:

  • We provided detailed property valuations to ensure fair market prices and negotiated terms that balanced the needs of both purchasers and vendors.

We covered transaction management:

  • We managed the end-to- end transaction process, including due diligence, and legal compliance.

We completed the closure of the transactions and the handover:

  • We finalized transactions and facilitated a smooth handover to community housing organizations.

The team in Vancouver delivered big where it matters most for the client and the community, navigating the competitive real estate market with not-for-profit housing providers, ensuring fair valuations for both sellers and buyers, and aligning interests of various stakeholders and securing funding - no simple task, but the results speak for themselves.

By representing both purchasers and vendors in transactions that safeguarded affordable rental units, it means that hundreds of low- to moderate-income families across B.C. can continue to access affordable housing, contributing to broader affordable housing stability and growth across the region.

By the numbers:

4acquisition/disposition of four properties$70.9M$70, 865, 000 total gross value of properties acquired/disposed231affordable housing units preserved in the process

This article is part of our 2023 Impact Report

Download the full report