B.C. invests $11M into Rent Bank to help more low-income renters
Posted January 31, 2024 1:57 pm.
Last Updated January 31, 2024 9:44 pm.
The province says more people in B.C. who are struggling to pay their rent or utilities will have access to support, as the government injects $11 million into its Rent Bank program.
The province believes the money will be able to support about 20,000 renters through “unforeseen financial challenges.”
“This new funding will provide ease and peace of mind for people facing housing disruption due to growing economic demands across various aspects of their lives,” said Spencer Chandra Herbert, the premier’s liaison for renters and MLA for Vancouver West-End.
Rent Banks are stationed throughout the province, in both urban and regional centres. The banks provide interest-free loans to renters that can be used toward rent, essential utilities, or first-month rent and damage deposits.
“Rent banks are a resource to prevent evictions, stabilize housing and support renters during unexpected interruptions to income that jeopardize their housing,” the Ministry of Housing explained Wednesday.
Ravi Kahlon, minister of housing, explains people across the province are feeling the impacts of high rents and inflation, “and that’s making it hard for them pay their bills and rent.”
“When people are faced with an unanticipated financial challenge, BC Rent Bank is there to help stabilize them. For many people in B.C., this funding can mean the difference between having a safe home or losing it,” he said.
The announcement Wednesday came as new Canada Mortgage and Housing Corporation (CMHC) data found Vancouver was the most expensive place in Canada to rent a home.
The CMHC says the average monthly rent for a two-bedroom purpose-built apartment was $2,181 in 2023, while a two-bedroom condo apartment came in at $2,580 on average.
The city saw a rise of 8.6 per cent in 2023, the CMHC says, with its vacancy rate unchanged at 0.9 per cent.
