B.C. steps in to buy Coquitlam co-ops, protects 290 rental units

The provincial government says 290 rental units in Coquitlam will now be protected, as it has stepped in to help buy two housing co-operatives in the city.

In a news conference Thursday, B.C. Premier David Eby explained the purchases are the first to be completed under its $500 million Rental Protection Fund.

“We cannot afford to lose rental housing, like this building,” he said. “The Community Land Trust (CLT) has acquired the Tri-Branch Co-op and the Garden Court Co-op, protecting 290 units of affordable housing that would have otherwise been lost forever to redevelopment.”

The Rental Protection Fund, the province said, will contribute as much as $71 million toward the Community Land Trust’s purchase.

“Far too many renters live in fear that their homes will be sold out from under them,” said Eby. “That’s why we created the Rental Protection Fund to defend people’s homes against profit-seeking speculators like big real estate investment corporations and preserve safe, secure, and affordable homes for generations to come.”

The Tri-Branch and Garden Court co-ops were created in 1981 with a 41-year land lease that expired in October 2022, the province noted. After the lease expired, the co-ops were in arrears and had incurred debt, putting the co-ops’ future at risk.

The province explains that the land trust will now own the properties, but the co-ops themselves will continue to be self-managed by their respective boards.

“In the midst of a housing crisis, it is critical to preserve these affordable homes for the seniors, families and individuals who have made these co-ops their community,” said Ravi Kahlon, minister of housing.

“The most affordable housing we have is the housing we already got,” said Katie Maslechko, CEO of the Rental Protection Fund. “And preserving the existing rental units is one of fastest and impactful ways to address the housing crisis.”

Julianne Cressman, president of the Tri-Branch Housing Co-Operative Association, says residents are relieved their building didn’t get sold to a developer.

“People may not understand how big of an announcement this is, but this impacts hundreds of people here between the two housing co-ops,” said Cressman.

Many residents of the building are sharing their relief after finding out they still have a home.

“We were supposed to be out of here and everyone was very nervous,” one resident told CityNews. “But when this came across, we were so happy.”

“It’s very hard to find housing,” another resident said. “My plan B is I would have moved back to Alberta with my family.”

Rent is assessed based on the tenant’s income.

To date, the province says nearly 700 rental homes throughout B.C. have had protection funding approved by the protection fund, with “thousands” of additional homes under consideration.

With files from Angela Bower.