B.C. Protects Nearly 300 Affordable Homes in Coquitlam
In early 2024, the Province of British Columbia announced a major step toward protecting affordable housing in Coquitlam. Through the province’s new Rental Protection Fund, nearly 290 homes in two housing co-operatives will be preserved, preventing them from being redeveloped into market housing.
The properties include Tri-Branch Housing Co-op and Garden Court Housing Co-op, both located on Packard Avenue in Coquitlam. Together, the purchase required approximately $125 million, making it the first acquisition completed under the province’s new housing preservation program.
Why These Homes Were At Risk
Both co-ops were originally built in 1981 and operated on a 41-year land lease, which expired in 2022. Once the lease ended, the future of the housing became uncertain, and the buildings faced financial pressures and the possibility of redevelopment.
Without intervention, hundreds of residents could have been forced to move during a time when affordable housing options across Metro Vancouver are already extremely limited.
How the Rental Protection Fund Works
The Rental Protection Fund is a provincial program designed to help non-profit organizations purchase existing rental buildings or co-ops that are at risk of being sold or redeveloped. The goal is simple: protect the affordable homes that already exist.
For the Coquitlam acquisition, the Community Land Trust of B.C. purchased the properties using funding from the program. The trust will own the land while the co-ops themselves will continue to be run and managed by their member boards, preserving the community structure residents are familiar with.
What This Means for Residents
For the people living in these co-ops, the purchase provides long-term stability. Housing costs are typically tied to income, ensuring residents pay no more than about 30 percent of their income toward housing charges.
For many families, seniors, and individuals living in the co-ops, the announcement removed years of uncertainty about whether they would be able to remain in their homes.
A Larger Housing Strategy
The acquisition is part of a broader $500 million Rental Protection Fund initiative created by the B.C. government to preserve affordable rental housing across the province. The program has already approved funding to help protect hundreds of homes in multiple communities, with more projects expected in the coming years.
Why This Matters for Coquitlam
Coquitlam continues to grow rapidly as more people move into the Tri-Cities area. While new developments are expanding housing supply, protecting existing affordable homes is equally important for maintaining a balanced and inclusive community.
By preserving these 290 units, the province has helped ensure that long-time residents can continue living in the community they helped build.
