Celebrating Municipalities Helping Renters to Stay Housed 

As the costs of rent, groceries, and other essentials continue to rise, more and more members of our communities are struggling to make ends meet. Many are one emergency expense away from housing precarity. That is why it is as critical as ever that we come together and help keep people safely and securely housed. 

We’ve seen the demand for BC Rent Bank growing – last quarter, in comparison to the year before, there was a 71% increase in the number of loans issued to renters and an increase of 46% (nearly $750,000) in loans provided to renters. This is why financial support for the program is so important. 

BC Rent Bank’s ability to support renters at this scale is made possible by generous funding from governments who are committed to supporting renters across our province, and who recognize the role of rent banks as a crucial eviction prevention service. 

Today, we want to celebrate municipalities that have stepped up for renters this past year. 

In January 2025, the City of Victoria announced a $110,000 contribution to the Greater Victoria Rent Bank. This rent bank issued one of the highest amounts of loan capital to renters last year and had one of the lowest rates of “declined” applications across the province. The demand is clear, and we would like to thank the City of Victoria for recognizing and supporting the important role that rent banks play in keeping our communities housed. Thank you also to CSPC Victoria for your partnership and dedication over the past four years. 

In November 2024, the City of Nanaimo allocated $150,000 to the Nanaimo Regional Rent Bank. The Nanaimo Regional Rent Bank opened in January 2021 as part of the City’s Affordable Housing Strategy and was established by City of Nanaimo staff and the Nanaimo Homeless Coalition. Between September 2023 and September 2024, the rent bank issued over $143,000 in loan funds. The City’s ongoing support for the Nanaimo Regional Rent Bank and the organization operating it, Connective Society, is wonderful to see and ensures residents in this region will continue to have access to rent bank support.

“The City of Nanaimo is pleased to partner with the Nanaimo Region John Howard Society and BC Rent Bank in supporting the Nanaimo Regional Rent Bank. The Rent Bank will help those in financial crisis maintain their housing and keep people from slipping into despair and homelessness. -Leonard Krog, Mayor, City of Nanaimo. 

We would also like to thank the following municipalities for their contributions made between April and December 2024, listed in alphabetical order: 

City of Burnaby: $45,000 

City of Colwood: $30,000 

City of Kamloops: $60,000 over 4 years 

City of New Westminster: $35,000  

District of Oak Bay: $2, 600 

District of Saanich: $12,500 

BC Rent Bank started in 2019 with a three-year mandate to support existing rent banks, establish new ones, and create the infrastructure to support a province-wide rent bank system. In 2021, BC became the first province in Canada to provide 100% rent bank coverage across the province, ensuring no one is excluded from accessing the essential support they need during a time of unexpected crisis. 

Over the last five years, rent banks have proven themselves to be a crucial eviction prevention measure for individuals and families who need short-term assistance to maintain their housing and avoid possible eviction. As our recent report shows, in the 2023/24 fiscal year alone, rent banks supported 1,513 households and saved tenants and the government an estimated $27.5 million in avoided costs. The program’s cost-effectiveness is stunning: every dollar invested in BC Rent Bank delivers $5 in savings for individuals and families, and the government.