The BC Rental Protection Fund has announced the acquisition of Casa Mia Apartments in Burnaby by Brightside Community Homes Foundation. This acquisition secures 56 affordable rental units at 7268 Balmoral Street, providing essential housing below market rates in the Edmonds Town Centre neighborhood. The Fund contributed $11.8 million to the purchase the property which is assessed at $15.88 million, and an additional $15,000 per unit for renovations. Casa Mia offers rental rates 56% below the Burnaby median and supports seniors on fixed incomes.

This move is particularly significant in Burnaby, which lost over 1,300 affordable rental units between 2010 and 2021. Located near the Edmonds Skytrain Station, Casa Mia is part of the City of Burnaby’s new Edmonds Community Plan.. William Azaroff, CEO of Brightside, noted that this acquisition aligns with their mission to provide affordable homes, with plans to add nearly 550 affordable units to Metro Vancouver by 2025.

The Province’s $500-million Rental Protection Fund, which inspired the $1.5 billion Canada Rental Protection Fund, aims to help non-profits acquire and maintain affordable housing. The Fund has already approved funding to preserve over 1,200 homes in BC, with more announcements to come.