The cost of rental housing has become unaffordable for a growing number of renters in British Columbia. Rent Banks have existed in BC since around 2010. In 2019, the province established B.C. Rent Bank to help prevent eviction for renter households with low-moderate incomes at imminent risk of losing their housing due to a temporary financial hardship through the provision of financial support.
The Greater Victoria Rent Bank (GVRB) was established by the Community Social Planning Council (CSPC) in 2021 and supports communities across Greater Victoria with grants, rent supplements, and microloans. Since its inception, GVRB has distributed $852,409 in loan capital, preventing housing loss for over 500 Greater Victoria households.
In April 2024, the GVRB began collecting data to learn more about the factors contributing to or 'driving' displacement from rental housing and the resulting need for rent bank services. This data complements the information already collected by BC Rent Bank through their Client Management System (CMS). This report summarizes the key findings from this data tracked across fiscal year 2024/2025 and puts forward four recommendations to mitigate the negative effects on renter households.
Dive into the report for more information.