Sue Foreman endured a very stressful situation less than two years ago when a real estate agent came to the apartment building she called home. The agent came along with a client, wanting to see every unit.
It caused quite a stir at the 52-unit Moilliet Manor in Parksville that Foreman has called home for 20 years. She said all the residents were upset by the potential sale.
"We had a whole mass of old people saying 'Oh my God, they're going to tear down the building, and we're not going to find a place to live,'" Foreman said.
Their concerns evaporated on Wednesday morning, July 17, when the province's Minister of Housing, Ravi Kahlon, announced that Ballenas Housing Society, through the B.C. Rental Protection Fund, has purchased the building and will protect the longtime residents, keeping the rates affordable.
"Thanks to the Rental Protection Fund, seniors in Parksville will be able to age in place affordably, close to their loved ones, community and services they rely on," said Kahlon. "In addition, I look forward to seeing the impact of new renovations coming to the building, ensuring improved building conditions for residents."
Approximately half of the current residents in Moilliet Manor, built in 1976, are at least 75 years old. The building is primarily made up of two-bedroom units, which are renting at 45 per cent below market rates.
"My monkey is off my back, totally and completely," said Foreman. "You read the newspaper, you go online and you look at what's going on and you know where this is leading because you're smart enough to figure it out down the road. And you know, there's nothing you can do about it, literally. Until something like this happens."
The RPF provided a capital contribution of $5 million that allowed Ballenas Housing Society to purchase the property.
"Approximately half of the residents of Moilliet Manor are 75-plus, highly value the community they have created in the building and rely on each other and the neighbourhood amenities that are very close by," said Andrea Blakeman, CEO, Ballenas Housing Society. "Ensuring that we keep these sorts of buildings and communities intact, both in Parksville and around Vancouver Island, means that future generations of seniors can benefit from long-term stability to support the best quality of life possible."
Ballenas also received a renewal grant of $1.25 million to support necessary building renovations. The former building owner also provided a donation to Ballenas that will help fund a new roof.
Seniors are often the most at risk of displacement. This acquisition secures much-needed affordable housing in a community with the highest concentration of seniors per capita in the province.
"When seniors make up the majority of Parksville's affordable housing wait list, and are the most prone to displacement, we simply can't afford to lose the affordable seniors housing we already have," said Katie Maslechko, CEO, RPF. "Housing that many of these residents have called home for decades, in the community they've contributed so much to and come to rely on. This is what fairness for every generation looks like, and we hope to see the federal government join us in protecting even more homes before they're lost forever."
Blakeman said the acquisition of the manor was a difficult and complex process that has been an invaluable experience. She hopes they can use the knowledge they acquire in making similar acquisitions in the future less tedious.
For now, the goal is to work on the manor, to improve the building to make it more comfortable for residents.
Blakeman acknowledged rental fees are always a concern and while the goal is to keep them in check, it also has to feasible.
"At the end of the day, with all the rising cost and everything else, it has to financially work," said Blakeman. "If we can't make it financially work, we can't keep the building."
One of the former owners of the manor, Russell Clark, is pleased to see the purchase go through.
"The purchase took a bit longer than an average transaction. However, the information required by RPF and Ballenas Housing Society showed that they were doing their due diligence," said Clark. "From our perspective as the ownership group of Moilliet Manor, it has always been a priority to provide a safe, clean and comfortable home for the tenants. We are happy that this philosophy will continue."
