Edmonton is putting municipal funding behind non-profit buyers of older apartment buildings, adding a new source of acquisition capital to the city’s multifamily market as officials try to slow the loss of lower-cost rental stock.

The Edmonton Rental Protection Program will help eligible non-profits acquire and rehabilitate existing market rental properties, with the city saying more than 15,500 low-cost rental units have disappeared over the past 15 years.

The program effectively gives non-profit operators more ability to compete for aging apartment assets that might otherwise be renovated, repositioned or redeveloped.

“HomeEd’s experience has demonstrated that one of the fastest ways to increase the availability of affordable housing for Edmontonians in need is for nonprofits to acquire market rentals and offer them at below-market rates,” HomeEd CEO Nick Lilley said in the city release.

The initiative comes as Edmonton’s rental market is moving into a softer phase. CMHC reported a 3.8% purpose-built apartment vacancy rate in 2025, up from 3.1% in 2024, as new supply outpaced demand. CMHC is forecasting vacancy to reach 4.8% in 2026.

That shift could create a more favourable acquisition environment for non-profit buyers targeting older stock.

Eligible groups can receive up to $20,000 per affordable unit, capped at 10% of the purchase price, along with funding toward rehabilitation costs. Total support is capped below $1M per project.

At least 30% of units in an acquired property must remain affordable, with rents capped at 80% of average market rent. The $2M program is funded equally by Edmonton and the federal Housing Accelerator Fund.