How UBC Properties Trust impacts faculty and staff housing at UBC
For over 30 years, UBC Properties Trust (UBCPT) has played a pivotal role in shaping UBC Point Grey into the vibrant, inclusive community we know and love today.
We build residential homes, and student housing, and manage a portfolio of market and below-market rate rental units to provide affordable housing for the UBC community and support the recruitment and retention of world-class faculty, staff and students. We also build daycares, dining facilities, parks, playgrounds, greenways and infrastructure, and manage retail spaces, and offices, host community events, and more, all of which support UBC’s academic and residential communities.
As the development arm of UBC, UBCPT is governed by a Board of Directors with UBC as the sole shareholder and beneficiary of the trust. It operates with a financial model that contributes all revenues to the UBC endowment. These contributions allow UBC to fund academic buildings and programs, research, student housing, campus development, and more at its discretion. You can learn more about UBC’s endowment, including endowment funds established with the net proceeds of land development, by reviewing UBC’s Annual Budget (page 53-54).
In light of evolving market dynamics and ongoing community interest in sustainable housing practices, UBCPT would like to provide insight into how we support faculty and staff housing.
UBC Properties Trust builds according to UBC’s policies and protocols that are amended over time to meet current needs and standards. The Land Use Plan and Neighbourhood Plans guide the long-term vision for development and community building on campus, while the Housing Action Plan (HAP) increases housing choice to support the university’s academic mission, people and communities. The HAP supports housing choice and affordability initiatives that benefit faculty, staff and students for this and future generations.
UBCPT further supports faculty and staff housing through the development of purpose-built rental housing. Established in 2001, Village Gate Homes (VGH), a UBCPT property management division exclusively for faculty and staff, leases and manages this portfolio. UBCPT has built 2,438 purpose-built rental homes at UBC to date, with over 1,400 of those exclusively for UBC faculty and staff with rental rates that are, on average across the portfolio, 25% below-market. This pricing structure, outlined in the HAP, is designed to balance affordability with the costs associated with building, maintaining and operating these homes and to encourage faculty and staff residents to stay and enjoy UBC’s unique communities. UBC also has a Rent-Geared-to-Income (RGI) program that supports UBC employees who need additional support in finding housing.
UBCPT has built 398 new faculty and staff rentals since 2022, and faculty and staff housing continues to be in high demand. Market conditions, staffing levels at the university, and broader economic trends all influence rental demand. While there may be slight fluctuations in these factors from time to time, we take a longer-term outlook. A combination of industry benchmarks for new builds of similar size, third-party market analysis, and averages across the portfolio inform rental rates for new builds. UBCPT continuously monitors these factors and market fluctuations to ensure that rent prices are consistently below market.
Similar to other rental providers in British Columbia, Village Gate Homes follows the BC Residential Tenancy Act, which sets legal annual limits on rent increases. These adjustments help ensure the long-term financial viability of the housing program amidst rising supplier costs, allowing VGH to cover operating expenses such as maintenance and repairs across the portfolio. UBCPT remains committed to maintaining affordable, high-quality rental options for UBC’s faculty and staff.
Another key element of the HAP is UBC’s support for faculty homeownership. Revenues from land leased by UBCPT flow directly into the Faculty Housing Assistance Financing endowment, which funds programs like the Prescribed Interest Rate Loan Program, and the Down Payment Assistance Program that support UBC’s ability to recruit and retain faculty.
For more information about UBC Properties Trust, visit Our Role at UBC page.
