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Sky-rocketing real estate prices hurting non-profits: report

VANCOUVER (NEWS1130) – Non-profit organizations in Metro Vancouver are having a tough time adapting to rising real estate costs, according to a new report from Central City Foundation.

The prices mean several groups have had to cut down or adapt programs.

“Many can’t expand, so many social enterprises that are working to build employment and opportunities for folks in the inner city are restricted in that because they can’t expand their facilities in order to create more jobs and more opportunities,” explains President and CEO Jennifer Johnstone.

“It is pushing many to do additional fundraising and to try to find new solutions to be in the place that they need to be to deliver the critical programs we need in our community.”

In an area like Surrey City Central, a lot of the organizations have been there for a long time but are now worried they’ll be pushed out of the area because of massive development.

“We’re hoping to leverage support from both government and other funders and the community to try to help non-profits to invest in real-estate and to build some security for themselves so they can be in the place and space they need to be to deliver their services,” adds Johnstone.