Guide to Housing Agreements

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March 2018  1  www.islandstrust.bc.ca 
 
Guide to Housing Agreements 
 
 
 
 
Introduction 
Housing agreements are a tool to encourage and enforce affordable housing 
developments. If you are considering an affordable housing development, or 
even a suite or single unit, this guide has will explain the application process 
and provide important information regarding housing agreements. 
Information may also be useful for potential tenants or owners interested in 
learning more about the agreement on the property. 
What is a Housing Agreement? 
The primary purpose of a Housing Agreement is to ensure affordability for 
current and future renters and owners. The property may be a single home, a 
suite, or multiple rental or strata units. While terms and conditions of the 
agreement vary between properties, a housing agreement usually serves to 
limit rental rates or sale prices, and may also stipulate who may reside at, or 
purchase, the property. Terms of the agreement may also include 
administrative requirements, property management, and an allowance for 
monitoring to ensure compliance. Specific terms, such as rental amounts and 
other charges, are determined individually at the time the Housing 
Agreement is drafted, with allowable increases. These may be specific rental 
amounts, rent geared to income, or another amount based on local statistics.  
There are three parts to a housing agreement.  
1. Bylaw. The Local Trust Committee will establish a bylaw, authorizing 
them to enter into a housing agreement. 
2. Housing Agreement. This is attached to the bylaw, and is a contract 
between the parties to provide affordable housing. A Notice of Housing 
Agreement is placed on the title of the property. 
3. Covenant. A covenant may also be placed on the title of the property, 
with additional items that support the housing agreement. 
 
How long does it take to draft a housing agreement? 
A housing agreement can take up to a year to draft, although more complicated agreements or those with multiple 
revisions can take longer. It is important to realize that no building and no selection of tenants can occur until the 
Before you Begin 
Before starting an application 
for a housing agreement it is 
important to understand what 
affordable housing is, including 
how it is defined in the Local 
Trust Area where the property is 
to be located. The Islands Trust 
Affordable and Special Needs 
Housing Guide provides further 
information on the application 
and approval process for a new 
development. 
(http://www.islandstrust.bc.ca/t
rust-council/projects/housing/)  
 
Localized affordable housing 
provisions can be found in the 
Official Community Plan for each 
island. 
 
As of 2018 the Islands Trust has 
housing agreements on 
Denman, Galiano and Salt Spring 
Islands. These agreements are 
available on the Islands Trust 
website however, note that the 
formatting and terms may have 
changed since these agreements 
were finalized. 
 
 

 
March 2018  2  

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