Full-time tenure-stream UBC Vancouver faculty members and strategic senior executive staff hires supported by the VP Human Resources are eligible for consideration. There is a recruitment stream for candidates still in the hiring process and a retention stream for current faculty.

The loan can be used to purchase or refinance residential property in Metro Vancouver to be used as the only and principal residence of the borrower as defined by the Canada Revenue Agency (CRA) The borrower cannot own any other property in Metro Vancouver while the PIRL remains outstanding.

UBC requires the borrower to have a minimum of 5% of their own funds as equity in the property. Any borrowed funds, including UBC Down Payment Assistance program funding, cannot be used towards this 5% equity requirement.

The borrower will need to qualify for a mortgage loan through a participating financial institution unless they have sufficient funds to complete the purchase without one.

The PIRL is a UBC-funded 15-year interest-payment-only repayable loan. Loan amounts range from $100,000 to $300,000, although loans in the upper limit are rare. If approved under the retention stream, the loan must be activated within 10 years of approval. If approved under the recruitment stream, the loan must be activated within 10 years of appointment or six months prior to the start date. Once the loan is activated, the borrower will make monthly interest payments to UBC through regular payroll deductions. No principal payments are made throughout the loan period. 

UBC charges the borrower the CRA prescribed interest rate, which is the lowest interest rate UBC is able to charge without the loan being considered a taxable benefit. The CRA announces this interest rate on a quarterly basis. The prescribed annual interest rate for the first quarter of 2026 is 3%. 

The interest rate is set for five-year periods throughout the 15-year term of the loan (the “Period Rate”). The initial annual interest rate for the first five years of the term is set at the time the loan is advanced and resets at the start of each subsequent five-year period to the then applicable CRA Prescribed Interest Rate. During each five-year period, PIRL interest rates are adjusted (either decreased or increased) in alignment with changes in the CRA Prescribed Interest Rate, subject to a maximum ceiling of the Period Rate for that specific five-year period. This means that:

• If the CRA Prescribed Interest Rate decreases, UBC will adjust the interest rate on the loan down.
• If the CRA Prescribed Interest Rate increases, UBC will adjust the interest rate on the loan up, but ensuring it does not exceed the Period Rate for the specific 5-year period.

Loans in excess of $125,000 will be secured by a mortgage registered on title. Where there is a first mortgage, the PIRL will be secured as a second mortgage subject to the consent of the primary lender. Borrowers will not be entitled to refinance their home unless it is for the purpose of repaying the PIRL in full or to refinance or renew their first mortgage where the mortgage amount is less than or equal to the then outstanding first mortgage balance. Any other financing related to the property is subject to UBC approval. 

The loan must be repaid in full to UBC upon the sale of the home or at the end of the 15-year loan period, whichever is earlier. The borrower may also make repayments throughout the loan period without any penalty. The minimum repayment amount is $5000.

UBC can demand repayment of the loan in certain circumstances, including if the borrower ceases to be a UBC employee or eligible faculty member, or if the property ceases to be the borrower's primary and only residence in Metro Vancouver. Tenants in UBC Faculty Staff Rental housing on the UBC Vancouver campus are not permitted to have an active Down Payment Assistance (DPA) loan and/or a Prescribed Interest Rate Loan (PIRL) loan.

For more information on loan terms and conditions and the process to activate the loan once you have been approved, please refer to the PIRL Instruction Booklet.

Applicants are assessed on academic merit and strategic importance to faculty and university-wide recruitment and retention priorities through an adjudication process overseen by the Office of the Provost. Department heads, directors, and deans are engaged to review applications and make recommendations to the Office of the Provost. Decision-making authority rests with the Office of the Provost. Decisions are final with no appeals allowed, but unsuccessful applicants may reapply in a subsequent fiscal year.  

The PIRL program is highly competitive with finite funding, so not all applications can be approved. Faculty members should speak to their department head, director or dean before applying to understand how their application may be assessed.

It is important to plan ahead. Processing times can vary based on priority, application volume, and funding availability. Priority is currently being given to recruitment applications and retention applications of the highest strategic importance. Once approved, applicants must submit the full set of documents outlined in the PIRL Instruction Booklet at least 4 weeks prior to the closing date to allow sufficient time for loan documentation to be prepared and funds to be released on time.

Recruitment Applications

Department heads, directors, or deans may apply on behalf of prospective or new recruits still in the hiring process through the recruitment application portal. Be prepared to respond to a series of questions and upload documents including a candidate curriculum vitae and recommendation letters from the sponsoring faculty and department or school. 

In dual career cases, only one PIRL will be allocated per household and it is awarded solely to the primary hire. A single application is to be submitted for the household and the abovementioned information will be required for each faculty member.

Apply now

Retention Applications

Current faculty members who have been in an eligible position for at least one full year can apply through the retention application portal. In spousal cases, both faculty members must apply jointly on a single application as only one PIRL will be allocated per household.

Faculty members are strongly encouraged to speak to their department head, director, or dean before applying to understand how their application may be assessed. Applications are reviewed by the Office of the Provost on a quarterly basis (March, June, September and December). 

Be prepared to respond to a series of questions and upload documents including your UBC curriculum vitae, a scholarship statement, and any other information you consider relevant to your application. You will also be required to acknowledge key terms of the PIRL program.  

Apply now

Contact Housing, Immigration and Relocations Services at employeehousing.help@ubc.ca if you have questions about the PIRL program and application process. 

UBC offers rental housing to faculty and staff on the Vancouver campus. This portfolio of 1396 apartments and townhomes is managed by UBC affiliate Village Gate Homes. All suites are unfurnished and a minimum of a one-year lease is required.  For details, photos, floor plans, and to apply for a rental suite, please go to the Village Gate Homes website.

Suites are allocated on a priority basis. Apartment suites are offered to tenure-track faculty first, followed by tenured faculty and then to staff and other eligible faculty, including postdoctoral fellows and research associates. Within each of these groups, priority is assessed by the date of registration with Village Gate Homes. There is a separate allocation process for townhomes in which tenured faculty are prioritized.  

UBC Vancouver faculty and staff are eligible to apply by registering with Village Gate Homes. Please register only once you have a job offer for an eligible position. Be sure to provide complete information or else you may not be added to the waitlist. Village Gate Homes will confirm your eligibility once you are offered a suite.

Note:  Tenants are not permitted to reside in Village Gate Homes and have an active UBC Down Payment Assistance (DPA) loan and/or a Prescribed Interest Rate Loan (PIRL) loan.

Questions about availability, rents, suites and tenancy can be directed to Village Gate Homes at info@villagegatehomes.com. 

Questions about eligibility and allocation guidelines can be directed to UBC Housing, Immigration and Relocation Services at employeehousing.help@ubc.ca.

UBC offers a limited number of UBC Faculty Staff Rental Housing suites to eligible employees at rental rates equal to 30% of their gross household income before taxes and adjustments. Employment, income and assets criteria apply.  To view program details and apply please go to UBC RGI Program.

A number of property management companies offer long-term unfurnished, market rentals for faculty, staff, students and the general public on campus. Visit their websites for more information, including photographs, virtual tours, unit plans, prices, and current vacancies.

• Wesbrook Properties
• Chancellor Court by Austeville
• Coast and Westpoint by Bastion Development
• Axis by Concert Properties
• leləm̓ Living

If you need short-term housing, there are a number of options available on campus that are within close proximity to all UBC facilities and amenities, including affordable food outlets, student pubs, pool and gym.

• UBC Conferences and Accommodations
• TRIUMF House
• St. John’s College
• Green College
• Carey Accommodation

Neighbourhood services and amenities, living costs and commute times are important factors when looking for housing. Our neighbourhood profiles include information on housing types and costs, commute time to UBC, walkability, amenities, demographics and schools to give you a feel for each neighbourhood.

Arbutus (PDF) |  Downtown (PDF) |  Dunbar-Southlands (PDF) |  Fairview (PDF) | Grandview-Woodland (PDF) |  Hastings-Sunrise (PDF)  |  Kensington-Cedar Cottage (PDF)  |  Kerrisdale (PDF)  | Killarney (PDF) |  Kitsilano (PDF) |  Marpole (PDF)  |  Mount Pleasant (PDF) |  Oakridge (PDF)  |  Renfrew-Collingwood (PDF)  |  Riley Park (PDF)  |  Shaughnessy (PDF)  |  South Cambie (PDF) |  Strathcona and Downtown Eastside (PDF) |  Sunset (PDF) |  Victoria-Fraserview (PDF)  |  West End (PDF)  |  West Point Grey (PDF)

Housing can move quickly so contact landlords immediately if you come across a listing you like. As tenants generally only give one month’s notice to end a tenancy, vacancies will only start showing 25 to 45 days prior to availability. Always exercise caution with any online listing platform.

• liv.rent
• Sabbatical Homes
• Rentseeker
• Rent Faster
• Make Yourself at Home
• Craigslist
• Kijiji
• Padmapper
• AirBnb
• VRBO
• Zumper
• Zillow
• Rentals.ca
• Hollyburn Properties
• Austeville Properties
• Bastion Development
• Facebook Marketplace

Please note that UBC isn't affiliated with any of the agencies listed above. They're listed for information purposes only.

Documents:

Landlords may request the following information from prospective tenants: 

• Name and contact information;
• Photo ID to verify the name on the application;
• Current address and past rental history;
• References from previous landlords or employers;
• Proof of income and employment.

Tenancy Agreement:

A tenancy agreement, which is a written contract outlining the rules of the tenancy, must be signed by both the landlord and the tenant. Tenancy agreements can either be:

• Month-to-month: The tenancy renews each month and does not have an end date.
• Fixed-term: The tenancy is usually for a year and has an end date. The tenant and landlord can decide to renew it for another year when it ends or let it go month-to-month.

Deposits:

A security deposit, also known as a damage deposit, is a sum of money paid by the tenant to the landlord at the start of the lease, which is held until the tenancy ends. The deposit cannot exceed half of the first month’s rent. After the tenant has paid the deposit, the tenancy is considered to be established and the landlord is not allowed to rent the unit to another person.

If the tenant is permitted to have pets, the landlord may require a pet damage deposit in addition to the standard security deposit. The deposit cannot exceed half of the first month’s rent, regardless of the number of pets allowed. The tenant must pay the pet damage deposit at the beginning of the tenancy or when they acquire a pet during the tenancy.

Move-in Condition Inspection:

A move-in condition inspection, also known as a walk through, involves the landlord and tenant inspecting the unit together to note any damages or issues. During the walk through, a condition inspection report should be completed. This inspection is essential for determining responsibility for any damages and deciding if the landlord is entitled to retain part or all of the security and pet deposits when the tenant moves out. The walk through should take place on the day the tenant receives the keys, though both parties can agree to schedule it at another time.

To learn more about your rights and landlords’ responsibilities during a tenancy and when ending a tenancy, please visit the Government of British Columbia website.

Residential Tenancy Branch: Information, education and dispute resolution services for residential tenancies in British Columbia.

Tenant Resource and Advisory Centre (TRAC): Online guide to better understanding tenant-landlord law in British Columbia and free legal representation to eligible tenants.

BC Housing: Resource for a range of affordable and subsidized housing options across British Columbia.

YWCA Housing: Provides safe and affordable homes for single women and their dependent children across Metro Vancouver.

City of Vancouver: Resources for renters in finding safe and suitable housing in the city.

Catalyst Community Developments: BC-based not-for-profit real estate developer that owns and operates a number of affordable rental housing in the region.

Brightside Community Homes Foundation: Offers affordable rental housing for seniors, families and people with disabilities.

Metro Vancouver Housing: Offers affordable housing for households with low to moderate incomes.

UBC as an employer is required by law to calculate, report, withhold, and remit tax on cash and non-cash taxable benefits.

• The employee is solely responsible for paying income tax on taxable employment benefits as well as any applicable Canada Pension Plan contributions or Employment Insurance Act premiums.
• UBC withholds income tax from an employee’s pay, and then remits the tax to Canada Revenue Agency for each applicable pay period, just as with normal payroll withholding.
• Most taxable benefits appear on the employee’s pay stub for each pay period during the year.
• At the end of the tax year, the total of all taxable benefits in respect of housing will appear on an employee’s T4 in the Other Information area under Code 30. The total taxable benefit for housing will also be included in total taxable income in Box 14 of the T4.

See examples of taxable benefit calculations for down payment assistance (pdf). See UBC's finance website for more information on taxes and taxable benefits.

Your chair should support you in a comfortable, slightly reclined position. If you’re looking to purchase a new chair, see UBC’s list of recommended office chairs.

Key features to consider including:

• Height adjustable. The chair should support you with your feet firmly supported on the ground and your hips and knees close to level
• Lumbar support. Either the backrest height of the height of the lumbar support should be adjustable to fit the small of your back.
• Backrest angle. A slightly reclined posture is easier on the spine. Check the user manual for your chair to learn how to do this.
• Seat pan. The seat pan should support your full thigh without cutting into your calves.
• Armrests. Armrests can be helpful if they fit you properly, i.e. elbows at 90 degrees and shoulders relaxed. However, sometimes the armrests are too wide or too far forward. If they are problematic, you may need to remove them.

• You should have an external keyboard and mouse and they should be positioned below elbow level.  If your desk is too high you can either raise your chair and use a footrest or install a keyboard tray. See below for resources to assist with you setting up your keyboard and mouse.
• You can check ergotron’s desk height calculator to find the correct working height for you.
• Review our ergonomic equipment and accessories purchasing guides for examples of keyboard trays, specialty keyboards and mice.
• Intermittently mouse on the left. This will help to even out the load between the right and left hand.
• Adjust your mouse settings: increase pointer speed to reduce mouse movement or change the right/left click button if mousing on the left.
• Use keyboard shortcuts (PC or MAC)

• The top line of text should be at eye level. For those wearing bifocals, the monitor should be positioned lower. Positioning a monitor too high can result looking up which can lead to dry eyes or tilting your head back which can lead to neck strain.
• The monitor distance should be at least arm’s length away; closer tends to cause eye strain.
• See our visual ergo guide for more tips.

• Before you purchase, please refer to UBC’s Design & Purchasing Guidelines for sit-stand workstations. Check the height and depth of the workstation to ensure that it will fit you in both sitting and standing.
• Alternate between sitting and standing regularly throughout the day, i.e. every 20 minutes.
• Wear comfortable shoes with good support.
• Anti-fatigue mats, though comfortable to stand on, can become problematic to pull in and out of the way as you move between sitting and standing, and, as such, are not required unless an individual is predominantly standing.
• Keyboard/mouse should be slightly below elbow level (the same is true for both seated and standing work).
• Position monitor with the top line of text at eye level; lower for those with bifocals (the same is true for both seated and standing work).
• Please review our resources if you need a sit-stand desk as a medical accommodation. 

• In your office, try holding your phone in your non-dominant hand and use your dominant hand for taking notes. Or if you're on the phone a lot, consider using a headset.
• Review our smartphone ergonomics guide to learn how to minimize the risk of discomfort while reading, texting and holding your phone.  

Long-term leasehold homes (up to 99 years) on campus are available for purchase by the general public, including faculty and staff at UBC. These units can be purchased new at market rates from private developers or privately on a resale basis directly from current unit owners.

Information on new and resale listings can be found through the same resources available for off-campus purchases below.

You may also visit UBC Properties Trust for information on new on-campus projects under development.

Faculty members approved for Faculty Home Ownership Program loans from the University may use their loans towards a purchase of a home on campus.

The Real Estate Board of Greater Vancouver provides information on housing prices by municipality and dwelling type, as well as tips on selling and buying a home.

The Canadian Real Estate Association’s Multiple Listing Service (MLS), RealtyLink, and REW contain comprehensive real estate listings for Vancouver and surrounding areas.  

The Livabl catalogues all new residential developments in British Columbia including Vancouver and surrounding areas.

If you are a foreign national (i.e. you are not a Canadian citizen or permanent resident of Canada), you are required to pay an additional property tax on the fair market value of the property, in addition to the general property transfer tax.

There are some exemptions available. Please visit Government of B.C for further information.

The information provided is for general information purposes only and does not constitute legal or other professional advice. It is recommended to consult a real estate lawyer before purchasing a home in B.C. 

The Federal Government has passed new legislation that has implications for non-Canadians who are interested in purchasing a home in Canada.  The Prohibition on the Purchase of Residential Property by Non-Canadians Act prevents non-Canadians and corporations controlled by non-Canadians from purchasing residential property in Canada until January 1, 2027. The Act and Regulations provide exceptions for work permit holders if they have 183 days or more of validity remaining on their work permit or work authorization at time of purchase, and they have not purchased more than one residential property.

The Act is not to be confused with BC’s Additional Property Transfer Tax (APTT) of 20% when buyers are not Permanent Residents or do not hold a British Columbia Provincial Nominee Program (BCPNP) nomination.

For further information, please visit the link provided above for the legislation or visit the CMHC website for a summary and highlights of the legislation.

The information provided is for general information purposes only and does not constitute legal or other professional advice. It is recommended to consult a real estate lawyer before purchasing a home in B.C. 

Use the links below to search for realtors in your area. Many of these sites also offer helpful tools for home-buyers, including mortgage calculators, tips on choosing a realtor, and general home buying guides.

• How realtors can help you (Real Estate Board of Greater Vancouver)
• Meet a realtor (Realtor.ca)
• Greater Vancouver Real Estate Agents (gvrd.com)

When buying a home, you may rely on a lender for a mortgage to finance the purchase of your home. It is important that you obtain a mortgage pre-approval to understand how much you can borrow (i.e. your purchasing power) before you start looking at properties. You can work with banks and credit unions directly, or work with a mortgage broker, who will help you find the best mortgage package.

Here are links to most of the major banks and credit unions in B.C.:

CIBC  |  RBC  |  BMO  |  TD  |  VanCity  |  Coast Capital Savings

If you are using one of the home ownership programs offered by UBC, you may be restricted by which lenders you can use. Please visit Faculty Home Ownership Program for further information.

It is important to research and secure a lawyer as early as possible to review contracts and represent you in final closing details.

You may find the following resources helpful when buying a home in BC and understanding the important legal considerations involved: 

• BC Financial Services Authority
• Canada Mortgage and Housing Corporation (CMHC) Home-buying step by step and Home-buying for Newcomers to Canada Guides

In addition to the actual price of the home, there are other costs involved in buying a home. These include:

• Appraisal fee;
• Home inspection fee;
• Goods and Services Tax (GST) of 5% applicable on a purchase of a new home;
• Property Transfer Tax;
• Legal fees.

Please visit REBGV for further information on these costs.

Please visit our Rental Housing webpage to access handy overviews of Vancouver neighbourhoods, which include approximate commuting times from the UBC campus, to help you decide where you’d like to live.