Early this week, CHRA submitted its recommendations to the National Housing Council on the financialization of housing.
There is consensus that financialization is a significant threat to housing affordability and community housing in Canada. It leads to a business model based on displacing long-term tenants and rapidly increasing rent, with the goal of rapidly increasing the real estate asset value. This trend continues to worsen, requiring a coordinated response to ensure economically vulnerable individuals remain housed. CHRA recommends that the government work in partnership with the community housing sector to co-develop a national rental preservation program to support community housing providers to acquire existing rental properties and preserve affordability, removing these properties from the cycle of financialization.
CHRA is recommending that the National Housing Council endorse our recommendations to mitigate the effects of financialization.