The most affordable housing we have is the affordable housing we’ve already got — preserving existing rental units is one of the fastest and most impactful ways to address the national housing crisis quickly and meaningfully.
Canada is losing affordable rental housing much faster than it is building, and rent is becoming unaffordable for an increasing number of low-and middle-income households. Essential workers, newcomer families, young graduates and students will see the situation worsen in coming years even as home building accelerates. Indigenous households are unjustly overrepresented in housing need and homelessness.
Research shows Indigenous households are twice as likely to fall into core housing need and once in need, are more likely to remain in housing need. Clearly, Canada needs a robust mechanism to preserve homes where people can live affordably to prevent housing precarity and homelessness.
With reliable federal funding made available to non-profits, co-ops and Indigenous-led housing across the country, there is an opportunity to purchase rental units from the private sector to protect renters and affordable housing supply. In addition, an acquisition fund would allow the community housing sector to build up its asset base to enable continuous renewal and development of community housing supply
Housing as Infrastructure
“First, we must use all federal tools available, including the CIB, and work in partnerships with other levels of Government and the private sector to address Canada's national housing shortage.”
Minister Sean Fraser, Statement of Priorities and Accountabilities – Canada Infrastructure Bank (Sept 2023)
By the Canadian Infrastructure Bank’s (CIB) definition, an Infrastructure Project is a physical asset which, through its operations, generates an incremental, direct shared benefit or positive externality that accrues beyond the asset’s owner.
Community housing is more than a social good. It’s also an economic necessity and it is key to tackling Canada’s productivity problem.
If Canada were to match our global peers by ensuring that community housing makes up at least seven per cent of total housing supply, national productivity would rise between 5.7 and 9.3 per cent and GDP and would increase by $67 billion to $136 billion.
When it’s available, community housing keeps its residents healthier, happier, safer and more self-reliant – $10 invested in community housing can save $20 in other areas such as justice, health and social services.