Everyone deserves the right to a safe and affordable place to call home. For too many Canadians, a home they can afford is increasingly out of reach due to skyrocketing rents, renovictions and ballooning home prices.
Real Estate Investment Trusts (REITs) have long received special tax treatment from the federal government, and the seven largest apartment-owning REITs have saved a combined total of $1.5 billion in tax exemptions in the last decade. The top 20 corporate landlords own 20% of apartments in Canada, and are growing their ownership share faster than new apartments are being built.
Canadians should not have to compete against deep-pocketed investors just to get a home,
We call on the government to
- prohibit the acquisition of affordable homes by REITs and other corporate landlords who are driving up costs through renovictions to make big profits
- to amend how predatory housing investment funds are taxed
- and to block the monopolization of affordable rental units so that every Canadians can have access to a place to call home.
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