The review panel on the “Financialization of Purpose-Built Rental Housing” has made its report public following a period of engagement with over 200 participants on Canada’s systemic housing issue and the inequities facing tenants in greatest need.

The panel consisted of three members of the National Housing Council: Sam Watts, CEO of the Welcome Hall Mission; Dr. Ann McAfee who has over 50 years of experience in housing and city planning; and Maya Roy who has experience in gender-based analysis, racial equity, and human rights.

“The housing market, left to its own devices, is not delivering what is needed,” said Sam Watts, Chair of the review panel. “Canadians expect universal access to health care; they should expect access to adequate housing. There is an urgent need to respond to this challenge. The right to housing is a shared responsibility, but one where the Government of Canada must lead the way.”

During discussions, the review panel heard that some “financial actors” focus on purchasing rental housing units and managing these properties solely for short-term financial gain. The evidence showed that this practice can severely impact tenants. Coupled with the rapid loss of affordable rental housing and the long-term underinvestment in non-market housing, this issue is critically affecting tenants in greatest need. Consequently, the review panel is raising an urgent call to action, emphasizing that more must be done to address these inequities and protect the housing rights of those most vulnerable.

The review panel’s recommendations are opinion-based only and stem from what was heard from participants. The recommendations are a blueprint for the Minister to advance the progressive realization of the right to adequate housing in Canada:

• Incentivize the development of new affordable rental housing supply, particularly in the non-market sector
• Actively protect existing affordable rental supply through a rental acquisitions program for non-market rental housing providers
• Establish a comprehensive non-market rental housing plan to manage and distribute federal funding and lending to increase the supply of affordable non-market rental housing
• Implement housing support for tenants facing housing precarity
• Serve as a convenor to bring all actors to the table to identify national consensus standards for tenant protections

The Minister is required by legislation to respond to this report within 120 days and to table a response in Parliament within 30 days of sending it to the review panel.