More than just new supply: Acquisitions for affordable housing in Canada

Abstract

Canada’s housing affordability crisis is worsening for renter households. The financialization of housing is contributing to the loss of affordable units, as financial firms buy up existing apartments and raise rents. Government solutions focus on building new supply, but housing is being lost at a faster rate. This paper explores acquisitions programs to maintain, preserve, and expand affordable rental housing. Acquisitions programs fund the purchase of private-market and its transfer into non-profit and social ownership. This approach decommodifies housing, keeps prices low, reduces displacement, and expands non-profit capacity. Canada has five existing acquisitions programs that would be strengthened by a robust federal program. Based on interviews with housing experts from across the country, we discuss challenges, potential, and best practices for a national acquisitions program.