Canadian rental housing providers for affordable housing: ForAffordable.ca More info

CAPREIT Applauds Premier Eby’s Rental Protection Fund

A cost-effective tool for affordable long-term rental housing for vulnerable communities

Ottawa, Canada, January 19, 2023 (Globe Newswire) – Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) (TSX: CAR.UN) enthusiastically welcomes British Columbia Premier David Eby’s announcement of a $500 million Rental Protection Fund. The fund will provide non-profit housing organizations with one-time capital grants so they can purchase affordable residential rental buildings to preserve affordability of those rental units for the longer term. The British Columbia government expects the fund to protect thousands of affordable housing units throughout the province.

 

“We believe that an acquisition fund is a cost-effective way for governments to preserve existing affordable housing in vulnerable communities, at a fraction of the cost of building new purpose- built affordable housing,” said Mark Kenney, President and CEO of CAPREIT. “There is no ‘affordable’ brick; builders of affordable housing face the same challenge of rising costs as the market-rate builders. However, existing housing stock can be purchased in some cases for less than half of replacement cost. Federal decision-makers should take note.”

 

A government-led acquisition program has been advocated for by a wide array of housing advocates, including the Canadian Housing and Renewal Association. For their part, Canadian rental housing providers for affordable housing, which comprises Canada’s five largest publicly traded residential rental REITs: CAPREIT, Boardwalk REIT, Killam Apartment REIT, InterRent REIT and Minto Apartment REIT, called for a national program in their pre- budget consultation submission, following years of work with Canadian Mortgage and Housing Corporation to develop a workable program.

 

“I have been an outspoken advocate for an affordable acquisition program. Last month, I met with senior officials in the British Columbia government to express our support for the Premier’s commitment to establish this fund, and our interest in helping to develop it and set it up for success,” Mr. Kenney stated. “CAPREIT is focused on providing new rental housing supply to British Columbia and Canadian families, supporting the building of new homes our growing country needs. We congratulate Premier Eby on delivering on this important commitment and look forward to working with the British Columbia government in its implementation.”

 

Delivering the housing Canada needs and the homes Canadians want requires a partnership between housing providers, governments, and civil society to make needed policy changes and invest the necessary capital.

 

Learn more by visiting ForAffordable.ca.

News

In the Media

BNN Bloomberg Interview with Mark Kenney – housing affordability and the housing crisis

Mark Kenney, president and chief executive officer at Canadian Apartment REIT, joins BNN Bloomberg to unpack their latest earnings, and the housing crisis in Canada.
Read More
In the Media

Vancouver Real Estate Forum Interview with CAPREIT’s Chief Investment Officer, Julian Schonfeldt

Listen to CAPREIT’s Chief Investment Officer, Julian Schonfeldt, CFA, CPA, CA, CBV, as he speaks with the Real Estate Forum’s podcast, hosted from the Vancouver ...
Read More
E.S.G.

CIB to provide $70 million financing to CAPREIT to retrofit 60 multi-residential buildings

CIB to provide $70 million financing to CAPREIT to retrofit 60 multi-residential buildings Approximately 14,000 suites to undergo energy efficient and carbon reduction measure May ...
Read More
Best Place to Work

Celebrating International Women’s Day at CAPREIT: Empowering Women, Inspiring Inclusion

It’s International Women's Day, and CAPREIT proudly celebrates the remarkable women who are integral to our success. From the innovators within our property management teams ...
Read More
Two construction workers installing a solar panel on a rooftop.
E.S.G.

Conservation and Sustainability: Part 5 – Solar Energy

Harnessing the Power of the Future: Solar Energy In our final installment of our conservation and sustainability video series, watch CAPREIT’s Dan Rames, Senior Director, ...
Read More
E.S.G.

Conservation and Sustainability: Part 4 – Fostering Sustainable Community Partnerships

Now in its third year, CAPREIT’s partnership with urban gardening experts MicroHabitat are a unique feature at four of our communities across the country – ...
Read More