CFAA’s action plan
CFAA will review the specifics of the issues with rental housing providers, our member associations across Canada, REALPAC, CHBA and other national real estate and housing associations.
CFAA’s initial reaction is that the federal government does not appreciate the value of a vibrant rental housing sector to all residents of Canada. An increase in the supply of rental housing is critical for Canada to house the planned number of immigrants and the existing population, and to facilitate economic growth and jobs.
The federal government is focusing its attention on the market effects of the combination of recent strong immigration and long-standing delays in approvals for housing development. Approvals are especially slow and uncertain for rental housing developments.
CFAA believes that the Housing Accelerator Fund (to speed up development approvals), and the other positives mentioned above are beneficial steps that will help to bring housing demand and supply back into balance. However, the proposed measures to increase taxes and restrictions on rental housing providers would be counter-productive, by reducing rental housing supply, the opposite of what is needed.
CFAA will work with rental housing providers, industry allies and the provinces to temper the steps taken, to avoid reducing rental supply at this critical time.