OPINION | BY NDP MP JENNY KWAN | January 31, 2024
Affordable housing across Canada is being lost at a seriously alarming rate; not to alien abduction, as the leader of the official opposition sarcastically wondered, but to housing profiteers who care most about their bottom line. These investor-landlords are looking to maximize their profits by buying older rental apartments and often displacing long-time tenants by renovicting or demo-evicting them to jack up rents.
Housing expert Steve Pomeroy has said that Canada lost more than 550,000 units of affordable housing between 2011 and 2021, which represents a loss of 11 units for each new affordable housing unit built. In cities like Vancouver and Toronto, the rate is even more drastic. Worse yet, Winnipeg and Hamilton, Ont., are losing 29 units of affordable housing for each new one. When Stephen Harper’s Conservatives were in power (with Pierre Poilievre at the table), 800,000 affordable homes were lost as corporate landlords bought in bulk while renovicting or demo-evicting low-income tenants, and the Affordable Housing Initiative was axed. Prime Minister Justin Trudeau’s Liberals have lost another 276,000 affordable homes to developers.
City TV: Concerns raised about rising cost of rentals for low-income earners: Vancouver MP
A Vancouver NDP MP is sounding the alarm when it comes to rent-geared-to-income housing units, saying incoming changes by the federal government will lead to a severe shortage within the affordable housing market in this country.
Vancouver East MP Jenny Kwan says she’s learned that as of March 31, 2028, Ottawa will be cutting subsidy funding to non-profits that operate buildings that include units for those on a fixed income. Once those suites are vacated, she says the price of those units will be bumped to market rates.
For example, a rental suite that’s going for $650 right now could be increased to $1,800 or more.
Kwan adds these changes are happening right now at some buildings in Metro Vancouver as non-profits try to bank money to prepare for their funding to be slashed in the future.