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M-71 Affordable housing strategy

44th Parliament, 1st Session

Motion Text


(a) the House recognize that,

(i) the right to housing is a fundamental human right as recognized under the National Housing Strategy Act and international human rights law,

(ii) homes should be first and foremost for people to live in, and not a commodity for institutional investors to trade,

(iii) the commodification of housing, including the rapid growth of institutional investors such as Real Estate Investment Trusts (REITs) and their holdings, has substantially contributed to unaffordability and has worsened the housing crisis,

(iv) REITs, which comprise some of Canada’s largest corporate landlords, have long received special tax treatment from the federal government,

(v) REITs are exempt from paying corporate income taxes by passing along their income to company investors,

(vi) the government is foregoing considerable revenue by allowing these tax exemptions,

(vii) REITs grew from owning zero rental suites in 1996, to nearly 200,000 in 2021, and financial firms hold between 20 to 30 per cent of the country’s purpose-built rental housing stock; and

(b) in the opinion of the House, the government should,

(i) immediately remove the tax exemptions for REITs and subject them to the standard corporate tax rate at 38 per cent,

(ii) use the revenue generated to invest in quality, affordable, and dignified non-profit and cooperative housing,

(iii) invoke antitrust laws to limit the agglomeration of housing units in a single community or neighbourhood by a single institutional investor.

Latest Activity

September 28, 2022
Placed on Notice


September 28, 2022
Placed on Notice

Joint Seconders (4)

Jointly seconding a private Member's motion is a formal way for up to 20 Members to show support for the motion before it is called for debate. They are displayed in the order they were received by the Clerk of the House.

Jointly seconded on October 4, 2022

Photo - Elizabeth May - Click to open the Member of Parliament profile
Elizabeth May
Saanich—Gulf Islands

Jointly seconded on November 25, 2022

Photo - Jenica Atwin - Click to open the Member of Parliament profile
Jenica Atwin

Jointly seconded on February 6, 2023

Photo - Alain Rayes - Click to open the Member of Parliament profile
Alain Rayes

Jointly seconded on March 2, 2023

Photo - Chad Collins - Click to open the Member of Parliament profile
Chad Collins
Hamilton East—Stoney Creek