HANSARD: Jenny asked if the Liberals would stop financing corporate landlords?

Oral Questions
October 4th, 2022 / 3:10 p.m.
Jenny Kwan Vancouver East, BC

Mr. Speaker, the Liberals' 1% vacancy tax does not come close to adequately addressing the financialization of housing. It lets corporate landlords off the hook who profit from renovicting tenants and jacking up rent. Financial firms now hold up to 30% of Canada's rental housing stock. They do not care about families. Their goal is to line their own pockets, yet the Liberals continue to finance them, knowing that they are a key driver of the housing affordability crisis.

Will the Liberals stop financing these corporate landlords that are keeping families from having a roof over their heads?

Ahmed Hussen Minister of Housing and Diversity and Inclusion
York South—Weston, Ontario

Mr. Speaker, in addition to the 1% tax, we have introduced a two-year ban on foreign ownership of Canadian residential real estate, but we are not stopping there. We have also launched a review of the tax treatment with real estate investment trusts. Through budget 2022, we have launched a federal review of housing as an asset class.

We are committed to making housing more affordable by doing our part in tackling the financialization of the housing sector.

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