OTTAWA, Nov. 14, 2022 (GLOBE NEWSWIRE) — Canada’s 5 (5) largest residential rental actual property investments trusts (REITs) announce the launch of ForReasonably priced.ca, a brand new web site from Canadian rental housing suppliers that units out the information on how residential REITs function in Canada’s rental market, in addition to their concepts for serving to to unravel Canada’s housing provide and affordability disaster.
ForReasonably priced.ca has been developed by Canadian rental housing suppliers for reasonably priced housing, which is made up of Canada’s 5 largest publicly traded residential rental REITs: Canadian Apartment Properties REIT (CAPREIT), Boardwalk REIT, Killam Apartment REIT, InterRent REIT and Minto Apartment REIT.
“Canada is experiencing the worst crisis of housing affordability and supply in a generation. Put simply, there just haven’t been enough new homes built to match the country’s population growth. That is making housing less affordable for an increasing number of Canadians,” mentioned Mark Kenney, President and CEO of CAPREIT. “Governments across Canada are looking for solutions to this historic challenge, but some of the discussion around solutions has been driven by misperceptions about how REITs do business. ForAffordable.ca aims to make sure that policymakers’ search for workable solutions is informed by facts and evidence.”
Canadian residential rental REITs deeply perceive that housing is firstly about folks. They know that secure, reasonably priced, high quality houses are the secure harbour of Canadian household life in all of its range. Housing is the important thread that connects and enlivens the material of livable cities, cities, and villages.
ForReasonably priced.ca units out the information about how Canadian rental housing suppliers for reasonably priced housing do business and the way they’re taxed, together with:
- They are majority owned by Canadians together with small traders’ retirement accounts
- Publicly-traded residential rental REITs symbolize roughly 3% Canada’s rental market
- More than half of their 120,000 suites are rented at charges that meet the federal government’s definition of reasonably priced: lower than 30% of native median renter family revenue
- Rent will increase over the past 10 years are in keeping with the federal government’s goal price of inflation
- They don’t do “renovictions”
- They make investments closely of their properties for the well being and security of residents
- They appeal to funding to the reasonably priced housing sector whereas producing an analogous degree of tax income for governments in comparison with companies. Increasing taxes on residential rental REITs would weaken the provision of reasonably priced housing
- They are accountable for, and centered on, environmental, social and governance (ESG) practices
As house owners and managers of reasonably priced rental models in Canada, residential rental REITs even have perception into what is required to ship the housing Canada wants and the houses Canadians need.
ForReasonably priced.ca lays out complete proposals that these suppliers have shared with governments, together with:
- Securing extra reasonably priced housing for Canadians by serving to non-profits, cooperatives and group land trusts purchase current properties in a method that makes authorities reasonably priced housing {dollars} go additional.
- More revenue assist for Canadians by increasing the Canada Housing Benefit to assist extra households and introduce an emergency assist profit to forestall homelessness.
- Creating a nationwide normal for land-use by aligning land use insurance policies with nationwide housing, infrastructure and immigration targets and investments.
- Maintaining the prevailing tax remedy of REITs to assist wanted funding in housing.
ForReasonably priced.ca gives entry to the group’s submission to the House of Commons’ Standing Committee on Finance’s (FINA) Pre-Budget Consultations in addition to a Fall 2022 examine by Ernst & Young which demonstrates that altering the tax remedy of REITs would disincentivize wanted funding in residential provide, put upward strain on rents, and have a marginal — and presumably unfavorable — affect on authorities revenues.
Delivering the housing Canada wants and the houses Canadians need requires a partnership between housing suppliers, governments, and civil society to make wanted coverage modifications and make investments the required capital. Learn extra by visiting ForReasonably priced.ca.
For extra info, please contact:
Boardwalk REIT
Sam Kolias, Chairman and CEO
[email protected]
Canadian Apartment Properties REIT
Mark Kenney, President & CEO
[email protected]
InterRent REIT
Mike McGahan, Executive Chair
[email protected]
Killam Apartment REIT
Philip Fraser, President & CEO
[email protected]
Minto Apartment REIT
Michael Waters, CEO
[email protected]
