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House Hansard - 180

44th Parl. 1st Sess.
April 19, 2023 02:00PM
Context: House Hansard - 180 - Apr/19/23
Mr. Mike Morrice (Kitchener Centre, GP)
  • Apr/19/23 3:59:59 p.m.
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Mr. Speaker, I am proud to table a petition on behalf of over 1,200 people who recognize that, first and foremost, homes should be places for people to live and not commodities for institutional investors to trade. They know that the commodification of housing, including the rapid rise of institutional investors like real estate investment trusts and their holdings, has substantially contributed to the unaffordability of housing and has worsened the housing crisis that we are in. They recognize that REITs comprise some of Canada's largest corporate landlords, which have long received special tax treatment from the federal government. They also note that REITs have grown from owning no rental suites at all in 1996 to nearly 200,000 in 2021. As a result, along with other items, the petitioners call on the Government of Canada to remove the tax exemption for real estate investment trusts and use the revenue that would be generated in doing so to invest in quality, affordable and dignified non-profit and co-operative housing.
172 words
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