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House Hansard - 233

44th Parl. 1st Sess.
October 17, 2023 10:00AM
Context: House Hansard - 233 - Oct/17/23
Mr. Denis Trudel (Longueuil—Saint-Hubert, BQ)
  • Oct/17/23 12:04:26 p.m.
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Madam Speaker, what he just said is very interesting. He talked about the affordable housing we are losing in Canada. This brings me to a topic that does not come up very much when we talk about the housing crisis: the financialization of housing. We are talking about affordable housing because large investment trusts, often international, investment companies, are buying up affordable housing. Often, they demolish the housing, or they renovate it and then double the price. That is important. When the federal government withdrew from housing in 1993, this phenomenon did not really exist in Canada. Now, we see that between 20% and 30% of the housing stock is owned by these corporations. We do not see the government legislating against that. We will not be able to build the 3.5 million housing units. They will not appear out of thin air. We will have to protect affordability any way we can. I would like my colleague to elaborate. Are there any measures that could be taken right now to counter this financialization that is hurting Canada's housing market so badly here?
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