End tax loopholes to fix the housing crisis!

Canadians are suffering from an ongoing housing crisis. While home ownership is increasingly out of reach for multiple generations, average rent prices are outpacing the cost of living, which is contributing to poverty, intimate partner violence, unsafe living conditions, and increased houselessness.

In 2023 alone, rents rose 8% as wages grew by only 5%. At the same time, the real estate sector’s profits increased by a staggering 40% over pre-pandemic levels. Much of this outsized growth came from the capital gains loophole - profits being taxed at half the inclusion rate of workers’ income.

Real estate investment trusts (REITs) are receiving preferential tax breaks while buying up Canada’s rental housing, raising rents, and posting massive profits. 

The real estate industry is raking it in while applying enormous pressure on renters. This has got to stop.

Ending the preferential tax treatment of the real estate industry would discourage the commodification of housing and raise revenues to fund the creation of 1 million non-market homes.

It’s time to close these loopholes to fund affordable housing in Canada, now!