Renter households across Canada are facing increasing costs and many are living in unaffordable housing; in 2023, 33.2% of tenant households spent more than 30% of their income on shelter costs. Financialization of housing, or the treatment of housing as a financial commodity and an asset for profit, is playing a part in reducing the number of affordable housing units across the country.

Over the course of four meetings, the House of Commons Standing Committee on Human Resources, Skills and Social Development and the Status of Persons with Disabilities (the committee) heard from the Federal Housing Advocate, researchers, advocacy groups, industry representatives and academics about the issue of financialization of housing and its impacts.

The committee heard about challenges faced by renters, including eviction rates, and was told that financialization of housing is resulting in reduced access to affordable rental housing. The committee also heard that financialized landlords can be a part of the solution. Based on the testimony received, the committee makes recommendations to the Government of Canada related to increasing the supply of affordable housing, addressing evictions, adjusting tax measures and better supporting tenants. These recommendations aim to address some of the impacts of financialization of housing and the loss of affordable rental housing.