Investment companies, such as Toronto-based Core Development Group, are buying up vast numbers of single-family homes, intending to convert these into rental properties. This practice is the antithesis of housing availability and affordability for ordinary Canadians. The Core Development Group alone has announced plans to invest $1 billion in such acquisitions, with a recent announcement to buy an additional 10,000 single-family houses.

The commoditization of housing affects all Canadians and needs to stop. Houses should not be part of 'portfolios' or 'funds' open to unknown wealthy investors in Canada, the United States, and abroad.

Houses should be homes for Canadians.

Please see:
- Core Development Group to add 10,000 more houses to $1 Billion plan
- Private Debt Partners funds $15 Million to Core Development Group
- Private Debt Partners for Investors
- Core Development Group wholly-owned subsidiary Avanew
- Avanew, pioneer of the Single Family Rental (SFR) asset class in Canada

These companies have one goal: to maximize profits for their investors. This single-minded pursuit will significantly contribute to the Canadian housing crisis—and it's important to remember that things could get even worse.

Corporate encroachment into residential real estate is more than just a market trend; it represents a fundamental shift in the purpose of housing. This shift is pricing out individual homeowners and renters, exacerbating the housing affordability crisis. As observed in other jurisdictions, such as the United States, there is a growing consensus on the need for legislative action to counteract these practices. Canada must not fall behind in implementing similar measures to safeguard its citizens' right to affordable housing.

Please see:
- Legislation Proposes to Take Wall Street Out of the Housing Market
- Jeff Bezos backed Arrived surpasses 200 single family investment properties 

Canada is at a crossroads in its approach to housing policy. While the Federal Housing Catalogue's initiative to expedite home construction and British Columbia's ban on most Airbnb rentals are commendable and hopeful steps, they are insufficient in the face of aggressive corporate buying of residential properties. Immediate legislative action is required to curb this trend as Canadians are suffering.

We need reprieve now!

Please see:
- Federal Government announces consultations on a Housing Design Catalogue
- BC’s new rules for short-term rentals

We urge you, Honourable Sean Fraser and Prime Minister Justin Trudeau, to enact legislation that prohibits corporations from buying Canadian homes solely for investment purposes. Our homes should be sanctuaries for our families, not commodities for corporate profit. The time to act is now – for the well-being of all Canadians and the integrity of our housing market.

Image credits Unsplash: Sean Pollock, Tom Rumble