Renters in Alberta and across Canada urgently need help - including protection against rent gouging by landlords and financial assistance to pay rent that has long been unaffordable for many.  British Columbia has provided $500 per month for renters, paid directly to landlords and the maximum allowable rent increase in British Columbia for 2020 is 2.6%.  As well, The City of Vancouver Housing has provided Vancouver's Moderate Income Rental Housing Pilot Program.  MORE needs to be done.

So why has a highly profitable landlord - Boardwalk REIT – been given an Alberta Government grant and renters in Alberta have NOT?  Boardwalk REIT has over 33,000 rental units across Canada and is “Canada’s leading owner/operator of multi-family communities”.  Boardwalk REIT received a $7.5M grant from the Alberta Government for approximately half the cost of its first development project, that was completed in 2013 – “Spruce Ridge” in Calgary. (See NOTES A and B.)

The $7.5 million Alberta government grant is apparently lucrative for Boardwalk REIT.   For the year ended December 31, 2019 Boardwalk REIT recognized $378,000 in profit under rental revenues for the Alberta government grant, with the following stated:   “In return for this grant, the Trust has agreed to provide 54 of the 109 units at rents to be 10% below the average market rates for Calgary (‘affordable units’) for a term of 20 years.”   (See NOTE C.)

The $7.5M Alberta government grant to highly profitable Boardwalk REIT is apparently NOT so good for renters of those 54 rental units.  CMHC defines “affordable housing” to be housing that is less than 30% of a household’s before-tax income and NOT based on apparently ever-increasing market rents that are anticipated to take up an ever-increasing share of a household’s pre-tax income.

As well, the $7.5M Alberta government grant to highly profitable Boardwalk REIT is also apparently NOT so good for Alberta taxpayers who are apparently footing the bill - including renter-taxpayers struggling to pay rent.  This occurs at a time that  Boardwalk REIT apparently does NOT pay income tax due to its status as a “REIT” and is apparently increasing compensation to key Executives. (See NOTE D.)

It is MORE than TIME to protect and support renters as well as require highly profitable landlords to LOWER rents to “affordable” levels and to pay their FAIR SHARE.

THANK YOU, fellow Canadians, for signing the petition!!  It really does help.  Let’s PROTECT RENTERS:  let’s make it a WIN-WIN-WIN solution for Renters and Community as well as Landlords.  Please pass the petition on to others!

Stay safe, stay healthy!                               

Anne

We the Courageous

NOTE A: Boardwalk REIT’s 2019 Annual Report, including pages 85 and 118. See page 3 -  Boardwalk REIT had 33,263 residential units in 2019. See also https://www.bwalk.com/en-ca/investors/ .

NOTE B:  Boardwalk REIT News Release dated April 14, 2020.

NOTE C: Boardwalk REIT’s 2019 Annual Report, including pages 85 and 118.

NOTE D: Boardwalk REIT’s 2019 Annual Report, page 117:  “…the Trust is not taxable on its income provided all of its income is distributed to its Unitholders”. See also Boardwalk REIT Notice of Annual and Special Meeting of Unitholders to be held on May 14, 2020 and Management Information Circular – March 31, 2020, including at page 74.