Canada Launches $1.5-Billion Fund to Protect Affordable Rentals

The Government of Canada has launched the $1.5-billion Canada Rental Protection Fund to prevent the loss of affordable rental properties to private acquisition, redevelopment, or conversion. Managed by the Canadian Housing Acquisition Fund, the initiative provides $470 million in nonrepayable contributions and $1 billion in low-interest loans to community housing providers.

This program operates under the Build Canada Homes mandate with a target of saving 7,000 at-risk homes within its first five years. To ensure long-term sustainability, the government will reinvest repaid loans into future acquisitions. The Canadian Housing Acquisition Fund will also seek additional capital from charities, private investors, and other government sources to further remove housing from the speculative private market.

Minister of Housing and Infrastructure Gregor Robertson stated that "every Canadian deserves a place to call home." Ana Bailão, CEO of Build Canada Homes, noted that the sector-led model supports an independent organization with the capacity to act quickly in competitive markets to generate "meaningful and lasting results for Canadians."