End tax breaks for wealthy corporate landlords

To solve the housing crisis, we need to understand how we got here.

OTTAWA—On Thursday, the NDP called for the end of preferential tax treatment for wealthy corporate landlords rent-gouging Canadians.

NDP critic for Tax Fairness Niki Ashton and NDP critic for Housing Alexandre Boulerice made that call joined by Canadians for Tax Fairness and ACORN. A report issued earlier this fall by Canadians for Tax Fairness revealed how Liberal and Conservative governments have turned housing into cash cows for corporate investors—benefiting from a tax break—while many Canadian families can’t find a home they can afford.

“For too long, Liberals and Conservatives have sat back and let the billionaire class price people out of owning a home,” said Ashton. “Liberals let down Canadians while Pierre Poilievre will sell off public land to his rich developer donors. Wealthy corporate landlords making extraordinary profits off of homes they take out of families’ reach shouldn’t be given a tax break.”

The report highlighted how because of Liberal and Conservative policies, homes are being purchased not by people for their families and future, but by banks looking to make a quick buck that is tax free. The NDP says it is unfair that corporations that profit off of Canadian renters are given a free pass. The Parliamentary Budget Office has estimated that closing this loophole would raise over $50 million per year, enough to build at least 250 affordable units every year.

“Pierre Poilievre may talk like he has solutions for the housing crisis, but the reality is, we’ve seen who he really works for—wealthy investors looking for another cash grab, not people living paycheque to paycheque,” said Boulerice. “More handouts to corporate landlords aren’t going to lower rent for people, it’s just going to pad the pockets of Pierre Poilievre’s donors.”

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