Safeguarding homes: Canada’s new strategy for affordable housing

Canada’s housing crisis has left countless families scrambling to find affordable housing. While building more homes is necessary, a new federal strategy recognizes that protecting the affordable rentals we already have may be the fastest and most effective way to help people now.

The $1.5-billion Canada Rental Protection Fund (CRPF) is an ambitious federal initiative that helps non-profits, co-operatives, and Indigenous organizations purchase existing rental buildings and keep rents affordable. It addresses a troubling reality: when affordable homes are lost, whether to rising rents, redevelopment, or new ownership, they are almost impossible to replace. This loss can quickly displace vulnerable tenants from their communities and deepen the housing crisis.

The idea is not without precedent. British Columbia launched a similar Rental Protection Fund, enabling non-profits to purchase more than 2,000 at-risk rental homes. The federal government, through the CRPF and its manager, the Canadian Housing Acquisition Fund (CHAF), is scaling this approach across the country.

Photographer: Josh Lemmon

In Ontario alone, about 239,000 households live in community housing, and the pressure is especially acute in the Greater Toronto Area, where rents far outpace incomes. For families paying $1,500 or $1,800 a month, losing their home can have devastating consequences; finding another at that price is impossible.

The CRPF is more than a funding source. Developed with expert input, it aims to protect 7,000 affordable homes over five years and reinvest repayments to save even more in the future. The fund offers flexible financing, enabling community housing providers to acquire, renew, and maintain properties for the long term.

Keeping housing affordable is not just about rents. Most of Canada’s affordable homes were built before 1995 and urgently need upgrades; from new roofs and elevators to improved energy efficiency. Limited rental income makes it difficult for providers to cover these costs.

Not every building qualifies. Properties must be well maintained and financially viable, and each application undergoes rigorous review. This is especially important in high-cost areas like the GTA, where older rentals are prime targets for redevelopment. By enabling community housing providers to purchase and maintain these buildings, the initiative acts quickly to protect what is already working.

Apartment buildings are often valued based on their income, so sellers may raise rents before selling to boost property value. Some buildings have long-term tenants paying below-market rents. They do not qualify for subsidized rent, but under current rental rules, they cannot be evicted. While this approach has worked in B.C., it may not always translate smoothly elsewhere; community organizations that buy buildings may inadvertently make some groups feel excluded.

Some experts suggest going even further. For maximum impact, the federal government could focus funding on cities with the highest cost of living, take a more active role in acquiring properties directly, and then hire professional management companies to operate them under strict affordability and maintenance guidelines.

Photographer: Brandon Griggs

Upgrading the current affordable housing stock is crucial. Investments should target necessary repairs and, where possible, redevelop properties to accommodate more low-income families. Introducing incentives that help residents transition to homeownership (such as rent-to-own programs) can help families build equity and make the system more dynamic and supportive.

Canada’s new approach to protecting affordable housing will not solve the crisis overnight, but by preserving what we already have and investing in long-term solutions, it offers hope to families struggling with high rents and helps keep communities intact. The path forward is complex, but with the right tools and willpower, more Canadians can have a safe, affordable place to call home.

The federal initiative is a bold step, but we must also address the root causes of poverty that leave so many families struggling. If we can develop a model that empowers families to achieve financial independence, Canada may eventually reduce the need for additional affordable rental housing.