Imagine a 75-year-old renter. She has rented the home she has been living in for the past 28 years. She chose to remain in her apartment because she is paying an affordable $895 per month in rent. She finally feels she can consider a carefully planned, very delayed retirement in two years. Then, one morning, she wakes up to find a 'For Sale' sign on her building.
Over a year ago, Scotiabank recommended doubling Canada’s non-market housing to improve our economy and make life more affordable. In a November 2023 Economic Study report, Deloitte supported this with further evidence that increasing non-market housing options across the country improves productivity, and could substantially increase Canada’s annual GDP without inflation. The B.C.
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