CAPREIT Applauds Premier Eby’s Rental Protection Fund
20 January 2023 - 9:00AM
Canadian Apartment Properties Real Estate Investment Trust
(CAPREIT) (TSX: CAR.UN) enthusiastically welcomes British Columbia
Premier David Eby’s announcement of a $500 million Rental
Protection Fund. The fund will provide non-profit housing
organizations with one-time capital grants so they can purchase
affordable residential rental buildings to preserve affordability
of those rental units for the longer term. The British Columbia
government expects the fund to protect thousands of affordable
housing units throughout the province.
“We believe that an acquisition fund is a
cost-effective way for governments to preserve existing affordable
housing in vulnerable communities, at a fraction of the cost of
building new purpose-built affordable housing,” said Mark Kenney,
President and CEO of CAPREIT. “There is no ‘affordable’ brick;
builders of affordable housing face the same challenge of rising
costs as the market-rate builders. However, existing housing stock
can be purchased in some cases for less than half of
replacement cost. Federal decision-makers should take note.”
A government-led acquisition program has been
advocated for by a wide array of housing advocates, including the
Canadian Housing and Renewal Association. For their
part, Canadian rental housing providers for affordable
housing, which comprises Canada’s five largest publicly traded
residential rental REITs: CAPREIT, Boardwalk REIT, Killam Apartment
REIT, InterRent REIT and Minto Apartment REIT, called for a
national program in their pre-budget consultation submission,
following years of work with Canadian Mortgage and Housing
Corporation to develop a workable program.
“I have been an outspoken advocate for an
affordable acquisition program. Last month, I met with senior
officials in the British Columbia government to express our support
for the Premier’s commitment to establish this fund, and our
interest in helping to develop it and set it up for success,” Mr.
Kenney stated. “CAPREIT is focused on providing new rental housing
supply to British Columbia and Canadian families, supporting the
building of new homes our growing country needs. We congratulate
Premier Eby on delivering on this important commitment and look
forward to working with the British Columbia government in its
implementation.”
Delivering the housing Canada needs and the
homes Canadians want requires a partnership between housing
providers, governments, and civil society to make needed policy
changes and invest the necessary capital. Learn more by visiting
ForAffordable.ca.
ABOUT CAPREITCAPREIT is
Canada’s largest publicly-traded provider of quality rental
housing. CAPREIT currently owns or has interests in approximately
67,000 residential apartment suites, townhomes and manufactured
housing community sites well-located across Canada and the
Netherlands, with approximately $17 billion of assets under
management globally. For more information about CAPREIT, its
business and its investment highlights, please visit our website at
www.capreit.ca and our public disclosure which can be found under
our profile at www.sedar.com.
CAUTIONARY STATEMENTS REGARDING
FORWARD-LOOKING STATEMENTSAll statements in this press
release that do not relate to historical facts constitute
forward-looking statements. These statements represent CAPREIT’s
intentions, plans, expectations and beliefs and are subject to
certain risks and uncertainties that could result in actual results
differing materially from these forward-looking statements. These
risks and uncertainties are more fully described in regulatory
filings that can be obtained on SEDAR at www.sedar.com.
For more information, please contact:
Canadian Apartment Properties
REITMr. Mark Kenney, President &
CEOmedia@capreit.net
Canadian Apartment Prope... (TSX:CAR.UN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Canadian Apartment Prope... (TSX:CAR.UN)
Historical Stock Chart
From Apr 2023 to Apr 2024