The new Canada Rental Protection Fund will be part of the April 16 federal budget, which Trudeau's Liberals are already promoting aggressively as part of a long-term play to win back younger voters.
"They recognize that for every new affordable rental home that is built in their province, four more are lost to investors, to conversions, to demolition, and to rent increases," Trudeau said.Thursday's announcement was just the latest in a series of new housing measures unveiled by the Liberal government during a campaign-style pre-budget tour across the country that got underway last week.
As Trudeau spoke, the Conservatives were quick to point to a new report from the Canada Mortgage and Housing Corp. that warns next year's home prices could match 2022's peaks and exceed them by 2026. Advocates in the social housing and non-profit space have been calling for a mechanism to help them buy up affordable rentals that might otherwise be sold off to investors.