Maintain the affordability and supply of Canada’s affordable rental supply.
Post-war Apartment Towers provide affordable, purpose-built rental housing to millions of Canadians. Somewhat unique to Canada, the majority of our tower blocks are not social housing but were privately developed under Federal incentive programs, providing a flood of moderately priced rental accommodation through the 1960s and 70s.
Over the decades much of this private housing has emerged as our most affordable housing stock, providing key housing to the most vulnerable. Affordability has become a factor of poor housing location and quality and in many cases, maintenance and capital repairs have been deferred due to the magnitude of the investment required.
Rapidly increasing utility costs and addressing housing repair needs and goals of modernization will pose affordability pressures to this housing. Those of high social need, lower-income households, and New Canadians would be disproportionately affected by shifts in the affordability of this stock.
Maintaining affordability will require a range of mechanisms which may include both demand- and supply-side assistance. It is the aim of the Tower Renewal Partnership to support public and private sector innovation in unlocking investment toward housing preservation and modernization while maintaining affordability, particularly for the most vulnerable.