Financial firms are driving up rent in Toronto — and targeting the most vulnerable tenants

By Cloé St-Hilaire, PhD Candidate in Planning, University of Waterloo
Martine August, Associate Professor, School of Planning, University of Waterloo

In recent years, Canadians have increasingly seen financial firms — such as private equity firms and real estate investment trusts (REITs) — buying up apartment buildings. The largest 25 financial landlords in Canada hold nearly 20 per cent of the country’s private, purpose-built rental stock.

At the same time, Canada’s housing affordability crisis has exploded. A 2022 report found that in 93 per cent of Canadian neighbourhoods,…

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