Canada’s housing crunch: Expert calls for revitalizing existing stock

In an article posted on Calgary Herald, Leigh Peters, president of Avenue Living Group of Companies, has urged a multi-pronged approach beyond just new construction. With vacancy rates at record lows, Peters emphasized the need to revitalize existing housing stock.

“Over 80 per cent of Canada’s rental stock was built before the year 2000,” noted Peters. “Financialized operators are best positioned to invest the capital needed to bring them up to a modern standard and provide housing options alongside new construction.”

Peters argued that this approach, combined with new builds, offers a faster and more comprehensive solution to the housing crisis. She called for collaboration between the real estate industry and governments to develop both short- and long-term solutions.