The Power of a National Acquisition Fund 

Protecting what we have 

An acquisition fund is one of the most powerful tools we have to protect and preserve affordable housing. Today, Canada needs it more than ever. 

Across the country, and especially Ontario, we’re facing a critical turning point in the affordable housing landscape. For every new unit of affordable rental housing that’s built, multiple others are lost. These are purchased by investors, converted to market-rate rentals, or left to deteriorate. The result? A net loss in affordability and a growing crisis for low- and moderate-income renters. 

At ONPHA, we’ve long understood that we can’t build our way out of this crisis fast enough. Instead, we need a multiple-strategy approach: grow new housing stock while also protecting what we already have.  

A dedicated acquisition fund is essential to making that happen. That’s why it’s central to our Build, Protect & Support strategy, a holistic plan to grow affordable housing across Ontario. 

Why an acquisition fund matters 

An acquisition fund provides flexible capital that enables non-profit and co-operative housing providers to purchase at-risk rental properties and bring them into community ownership. It interrupts the cycle of financialization by keeping homes affordable not just for the current tenants, but for generations to come. 

Many older rental buildings are being bought, “renovicted,” and re-listed at much higher rents. This trend disproportionately affects renters with low incomes, seniors, racialized communities, and people living with disabilities. An acquisition fund helps stop that loss in its tracks by giving mission-driven housing providers a fair shot at buying and preserving these homes. 

Community housing providers are uniquely equipped to steward this type of housing. Their deep roots in local communities and commitment to tenant well-being make them ideal long-term owners and managers.  

The Canada Rental Protection Fund 

In 2024, the federal government announced the creation of the Canada Rental Protection Fund (CRPF). This is a landmark investment that signals a serious commitment to preserving affordability. The Fund officially launched a call for proposals on March 7, 2025, with the goal of transferring at-risk rental housing into community ownership. 

To help deliver on this goal, sector leaders formed the Canadian Housing Acquisition Fund Inc. (CHAF). Building on British Columbia’s successful provincial model, CHAF is poised to scale up quickly, acquire thousands of rental homes, and preserve them as permanently affordable. 

Representing Ontario’s needs 

As a member of CHAF’s advisory committee, ONPHA is working to ensure Ontario’s unique housing needs are reflected in the rollout of the CRPF. We’re helping shape the fund’s policies and governance to meet the diverse realities of our province. 

Ontario has a wide mix of housing types, market conditions, and community needs from small rural towns to rapidly intensifying cities. It’s essential that the acquisition fund can operate flexibly and equitably across this spectrum. ONPHA’s involvement ensures Ontario’s voice is heard and our sector’s potential is fully leveraged. 

Acquisition plus growth 

Preserving existing housing is just one side of the coin. To truly address the housing crisis, we also need to grow the community housing sector. 

In 2024, ONPHA conducted a first-of-its-kind mapping survey to understand the development potential within our sector. The results showed that with access to a dedicated growth fund to support capital and operating needs, Ontario’s non-profits could nearly triple their housing supply. 

Many non-profit providers already own land or low-density sites that could be intensified with the right financing and planning supports. Pairing acquisition with intensification unlocks the full potential of our sector—preserving homes while also creating new ones. 

A turning point 

The launch of the Canada Rental Protection Fund is a pivotal moment for housing in this country. It offers us the chance to act quickly, strategically, and collaboratively to protect what remains of our affordable rental housing stock, and to strengthen it for the future. 

By investing in acquisition and supporting non-profit leadership, we can shift the housing system away from speculation and toward community ownership. We can provide stability for renters, build healthier neighbourhoods, and ensure that affordability isn’t a fleeting promise but a lasting foundation. 

Be a part of this exciting work. Connect with the affordable housing community through an ONPHA membership or partnership.