In Ricochet

The limited number of existing units, combined with low turnover rates, make co-op housing an unviable option for most Canadians, despite being so in-demand.

Consequently, since market landlords aren’t competing against the affordability of co-op housing, they are free to jack rents as high as the market will bear, Thomas said. She points to pressure from industry lobbying the government against investing in non-market housing.

Geordie Dent, executive director of the Federation of Metro Tenants' Associations in Toronto, told Ricochet that’s an accurate assessment of what happened behind the scenes, that lobbying by landlords certainly played a key role.

“I don't think anyone ever came out publicly and said that,” he said. “It was always pitched as ‘market efficiency’ to the public, while I think privately, a bunch of landlords realized they were going to make a ton of money down the road. The government just swallowed everything they said and they didn't care if it was true or not.”