According to Global News, according to a document filed with the Federal Commissioner of Conflicts of Interest, at least 65 Members of Parliament of Canada have rented or invested in real estate. This represents 20 per cent of all members of Parliament.
However, that number could actually be higher because the 91 MPs have either not yet completed the disclosure process or the Office of the Conflict of Interest Commissioner has yet to release their documents.
Of course, all of these are legal, and all members of Congress who disclose assets have fulfilled their duties under the Canadian Conflicts of Interest Act to report their assets to the Federal Commissioner for Conflicts of Interest.
It can be seen that not only ordinary people, but also Canadian parliamentarians are optimistic about the long-term development of the domestic real estate market.
According to existing documents, at least 42 Liberal MPs own property for rent or investment, such as rental or investment properties, real estate holding companies, vacant land, entertainment properties, or income or significant interests from real estate brokerage firms.
Of these 42, 30 are not in the Cabinet, and 12 are members of the Cabinet, that is, ministers.
Housing Minister Ahmed Hussen is the sole owner of a rental property in Ottawa.
Two cabinet ministers from B.C. are also very investing, with International Development Minister Harjit Sajjan owning a rental property in Osoyoos, B.C. last year but has recently sold it. He now co-owns an investment property in the ski resort of Whistler.
Fisheries Secretary Joyce Murray owns a rental property in the Kootenay area of B.C., as well as an open space described as used for investment purposes.
Overall, the 30 Liberal MPs own a total of 38 properties listed for rent or investment purposes, according to publicly available data listed in the Registry. They also disclosed a range of other real estate assets, including ownership of real estate holding companies, real estate brokerage income, or "controlling" or "significant" interests in brokerage.
The 42 liberals who disclosed renting or investing in real estate made up 26 percent of the caucus.
By contrast, at least 16 per cent of the Conservative Caucus (19 MPs) disclosed owning or investing in real estate, including vacant lots, farmland being leased, residential or commercial rental properties, and real estate holding companies.
The largest owner to date is Conservative MP Marty Morantz with 21 properties.
Morantz disclosed co-ownership of 5 residential rental properties in Winnipeg, Manchester, and 12 multi-unit residential rental properties in the same city.
He also disclosed co-ownership of 2 multi-unit residential rental properties in Edmonton, Alta, and two commercial rental properties also in Winnipeg.
Conservative LAWmaker Mike Lake disclosed co-ownership of two rental properties in southwestErn Ontario, as well as sole ownership of a rental property in Ottawa and a rental duplex in Edmonton.
Alistair MacGregor is the only NDP mp to disclose co-ownership of a rental property on Vancouver Island, while Matthew Green has disclosed sole ownership of a real estate holding company.
Rhéal Fortin from the Quebec Party has disclosed sole ownership of a rental property in Saint-Sauveur, Quebec, while to date no independent MPs or Greens MPs have disclosed any rental or investment properties.
The figures above do not include members of Congress who hold multiple loans but do not list them for rental or investment purposes, nor do they include members of Congress whose spouses own investment properties, such as Alexander Boulerice of the NDP, whose spouse owns a rental property in Montreal.
"In our current cultural context, it's okay for someone to buy another home and treat it as a rental property. Today, this is part of Canadian culture," said Paul Kershaw, founder of Generation Squeeze.
"It also happens more to ordinary people."
According to an analysis by the Bank of Canada earlier this year, during the COVID-19 pandemic, investors have bought homes faster than first-time buyers or even repeat buyers.
The analysis found that investors make up one-fifth of Canadian homebuyers, while the percentage of first-time buyers who buy a home hit a new low last year.
Earlier this month, Vice Premier and Finance Minister Fang Huilan noted that the high housing prices driven by housing financialization are "generational injustices".
Prime Minister Justin Trudeau has also pointed the finger at investors, but has only emphasized foreign investors.
"When foreign investors and companies use housing as an asset, it drives higher and higher prices and makes it impossible for the middle class to get housing," he said. ”
On Tuesday, he also expressed his views when asked about his cabinet ministers and dozens of caucus members who also use real estate as an investment.
"I think there are a lot of people across the country who are renting out property as part of their retirement plan as part of their life. There are also many Canadians who need to rent," he said.
"What we're going to crack down on is that there are foreign investors and big companies buying in Canada and then driving up prices, not ordinary local investors."
Among the 91 MPs who have not been publicly disclosed are also Liberal MP Taleeb Noormohamed of the Vancouver-Granville constituency and Conservative party leader Pierre Poilievre.
Noormohamed was revealed by CityNews during last year's federal election that he had bought and sold at least 21 homes in a year since 2005. NDP later issued a statement saying Noormohamed had made $5 million from the sale of 41 properties since 2005.
But a spokesman for Noormohamed said he had done nothing illegal and that he would submit his asset disclosure to the Conflict of Interest Commissioner once the proceedings were completed.
There is an old folk saying: if you have money, you don't earn the king X egg. They are all mortals, as long as it is a legal way to comply with the law, see good investment opportunities, who will miss it? Formal investment, normal tax payment, then there is nothing wrong with it.