Sellers approached OCLT to ensure tenants keep their homes and avoid a rent spike; an adjacent parking lot will become the site of new affordable housing
June 10, 2026 (Ottawa) — Ottawa is losing 31 affordable homes for every one it builds — lost to rent increases, redevelopment, renovictions, conversion, and turnovers. While new supply is added, much is being delivered at rents unaffordable to low- and moderate-income households.
The Ottawa Community Land Trust is changing that math.
In fact, between 2011 and 2021, Ottawa lost 30,215 private rental units renting below $1,000 per month — more than the city’s entire community housing stock, and 31 times more homes than government dollars produced in new affordable units over that period. Forty-two percent of Ottawa renters spend more than 30% of their income on housing. Vacancy rates for affordable units are near zero. The City’s own Ten-Year Housing and Homelessness Plan called for 5,700 to 8,500 new affordable homes by 2029; in the first five years, 804 were built.
It is clear: New construction alone will not solve this. Non-market housing — community-owned, permanently affordable — makes up just 3.5% of Canada’s total housing stock, half the proportion typical of our peer nations. Preserving the affordable rental homes that exist today — and protecting them under community ownership — is as urgent as building new ones.
The Ottawa Community Land Trust (OCLT) was founded to do both.
OCLT today announced the acquisition of 700 Coronation Ave, the organization’s third property, securing 31 rental homes as permanently affordable. The acquisition demonstrates what is possible when a mission-aligned buyer is ready to act: the sellers approached OCLT directly, choosing to sell to an organization that would protect their tenants rather than pursue maximum market return. Current residents will stay in their homes, with no rent spike or renoviction.
This is made possible by Housing Forever bonds purchased by the community. These bonds fund OCLT to acquire rental homes in Ottawa and keep them affordable — forever. Investors earn a fair financial return of up to 3.5% interest while making a real impact here in Ottawa; investments are pooled, enabling the OCLT to acquire and preserve affordable housing.
“This is exactly what the community land trust model is designed to do,” said Mike Bulthuis, executive director, Ottawa Community Land Trust. “When owners who care about their tenants have somewhere to turn, the outcome is different. Tenants stay. Rents stay affordable. And the community is stronger for it.”
“We were pleased to discover the Ottawa Community Land Trust, and to learn that they were interested in acquiring 700 Coronation. Having owned this building for many years, we’re relieved that while we are selling, our tenants will be welcome to stay in their homes, with the Land Trust maintaining their lease agreements,” noted Mark Farrell and John Earl, sellers. “It’s been a pleasure working with OCLT, structuring this deal in a way that meets both our needs and theirs. As we move on, we’re excited to invest a portion of the sale proceeds in Housing Forever Bonds, so that what happened here can be replicated again and again.”
A Property with Room to Grow
The 700 Coronation Ave site consists of two components: the existing residential building, now home to 31 households, and an adjacent parking lot. Both have been acquired by OCLT. The parcels were already severed, and OCLT intends to develop a modest development with new affordable housing on the parking lot in the coming years — adding to the affordable supply on land that is already in community hands. No development timeline has been set. Current tenants who use parking spots will continue to have access to them, including after the new development.
Community Investment Making It Possible
The acquisition was made possible in part through OCLT’s Housing Forever Bonds — a community investment vehicle that allows Ottawa residents, organizations and businesses to put their savings to work for affordable housing. Complementing lender financing, approximately $1.2 million in bond funds is being directed toward 700 Coronation Ave, covering the building purchase, transaction costs, immediate capital repairs, and OCLT’s ongoing sustainability costs.
Since launching its bond campaigns in 2024, OCLT has attracted 217 individual investments from 190 investors, raising a total of $4,465,000. The average investment is approximately $20,600. Investments can start at $1,000 — reflecting broad, grassroots participation from Ottawans who want to invest in the city they call home.
Housing Forever Bonds are part of a joint $25-million campaign with Centretown Citizens Ottawa Corporation, making it one of the most ambitious community bond campaigns for affordable housing in Canada. In this campaign, OCLT aims to raise $10 million, projected to enable the preservation of 200 units of rental housing within five years.
“At a time when housing affordability remains one of the most pressing issues facing our city, this acquisition represents a meaningful investment in keeping homes affordable for residents. By bringing this property into non-profit ownership, the Ottawa Community Land Trust is helping to protect existing affordable housing and reduce the risk of displacement for tenants. I am pleased to see this investment in our community and commend the Ottawa Community Land Trust for its commitment to protecting affordable housing for current and future generations.” – Councillor Marty Carr, Alta Vista (Ward 18), City of Ottawa
“Our bondholders are Ottawans who believe the community should have a stake in keeping housing affordable,” said Hilary McVey, chair, Ottawa Community Land Trust. “Every investment is a direct contribution to a city where people can afford to stay.” As two local investors from Centretown explain, “Living in Centretown, we’re confronted daily with the cost of living, homelessness, and housing crises. While politicians at all levels do the hard work of having to rework policies and budgets to address these issues, the Ottawa Community Land Trust felt like an amazing grassroots way we could try and tackle this problem right now in our community. The news of two more acquisitions is fuel on the fire for us, and we’re hopeful that we can continue contributing in our small but collective way to put housing back in the hands of our community, and making Ottawa a more livable city for everyone – now and in the future.” Sarah Visintini & Josh Bragg
Several organizations have also invested reserves, including Inter Pares. David Bruer explains their decision to invest: “Inter Pares is a Canadian social justice organization working in Canada and around the world to support people’s struggles for peace, justice, and equality. To be responsible to our supporters, where we invest our reserves matters. It is not only about what we don’t want to invest in, it is also about those positive initiatives that we do want to support, and non-profit affordable community housing is absolutely one of those.”
A Growing Portfolio, a Permanent Mission
With three properties now secured, OCLT is building a portfolio of permanently affordable rental housing — homes that will remain affordable not just for today’s tenants, but for generations to come. The community land trust model achieves this by holding land in trust permanently, separating it from the speculative for-profit real estate market.
Researchers at Deloitte have estimated that increasing Canada’s non-market housing stock by just 1.5 percentage points would boost GDP by $67 to $136 billion — not simply from construction activity, but from the stability affordable housing provides to workers, families, and local economies.
OCLT continues to seek acquisition opportunities and works in partnership with housing providers, developers, and community investors committed to the same mission. Housing Forever Bonds remain open to new investors at housingforeverbonds.ca.
About the Ottawa Community Land Trust
The Ottawa Community Land Trust is a non-profit organization, operating as a social enterprise, dedicated to preserving and increasing affordable housing in the national capital region. OCLT acquires residential rental properties and converts them to permanently affordable non-profit housing, secures vacant land for future affordable development, and works with partners across the housing sector to advance its mission. Learn more at oclt.ca.
Media Contact: Heather Badenoch, Village PR, 613-859-8232, heather@villagepr.ca
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