Homes Are for People First: Reclaiming the Ethics of Housing
July 10, 2026
by Don Inouye, EMBA, RSG.D, CEO REIC/ICI
by Don Inouye, EMBA, RSG.D, CEO REIC/ICI
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There are moments when an industry has to pause and ask itself a difficult question: What are we really here to do?
For those of us in real estate, that question has never been more urgent. We work in an industry that helps shape communities, build wealth, support investment, create employment, and contribute significantly to Canada’s economy. But at the very centre of all that activity is something much more basic, much more human, and much more important: people need a place to live. Housing is not just a product. It is not just an asset class. It is not simply a transaction, a portfolio strategy, or a line on a balance sheet. |
Housing is where children grow up. It is where families gather. It is where people rest, recover, plan, dream, and feel safe. It is where life happens.
And somewhere along the way, I worry that we have forgotten that.
Canada has already recognized housing as a human right. The National Housing Strategy Act declares that the right to adequate housing is a fundamental human right affirmed in international law and that housing is essential to the dignity and well-being of the person (National Housing Strategy Act, 2019). The Canadian Human Rights Commission similarly describes adequate housing as more than “four walls and a roof”; it is a place to live in security, peace, and dignity (Canadian Human Rights Commission, n.d.). That language matters. It reminds us that housing is not only about buildings. It is about people. [1],[2]
It is also important to be clear about what this means. Saying that housing is a human right does not mean everyone has a right to own a detached home. It does not mean ownership is the only legitimate path to security or success. A home does not have to be owned to be meaningful. Renting can be dignified. Co-operative housing can be dignified. Supportive housing can be dignified. Community housing can be dignified. What matters is whether people have access to housing that is safe, affordable, secure, suitable, and respectful of their humanity.
For too long, we have treated ownership as the gold standard of belonging. For many Canadians, homeownership remains a deeply meaningful goal, and there is nothing wrong with that. But when ownership becomes the only measure of success, we diminish the dignity of millions of renters. A person who rents should not have to feel temporary in their own life. They should not have to wonder whether they can stay in their community, keep their children in the same school, or build roots in a neighbourhood simply because they do not hold title to the property.
Security matters. Stability matters. Dignity matters.
That is why the current trajectory of housing in Canada should concern all of us. Increasingly, housing is being treated less as a place to live and more as a vehicle to extract value. The Office of the United Nations High Commissioner for Human Rights has warned that housing is increasingly viewed as a commodity and investment vehicle rather than as a social good, a process often described as the financialization of housing (OHCHR, n.d.). This is not an abstract concept. It shows up in real communities, in real households, and in real consequences. [3]
When housing is viewed primarily through the lens of extraction, the logic changes. The question becomes less about how to provide good homes and more about how to maximize yield. It becomes about increasing asset values, repositioning properties, reducing costs, escalating rents, and capturing as much value as possible. In that kind of system, housing need becomes a revenue opportunity. Scarcity becomes profitable. Displacement can become a business strategy. And human vulnerability becomes part of the financial model.
That should trouble us.
To be clear, investment itself is not the enemy. Housing requires capital. We need builders, developers, lenders, investors, property managers, brokers, planners, policymakers, and professional expertise. Canada needs more housing… much more housing. The Canada Mortgage and Housing Corporation has estimated that Canada needs millions of additional homes by 2030 to restore affordability (CMHC, 2023). We cannot solve the housing crisis without investment, innovation, supply, and economic strength. [4]
But there is a difference between investment and extraction. There is a difference between earning a fair return and mining a basic human need for every available dollar. There is a difference between building prosperity and transferring the value of real estate away from average Canadians and into the hands of those who already have the greatest access to capital.
If we continue down a path where private equity, corporations, institutional investors, and speculative capital are best positioned to capture the value of housing, then over time we will create a country where more and more Canadians are permanently priced out; not only of ownership, but of security. That is not what this is supposed to be like.
And for those of us who lead, educate, govern, manage, advise, regulate, and participate in this industry, the ethical question is unavoidable: Where are the ethics in that?
At the Real Estate Institute of Canada, ethics are not a marketing phrase. They are foundational. They are supposed to guide how we think, how we act, and how we define professional excellence. But ethics cannot be limited to individual conduct alone. Yes, disclosure matters. Competence matters. Compliance matters. Professional standards matter. But ethics must also ask broader questions about impact.
Are we helping to create communities where people can live with dignity?
Are we supporting housing models that include average Canadians, or are we designing systems that quietly exclude them?
Are we measuring success only by return on investment, or also by contribution to the public good?
Are we brave enough to say that some profitable practices may still be ethically wrong?
These are not easy questions, but they are necessary ones.
A more ethical housing industry does not reject prosperity. It seeks balance. It recognizes that economic prosperity and human dignity do not have to be enemies. We can support responsible investment and insist on housing stability. We can build new supply and protect affordability. We can professionalize the industry and still remember that the people living in the homes we build, sell, finance, and manage are not simply occupants or revenue streams. They are people.
That, to me, must be the ethical centre of real estate.
Housing is the foundation from which people participate in society. Without stable housing, it becomes harder to work, study, care for family, maintain health, build relationships, and contribute to community. A home gives people more than shelter. It gives them a starting point. It gives them security. It gives them the dignity of having a place in the world that is theirs, whether they own it or not.
As an industry, we should be proud of the role we play in building communities and supporting economic growth. But we should also be honest about the harm that can occur when money becomes the only focus. If housing becomes merely a tool for wealth accumulation, then we will have failed in our responsibility to the people and communities we serve.
We need to remember what housing is for.
And somewhere along the way, I worry that we have forgotten that.
Canada has already recognized housing as a human right. The National Housing Strategy Act declares that the right to adequate housing is a fundamental human right affirmed in international law and that housing is essential to the dignity and well-being of the person (National Housing Strategy Act, 2019). The Canadian Human Rights Commission similarly describes adequate housing as more than “four walls and a roof”; it is a place to live in security, peace, and dignity (Canadian Human Rights Commission, n.d.). That language matters. It reminds us that housing is not only about buildings. It is about people. [1],[2]
It is also important to be clear about what this means. Saying that housing is a human right does not mean everyone has a right to own a detached home. It does not mean ownership is the only legitimate path to security or success. A home does not have to be owned to be meaningful. Renting can be dignified. Co-operative housing can be dignified. Supportive housing can be dignified. Community housing can be dignified. What matters is whether people have access to housing that is safe, affordable, secure, suitable, and respectful of their humanity.
For too long, we have treated ownership as the gold standard of belonging. For many Canadians, homeownership remains a deeply meaningful goal, and there is nothing wrong with that. But when ownership becomes the only measure of success, we diminish the dignity of millions of renters. A person who rents should not have to feel temporary in their own life. They should not have to wonder whether they can stay in their community, keep their children in the same school, or build roots in a neighbourhood simply because they do not hold title to the property.
Security matters. Stability matters. Dignity matters.
That is why the current trajectory of housing in Canada should concern all of us. Increasingly, housing is being treated less as a place to live and more as a vehicle to extract value. The Office of the United Nations High Commissioner for Human Rights has warned that housing is increasingly viewed as a commodity and investment vehicle rather than as a social good, a process often described as the financialization of housing (OHCHR, n.d.). This is not an abstract concept. It shows up in real communities, in real households, and in real consequences. [3]
When housing is viewed primarily through the lens of extraction, the logic changes. The question becomes less about how to provide good homes and more about how to maximize yield. It becomes about increasing asset values, repositioning properties, reducing costs, escalating rents, and capturing as much value as possible. In that kind of system, housing need becomes a revenue opportunity. Scarcity becomes profitable. Displacement can become a business strategy. And human vulnerability becomes part of the financial model.
That should trouble us.
To be clear, investment itself is not the enemy. Housing requires capital. We need builders, developers, lenders, investors, property managers, brokers, planners, policymakers, and professional expertise. Canada needs more housing… much more housing. The Canada Mortgage and Housing Corporation has estimated that Canada needs millions of additional homes by 2030 to restore affordability (CMHC, 2023). We cannot solve the housing crisis without investment, innovation, supply, and economic strength. [4]
But there is a difference between investment and extraction. There is a difference between earning a fair return and mining a basic human need for every available dollar. There is a difference between building prosperity and transferring the value of real estate away from average Canadians and into the hands of those who already have the greatest access to capital.
If we continue down a path where private equity, corporations, institutional investors, and speculative capital are best positioned to capture the value of housing, then over time we will create a country where more and more Canadians are permanently priced out; not only of ownership, but of security. That is not what this is supposed to be like.
And for those of us who lead, educate, govern, manage, advise, regulate, and participate in this industry, the ethical question is unavoidable: Where are the ethics in that?
At the Real Estate Institute of Canada, ethics are not a marketing phrase. They are foundational. They are supposed to guide how we think, how we act, and how we define professional excellence. But ethics cannot be limited to individual conduct alone. Yes, disclosure matters. Competence matters. Compliance matters. Professional standards matter. But ethics must also ask broader questions about impact.
Are we helping to create communities where people can live with dignity?
Are we supporting housing models that include average Canadians, or are we designing systems that quietly exclude them?
Are we measuring success only by return on investment, or also by contribution to the public good?
Are we brave enough to say that some profitable practices may still be ethically wrong?
These are not easy questions, but they are necessary ones.
A more ethical housing industry does not reject prosperity. It seeks balance. It recognizes that economic prosperity and human dignity do not have to be enemies. We can support responsible investment and insist on housing stability. We can build new supply and protect affordability. We can professionalize the industry and still remember that the people living in the homes we build, sell, finance, and manage are not simply occupants or revenue streams. They are people.
That, to me, must be the ethical centre of real estate.
Housing is the foundation from which people participate in society. Without stable housing, it becomes harder to work, study, care for family, maintain health, build relationships, and contribute to community. A home gives people more than shelter. It gives them a starting point. It gives them security. It gives them the dignity of having a place in the world that is theirs, whether they own it or not.
As an industry, we should be proud of the role we play in building communities and supporting economic growth. But we should also be honest about the harm that can occur when money becomes the only focus. If housing becomes merely a tool for wealth accumulation, then we will have failed in our responsibility to the people and communities we serve.
We need to remember what housing is for.
It is for people first
The challenge before us is not to choose between ethics and economics. The challenge is to build a housing system where both can exist in proper balance. A system where investment serves communities, not the other way around. A system where prosperity is not built by leaving the average Canadian behind. A system where renters and owners alike can live with security, dignity, and hope.
Housing is a human right. Homes are for people first. And it is time for our industry to act like we believe it.
Housing is a human right. Homes are for people first. And it is time for our industry to act like we believe it.
References
[1] National Housing Strategy Act, S.C. 2019, c.29, s 313
[2] Canadian Human Rights Commission. (n.d.) Housing as a human right
[3] Office of the United nations High Commissioner for Human Rights (n.d.). The human right to adequate housing
[4] Canada Mortgage and Housing Corporation. (2023). Housing shortages in Canada: Updating how much housing we need by 2030.
[1] National Housing Strategy Act, S.C. 2019, c.29, s 313
[2] Canadian Human Rights Commission. (n.d.) Housing as a human right
[3] Office of the United nations High Commissioner for Human Rights (n.d.). The human right to adequate housing
[4] Canada Mortgage and Housing Corporation. (2023). Housing shortages in Canada: Updating how much housing we need by 2030.