The views expressed in this op-ed are those of the author and do not necessarily reflect ACPM’s position.

As Canada confronts overlapping challenges of housing undersupply and economic stagnation, the construction and delivery of multi-family rental housing is emerging as a critical area of national infrastructure. For institutional investors, including pension funds, current market dynamics—softening construction costs, improved labour availability, and a window of stable financing conditions—create an opportunity to make a smart, long-term investment call that gets shovels in the ground today.

Input costs are easing. Labour and trades are accessible. Competitive tendering is back. The pause in rent growth is real but temporary and largely confined to oversupplied small-unit condo segments. Purpose-built rental housing, especially at the family-sized end of the spectrum, continues to reflect strong long-term demand fundamentals. Meanwhile, housing starts remain persistently well below the pace required to meet population growth, and this shortfall is expected to deepen over the next several years. Projects launched today will be delivering into that shortage, entering the market at the moment when supply is most constrained.

For institutional capital with long-term mandates, this alignment is rare. It is an opportunity to move ahead of the curve. Rental housing, when developed and held by institutional investors, aligns naturally with pension fund priorities. These are long-duration assets with stable, inflation-linked income potential. In an environment where the bond market continues to weaken and traditional fixed-income assets struggle to meet return thresholds, high-quality rental real estate offers a resilient, yield-generating complement. These investments also fulfil a core fiduciary function: safeguarding the long-term financial interests of members through prudent, future-oriented portfolio decisions.

Productivity matters to that equation. The ability to reduce delivery risk, contain costs, and stabilize timelines directly enhances asset performance. Improving how we build, streamlining the process and de-risking execution doesn’t just benefit the sector. It reinforces retirement security, improves inflation protection, and strengthens fund performance. The connection is real and measurable.

Delivering housing at scale depends on productivity: the ability to build efficiently, predictably, and with confidence in the underlying economics. Too many viable projects remain stuck due to systemic inefficiencies across approvals, permitting, and layered regulatory friction.

Canada is not lacking in capital. It is not lacking in intent. But it remains constrained by delivery capacity—by the conditions under which capital can be effectively deployed. Unlocking that capacity is in the interest of every serious institutional investor who wants to contribute meaningfully to one of the country’s most pressing infrastructure needs.

Governments have shown signs of movement. Some municipalities have introduced development charge waivers or property tax abatements for targeted projects. These are welcome, but they remain uneven and often temporary. Other policies—like the federal government’s plan to reintroduce the MURB tax incentive—do little for tax-exempt investors and miss the opportunity to address structural barriers. A more productive, investable environment would go further: improving approval timelines, reducing regulatory duplication, and deploying powerful financial tools like housing-focused municipal bonds.

These changes are accelerants. The case for investment in purpose-built rental exists on its own merit today, strengthened by market timing, risk profile, and long-term return characteristics. However, a more coordinated public policy environment would extend the reach and impact of that capital, enabling greater scale and delivering more housing faster.

What’s at stake is not simply an asset class, but a core component of national competitiveness. A country that cannot build housing cannot grow economically, socially, or institutionally. Pension funds have the tools and the responsibility to lead in this moment. But that leadership depends on a sector that is willing and able to build with urgency and purpose.

The window is open. The need is immediate. If we are serious about building a stronger, smarter, and more productive Canada, it will be private capital, institutional discipline, and improved sectoral productivity that gets us there.

Adrian Rocca, Founder and CEO, Fitzrovia

Adrian Rocca is transforming the Canadian rental housing landscape as the Founder and CEO of Fitzrovia, the country’s leading developer of purpose-built rental communities. With nearly 9,000 homes acquired, completed or in development and $10 billion in assets under management, Rocca is reimagining urban living through family-focused design, integrated wellness, childcare, and hospitality-inspired service. A vocal advocate for policy reform, he works across sectors to address Canada’s housing crisis and unlock institutional capital for long-term rental solutions. His leadership was recognized with the 2023 EY Entrepreneur of the Year Award and the 2025 Riley Brethour Leadership Award. Beyond business, Rocca supports national causes—co-creating “Great to Gold”, a data-driven fundraising initiative to support Canadian athletes at the Olympics, and funding major hospital expansions in Toronto. He serves on the board of the Canadian Olympic Committee Foundation, is vice chair of Michael Garron Hospital Foundation and Toronto Public Library Foundation, and chairs the Hold’em For Life Foundation that supports cancer research. Rocca is building more than homes—he’s shaping a strong, smarter and more resilient Canada.