Sure. Thank you for the question.
That is a big challenge, and that is in part why we're losing some of the low-cost supply. Here in Winnipeg most recently, we had a large non-profit seniors' complex that was sold by a non-profit to a for-profit. Their argument was that they couldn't maintain it anymore because their operating agreement had expired, and this is the case for many non-profits.
When we talk about how we maintain existing supply, we need to renew these operating agreements. Otherwise, it's not possible for non-profit organizations to sustain them at low rents and to do the maintenance that's required. That's what is happening. They're selling off some of that supply or else they're increasing their rents to market rates.
The other issue that's happening, of course, is that there's a lack of supply and a lack of regulations, and yes, this is not a federal issue, but it is really a significant challenge in relation to all levels of government needing to be part of the solution. If we don't have strong regulations, we'll be losing a significant amount of supply through renovictions. Also, units are not being maintained, but the rental rates are increasing.
We're losing supply in the private sector and we're losing units in the non-profit sector, and then, of course, there are virtually no new units being built. It's a significant problem, but yes, operating agreements need to again be part of the solution.