Housing Affordability is a Global Crisis, and Credit Unions are Innovating Solutions

Canada’s housing affordability crisis is not unique. From San Jose to Sydney, Dublin to Vancouver, communities around the world are struggling with rising housing costs, limited supply, and increasing inequality in access to safe, stable housing.

The Canadian Credit Union Association’s newly released report, Affordable Housing: Examples and Case Studies from Credit Unions in Other Countries, provides an in-depth look at how credit unions in the United States, Australia, and Ireland are tackling one of the most pressing challenges of our time.

These case studies highlight bold, creative, and community-oriented responses to housing pressures. Whether through shared-equity partnerships, housing trust funds, land trust financing, or expanded financial counselling services, credit unions are using their cooperative structure to address affordability in meaningful ways.

Across all three countries, several common themes emerge:

• Mission alignment drives impact. The most effective housing programs are those that build on the cooperative principle of putting members and communities first. These initiatives prioritize long-term well-being over short-term gains.
• Partnerships increase scale. Collaborations with non-profit developers, land trusts, local governments, and other community partners allow credit unions to extend their reach and deepen their impact beyond traditional lending models.
• The regulatory environment matters. In places where rules have evolved to support credit union participation in housing finance, the sector has stepped up with innovative and effective solutions.
• Financial education remains essential. While it may receive less attention, support through financial literacy and ongoing advice continues to be a critical component in helping members achieve and sustain homeownership.

In Canada, credit unions are ready to play a greater role. Our earlier report, Credit Unions and Housing Affordability: Canadian Trends and Opportunities, outlined actionable ideas for Canadian credit unions, such as pooled funding, co-ownership models, rent-to-own structures, and halal mortgages.

However, legal and regulatory limitations in Canada still restrict the degree to which credit unions can participate in addressing the housing crisis. That is why continued advocacy is so important. Credit unions need flexibility to build partnerships, pilot new models, and respond to the growing demand for accessible housing.

This new global report offers both information and inspiration. It is a reminder that solutions are not only possible, but already underway. With the right policy environment and system-wide collaboration, credit unions in Canada can help lead the way toward a more inclusive, affordable, and resilient housing future.

Read the full report below: