VANCOUVER, BC: Prime Minister Justin Trudeau and Finance Minister Chrystia Freeland were in B.C. on Wednesday to announce a series of measures aimed at helping renters and those who want to purchase their own home one day.
Trudeau said that the government will introduce new measures including a new “bill of rights” that will help protect those who rent their homes as part of the upcoming budget. Under the new measures the government will introduce the Canadian Renters’ Bill of Rights, a new housing aid fund and a push to have rental payments affect credit scores.
The bill is aimed at supporting young people. “One of the biggest pressures on young people right now is housing. This is particularly true for renters – where it feels like the deck is stacked against them. They are facing skyrocketing rents, renovations, unfair competition, and a lack of housing options. While we’ve taken bold action to build more homes, faster, improve access to housing, and make homes more affordable, we know there is more to be done. This is about protecting renters. But this is also about generational fairness – making sure Millennials and Gen Z, who are most likely to rent, get a level playing field in the rental market,” said Trudeau.
The government will launch a new $15 million Tenant Protection Fund. This would provide funding to legal aid and tenants’ rights advocacy organizations to better protect tenants against unfairly rising rent payments, renovictions, or bad landlords.
The government will create a new Canadian Renters’ Bill of Rights, developed and implemented in partnership with provinces and territories. This would require landlords to disclose a clear history of apartment pricing so renters can bargain fairly. We will also crack down on renovictions, create a nationwide standard lease agreement, and give renters more agency.
The new measures will also make sure renters get credit for on-time rent payments. Renters deserve credit for the money they put toward rent over the years, especially when it comes time to apply for a mortgage for their first home. We’re going to amend the Canadian Mortgage Charter and call on landlords, banks, credit bureaus, and fintech companies to make sure that rental history is taken into account in your credit score.
The Government of Canada’s Budget 2024 will be tabled in the House of Commons by the Deputy Prime Minister and Minister of Finance on Tuesday, April 16, 2024.
Chrystia Freeland, Deputy Prime Minister and Minister of Finance, said, “Renters are facing rising rents across the country, and they need support today. Budget 2024 will take action to deliver generational fairness, help renters – who are increasingly younger Canadians – become homeowners, and ensure they aren’t alone when they have to defend their right to a place to call home. Renters deserve credit for the money they put toward rent over the years. We’re helping them get credit for rental payments so they can qualify for a mortgage, or even a lower rate, sooner and unlock the door to their first home.”
