Prime Minister Justin Trudeau has announced the upcoming introduction of a Canadian Renter’s Bill of Rights in Budget 2024, aiming to provide protections and support for renters across the country. The bill will require landlords to disclose rental pricing histories, establish consequences for renovictions, and standardize lease agreements nationwide. Additionally, on-time rent payments will be integrated into individuals’ credit scores to facilitate future mortgage applications.
Prime Minister Justin Trudeau also plans to amend the Canadian Mortgage Charter to include rental history in credit assessments. Furthermore, a $15 million Tenant Protection Fund will be launched to assist legal aid organizations in safeguarding tenants against unfair practices. This initiative comes amidst soaring rental costs, particularly in urban centers, impacting newcomers disproportionately.
To alleviate financial strains, previous measures such as the Affordable Housing Fund and GST removal for developers have been implemented to encourage the construction of rental housing
Source: CIC News