🏚️ Justin Trudeau Unveils Renter-Focused Measures in 2024 Budget
In the upcoming 2024 federal budget, the Canadian government will introduce several new measures to support renters across the country:
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Canadian Renters' Bill of Rights: This will establish a nationwide standard for lease agreements and require landlords to disclose a clear history of apartment pricing, giving renters more bargaining power.
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Tenant Protection Fund: A $15 million fund will be created to provide legal aid for tenants facing unfairly rising rents, evictions, or issues with bad landlords.
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Rental History Included in Credit Scores: The government will amend the Canadian Mortgage Charter to call on banks, credit bureaus, and others to factor in renters' payment histories when calculating credit scores. This is intended to help renters qualify for mortgages and lower interest rates when they are ready to buy a home.
Prime Minister Justin Trudeau stated that these new policies are aimed at addressing the challenges faced by younger Canadians, who are renting at higher rates than previous generations and spending a larger share of their income on housing. The measures are part of the government's broader efforts to improve affordability and fairness in the housing market.
Trudeau proposes new reforms for renters amid housing crunch - National | Globalnews.ca
Justin Trudeau said in an announcement Wednesday that the new reforms will “make the playing field fairer for renters,” as homeownership continues to be out of reach for many.
Naomi Barghiel
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