The federal government has announced a trio of new measures to help Canadian renters that will be included in the upcoming budget.
They include a 15 million dollar fund for legal aid and tenants’ rights advocacy, the creation of a renters Bill of Rights that would require landlords to present the price history of their rentals, and on-time rent payments will positively impact a renter’s credit score.
“It’s too hard to find an affordable place to rent, especially for younger Canadians. That’s why in Budget 2024, we’re taking action to protect renters, make the rental market fairer, and open new pathways for renters to become homeowners. Let’s make sure renters count.” said Justin Trudeau, Prime Minister in a news release.
The government stated it hopes these measures are built to protect renters – who are mostly in the millennial and Gen Z demographic – and help them purchase homes more easily.
In addition, Ottawa unveiled several measures in its 2024 budget centred around renters including removing the GST Tax from new rental housing to incentivize the construction of more apartment buildings, student housing, and seniors’ residences built for long-term rental accommodation as well as unlocking $20 billion in new financing to support up to 30,000 more rental apartments per year by increasing the annual limit for Canada Mortgage Bonds from $40 billion to up to $60 billion.
A link to the full announcement can be found here.
– with files from Will Peters, MyPGNow.com staff