Kelowna 
In an effort to alleviate the housing challenges faced by many Canadians, Prime Minister Justin Trudeau has announced the introduction of a Canadian Renters’ Bill of Rights alongside other significant measures, to be detailed in the upcoming Budget 2024 set for April 16.
Prime Minister Justin Trudeau meets with a family to discuss affordability and housing – Feb 1, 2024/Photo by Adam Scotti (PMO)
Per the news release, this initiative aims to address the increasing difficulties encountered by renters, such as soaring rental prices, the threat of renovations, and the lack of affordable housing options.
“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 in a news release.
With a focus on establishing a more equitable landscape for renters and facilitating their journey towards homeownership, the government is set to launch a $15 million Tenant Protection Fund. This fund will enhance tenant support against unjust rent increases and poor landlord practices by bolstering provincial legal aid services.
The proposed Renters’ Bill of Rights seeks to promote transparency in rental pricing and combat renovictions alongside the introduction of a standardized lease agreement nationwide.
Another notable plan includes amending the Canadian Mortgage Charter to acknowledge on-time rent payments in credit assessments, thereby aiding renters in their aspirations to own homes.
Deputy Prime Minister and Minister of Finance Chrystia Freeland stated that the forthcoming Budget 2024 is designed to establish equity across generations, assist predominantly younger Canadians in transitioning from renting to homeownership, and provide them with the necessary support in their housing rights battles.
