The federal government is introducing a "Canadian Renters’ Bill of Rights," requiring landlords to disclose rental price histories to prospective tenants. Prime Minister Justin Trudeau announced this in Vancouver, highlighting three new measures in the upcoming federal budget: the Bill of Rights, a housing aid fund, and incorporating rental payments into credit scores.
Rental demand surpassed supply last year, causing average rents for purpose-built two-bedroom apartments to hit $1,359 and condos $2,049. Vacancy rates dropped to a historic low of 1.5%.
The Bill of Rights aims to empower renters and promote fair bargaining. It includes a $15-million fund to help provincial legal aid services protect tenants from unfair rent hikes and evictions. Trudeau noted that more young Canadians are renting than ever before, often struggling to afford anything larger than a one-bedroom apartment.
Provincial cooperation will be crucial, which could be challenging. Cedric Dussault, a tenants' advocate, expressed skepticism about the federal government’s role and the adequacy of the aid fund.
Additionally, the government will push for rental payments to be included in credit scores, making it easier for renters to qualify for mortgages. Deputy Prime Minister Chrystia Freeland indicated the 2024 budget, will focus on housing, affordability, and jobs while being fiscally prudent.
Comments