Trudeau will propose a Bill of Rights for Canadian renters in the 2024 Budget. The federal government recently shared its intention to formally launch a Bill of Rights to protect the renters in Canada. The Prime Minister of Canada further claimed that the official budget of 2024 will announce new protection measures for renters. Moreover, it will also declare a few pathways for homeownership.
Trudeau to propose a Bill of Rights for Canadian renters
The Canadian Renter’s Bill of Rights will compel landlords to demonstrate an evident history concerning the cost of apartments. As a result, new immigrants to Canada will understand better about the amount of rent they need to pay when they come here. In addition, they will have more control over negotiating at a just price.
Furthermore, the Bill of Rights will lead renters to suffer the consequences of renovictions. This term implies landlords who eliminate tenants under the pretext of renovating a rental property so that a family member can come to live and the renter can rent the property again. The bill will also develop a standard lease agreement across the nation.
Additionally, the PMO claims that going ahead, an individual’s credit score will be affected by their timely rental payments. According to Trudeau, Canadians must be able to access credit that can help them while applying for a mortgage due to the higher rental cost.
He further claimed that he would modify the Canadian Mortgage Charter and instruct landlords, credit bureaus, banks, and fintech companies to ensure they consider rental history when calculating credit scores.
Consequently, new immigrants in Canada might become eligible for a mortgage at a reduced rate while purchasing their home for the first time.
Lastly, the government will introduce a Tenant Protection Fund worth a whopping $15 million. This measure will help fund legal aid firms fighting for tenant’s rights. These could be related to unjust rental rises, bad landlords, or renovations.
Rents in Canada for newcomers
Canada’s rents have reached their peak. Rentals.ca claimed that the average asking rent in Canada was $2,193 for all residential property types. This indicates a rise of 10.5 percent in rent compared to the previous year. However, this percentage is far higher in the greater urban centers of Canada, with the average price of a one-bedroom apartment in Vancouver being $2,653, while the average cost of a one-bedroom in Toronto is $2,495.
For instance, the average rental cost of a one-bedroom apartment in Canada was $1,685 on March 21.
New immigrants typically suffer due to the increased rental costs when they arrive in Canada. The December 2023 Statistics Canada data revealed that every one in six new immigrants in Canada needs to rent their accommodation. February data from Statistics Canada claims that over a third of recent immigrants spent their pre-tax income on rental costs.
Last year, Canada’s federal government brought forth multiple measures to assist new immigrants and Canadians with their rental issues. For instance, it took an initiative of nearly $14 billion to encourage the development of new rental housing. This was the Affordable Housing Fund measure to renew the current housing.
In addition, the government also abolished GST for developers as a reward to establish more apartment buildings, such as student housing and senior houses.
If you have questions related to the Canadian immigration process, you can access all relevant details through Make Home Canada’s immigration consultants. Write to us at [email protected]
