Here's what Trudeau says the upcoming federal budget will offer renters

• By Shawna Connelly
• Posted Monday, Apr 01, 2024 11:42 am

Here's what Trudeau says the upcoming federal budget will offer renters

The federal government will create a new "Canadian Renters’ Bill of Rights," which would require landlords(opens in a new tab) to disclose their properties’ rental price history to prospective tenants.

Prime Minister Justin Trudeau made the announcement Wednesday in Vancouver, saying it's one of three new measures that will be part of the upcoming federal budget, which will also include a new housing aid fund and a push to have rental payments affect credit scores.

Rental demand outpaced supply in most major markets across the county last year, according to the Canada Mortgage and Housing Corp.'s (CMHC) review published in January. The average purpose-built two-bedroom apartment went for $1,359 per month, while condo rental costs sat at $2,049.

Canada's overall vacancy rate fell to a new low at 1.5 per cent last year. Regionally, rates declined in most of Canada's larger cities, while rental costs surged.

Tenants' rights advocates have long championed the concept of a rental registry, which could allow renters to see what the previous tenant paid for a unit before accepting a new rate.

The incoming "Bill of Rights" aims to empower renters to "bargain fairly," a Wednesday press release said.

Alongside it, Trudeau promised a $15-million fund for provincial legal aid services to "protect tenants against unfairly rising rent payments, renovictions, or bad landlords."

"In today's Canada, more people are renting than ever before … Nearly two thirds of young Canadians rent their homes," he said, adding that younger people spend larger portions of their incomes on rent than other generations have.

"Maybe young people want to start a family, but they don't know how they can afford something bigger than a one-bedroom apartment."

The new rules will require significant buy-in from the provinces, which could be a...[READ MORE]