Canadian Prime Minister Justin Trudeau announced Wednesday that the federal government will be proposing a new renters’ bill of rights in the upcoming budget that will “create a nationwide standard for lease agreements, give renters a clear history of apartment pricing so they can bargain fairly and make sure they have more agency.”“It’s too hard to find an affordable place to rent, especially for younger Canadians.
“Renters deserve credit for the money they put toward rent over the years, especially when it comes time to apply for a mortgage for their first home,” the release said.On rent payments going toward credit scores, Trudeau told reporters at a press conference in Vancouver Wednesday that the measure could open up possibilities when applying for a mortgage and even to secure a loan for a small business.
Renoviction is the practice where tenants are served eviction notices and property owners renovate the building, often reposting the units at a higher price.Wednesday’s press release notes that the new measures are both about protecting renters and about “generational fairness” for millennials and Generation Z, who make up a large part of Canada’s rental market.You are the heartbeat of the economy and Canada’s success in the 21st century depends on you,” he said.