Canada Introduces: Canada is gearing up to introduce a Renters’ Bill of Rights, as announced by Prime Minister Justin Trudeau in Vancouver. This significant legislation is set to be unveiled in the upcoming Budget 2024.
As per a statement from the Prime Minister’s Office (PMO), the Canadian Renters’ Bill of Rights will mandate landlords to transparently disclose a comprehensive rental rate history for apartments.
Canada Introduces New..
This measure aims to empower newcomers to Canada in determining fair rental rates upon arrival and enhancing their negotiation capabilities.
Moreover, the Bill will address renovictions, penalizing landlords who evict tenants under the guise of renovations only to re-rent the unit afterward. It will also standardize lease agreements nationwide.
The PMO further outlined plans to incorporate rental payment history into individuals’ credit scores, acknowledging the importance of credit recognition relevant to mortgage applications due to the steep rental costs.
Trudeau intends to amend the Canadian Mortgage Charter to include rental history in credit assessments, fostering collaboration between banks, fintech firms, landlords, and credit bureaus.
This initiative aims to potentially enable immigrants to secure mortgages for their initial residences at reduced interest rates.
Additionally, the government plans to establish a $15 million Tenant Protection Fund to support legal aid organizations in safeguarding tenants from unjust rent hikes, renovictions, or problematic landlords.
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