Wednesday March 27, 2024 | VICTORIA, BC
by Mary P Brooke | Island Social Trends
Opening with the fact that two-thirds of young Canadians are renters, today in Vancouver Prime Minister Justin Trudeau introduced his government’s plan for a Canadian Renters’ Bill of Rights.
In line with the importance of renting in this economy: “Renters matter,” said Prime Minister Justin Trudeau in Vancouver today.
Requires cooperation or provinces and financial institutions:
Trudeau outlined a new upcoming Canadian Renters’ Bill of Rights that will include requirements and guidelines on lease agreements, make a history of apartment pricing available to renters, create a new legal aid fund (to help fight renovictions and other ‘bad landlord’ practices), and ensure that rent will count toward becoming a home owner by being acknowledged in a mortgage applicant’s credit rating.
As housing is a provincial responsibility, there is work to be done with each of the provincial and territorial governments to actualize the Canadian Renters Bill of Rights across the country.
“The demonstrated reliability of renting will be taken into account when applying for a mortgage. Financial institutions will be required to include a renter’s payment history in their credit history,” said Trudeau today.
[See details in March 27, 2024 news release from the Prime Minister’s office: Fairness for every generation]
Fairness for the younger generation:
The announcement today included an emphasis on the younger voter block. People are paying more than ever for rent nowadays, said Trudeau.
He addressed this in particular to young Canadians who are trying to get their lives rolling. “You are the heartbeat of the economy.” he said in his media session today, as part of “an economy that is fair for every generation”.
Trudeau wants to make sure that “Millennials and Gen Z, who are most likely to rent, get a level playing field in the rental market”. He noted that Millenialls entered their adult lives just as the Great Recession was taking hold in 2008 (and had impacts that lasted for many years) and Gen Z has been faced with entering the adult world under the impacts of a job-deficient economy and then COVID.
Trudeau had youth in mind at the outset of his first election campaign in 2015, and was himself the minister for youth.
Banks will like it:
Today Trudeau said that financial institutions will welcome the stability indicator of a mortgage applicant who has paid their rent on time. It will bring more customers to the banks, which will in turn improve the investment profile of those banks.
Freeland gives credit to BC:
The announcement event was shared with Deputy Prime Minister and Finance Minister Chrystia Freeland who gave a preview of Budget 2024 that will be fully announced on April 16. She and Trudeau said the theme of Budget 2024 will be ‘fairness’.
Today in Vancouver, Freeland thanked BC Premier David Eby and Finance Minister Katrine Conroy for their input to renters protection momentum.
Housing Minister Ravi Kahlon told media the next day (March 28) that he very much supports the Canadian Renters’ Bill of Rights idea and that BC will readily engaged in federal-provincial negotiations.
===== RELATED:
- BC Rent Bank aims to adapt to current rental realities (March 25, 2024)
- Seniors rental support update coming soon says housing minister (March 19, 2024)
- Rental support for seniors needs an overhaul, and fast (March 17, 2024)
- BC describes BC Builds rental construction program as non-traditional (February 19, 2024)
- Province launches BC Builds to address lower-cost middle-income rental homes (February 13, 2024)
- Still a big gap for forced-relocation renters (February 8, 2024)
- BC Greens call for urgent renter support (February 6, 2024)
- Province gives $11 million boost to BC Rent Bank (February 2, 2024)
- BC takes transformative action on housing in fall session (November 30, 2023)
- Housing supply boost with off-the-shelf multiplex designs (November 16, 2023)
===== ABOUT ISLAND SOCIAL TRENDS:
Island Social Trends publishes daily online at IslandSocialTrends.ca and biweekly in print within the regional community (available as PDF to paying Premium Subscribers).
Island Social Trends Editor Mary P Brooke reports through a socioeconomic lens.
