1. Introduction of Canadian Renter’s Bill of Rights: Prime Minister Justin Trudeau, speaking from Vancouver, announced plans to introduce a Renter’s Bill of Rights in the upcoming Budget 2024.
2. Disclosure of Apartment Pricing History: The Bill will mandate landlords to provide a transparent history of apartment pricing, aiding newcomers in understanding fair rent rates upon arrival and empowering them in negotiations.
3. Consequences for Renovictions: The legislation will address renovictions, penalizing landlords who evict tenants under renovation pretenses only to re-rent the property. Additionally, it will establish a standardized lease agreement nationwide.
4. Rent Payments Impact on Credit Score: Trudeau highlighted plans to factor on-time rent payments into individuals’ credit scores. This initiative aims to provide Canadians with credit recognition that could facilitate mortgage applications, given the soaring rental costs.
5. Amendments to Canadian Mortgage Charter: Trudeau intends to amend the Canadian Mortgage Charter, urging landlords, banks, credit bureaus, and fintech companies to integrate rental history into credit scores. This measure could potentially enable newcomers to qualify for mortgages at lower rates.
6. Tenant Protection Fund Launch: The government will initiate a $15 million Tenant Protection Fund to support legal aid organizations safeguarding tenants against unfair practices such as rent hikes, renovictions, or landlord misconduct.

Renting in Canada as a Newcomer

7. Rising Rental Costs: Rental prices in Canada have surged to record highs, with asking rents averaging $2,193 across all residential property types in February 2024, marking a 10.5% year-over-year increase.
8. Urban Center Rent Prices: Larger urban centers like Vancouver and Toronto witness even steeper rates, with average one-bedroom apartment rents soaring to $2,653 and $2,495, respectively. For comparison, the average one-bedroom rent in Canada was $1,685 in March 2021.
9. Impact on Newcomers: Newcomers to Canada are disproportionately affected by soaring rental costs. Statistics Canada reports from December 2023 reveal that 1 in 6 newcomers rents their accommodation, while a study from February 2023 indicates that over a third of recent newcomers spend more than a third of their pre-tax income on rent.
10. Government Initiatives: To alleviate financial burdens on renters, the federal government introduced various measures throughout 2023. These include the Affordable Housing Fund, a $14 billion initiative supporting the construction of new rental housing and the repair/renewal of existing units. Additionally, the removal of the Goods and Services Tax (GST) for developers serves as an incentive to expand apartment building projects, including those catering to students and seniors.