1. Introduction: Prime Minister Justin Trudeau, acknowledging the struggle faced by younger Canadians in achieving economic stability comparable to previous generations, emphasizes the necessity for fairness and opportunity. Rising living costs and stagnant wages hinder the realization of the middle-class dream, underscoring the need for systemic change.
2. Housing Pressures on Young Canadians: The housing market poses significant challenges, especially for renters, who encounter escalating rents, renovictions, limited options, and unfair practices. While efforts have been made to expand housing availability and affordability, more action is required to level the playing field.
3. Budget 2024 Measures Announcement:
   • Tenant Protection Fund: A new $15 million fund will be launched to support legal aid and tenants’ rights advocacy organizations. This initiative aims to combat unfair rent increases, renovictions, and landlord misconduct, enhancing tenant protections.
   • Canadian Renters’ Bill of Rights: Collaboration with provinces and territories will lead to the creation of a Bill of Rights for renters. This legislation will mandate transparent pricing history disclosure by landlords, crack down on renovictions, establish standardized lease agreements, and empower renters.
   • Recognition of Rent Payments in Credit Scores: Trudeau proposes amendments to the Canadian Mortgage Charter to ensure on-time rent payments are factored into individuals’ credit scores. This recognition seeks to facilitate mortgage applications, particularly for renters aiming to purchase their first homes.
4. Generational Fairness: The focus on renters extends beyond mere tenant protection; it addresses generational equity, especially for Millennials and Gen Z, who predominantly rent. This initiative aims to level the playing field in the rental market and create opportunities for younger Canadians.
5. Government Commitment to Economic Equity: Trudeau reiterates the government’s commitment to building a fair economy for every generation. Alongside renter-focused measures, efforts are underway to expedite home construction, enhance affordability, and generate quality employment opportunities.

Quotes:

1. Prime Minister Justin Trudeau: “It’s too hard to find an affordable place to rent, especially for younger Canadians. That’s why in Budget 2024, we’re taking action to protect renters, make the rental market fairer, and open new pathways for renters to become homeowners. Let’s make sure renters count.”
2. Deputy Prime Minister and Minister of Finance, Chrystia Freeland: “Renters are facing rising rents across the country, and they need support today. Budget 2024 will take action to deliver generational fairness, help renters – who are increasingly younger Canadians – become homeowners, and ensure they aren’t alone when they have to defend their right to a place to call home.”

Quick Facts:

1. Budget 2024 details will be presented by the Deputy Prime Minister and Minister of Finance on Tuesday, April 16, 2024.
2. The outlined measures build upon existing initiatives to aid renters in transitioning to homeownership and address housing challenges nationwide.
3. Notable programs include the Tax-Free First Home Savings Account, removal of GST from new rental housing, increased financing for rental apartment construction, and the Canada Housing Benefit.
4. The government’s economic plan emphasizes expedited home construction, enhanced housing affordability, and comprehensive housing funding initiatives.
5. Since 2015, nearly two million Canadians have been supported in finding housing solutions through federal initiatives.