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Building on MPC’s momentum of advocacy wins, we are pleased to share that the Prime Minister has launched the first of several forthcoming pre-budget announcements. Today’s announcement focused on the housing sector and included the following measures:
- Launching a new $15 million Tenant Protection Fund. This would provide funding to legal aid and tenants’ rights advocacy organizations to better protect tenants against unfairly rising rent payments, renovictions, or bad landlords.
- Creating a new Canadian Renters’ Bill of Rights, developed and implemented in partnership with provinces and territories. This would require landlords to disclose a clear history of apartment pricing so renters can bargain fairly. We will also crack down on renovictions, create a nationwide standard lease agreement, and give renters more agency.
- Making sure renters get credit for on-time rent payments. 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. We’re going to amend the Canadian Mortgage Charter and call on landlords, banks, credit bureaus, and fintech companies to make sure that rental history is taken into account in your credit score.
MPC is pleased to see that the federal government has heard our recommendations to facilitate access to home ownership. While more work remains to be done, these measures represent a significant step in the right direction, creating an easier pathway to homeownership particularly for Gen Z, Millennials, and new Canadians with little credit history.
We’re also pleased to see the Prime Minister and Deputy Prime Minister reiterate their commitment to cutting red tape and reforming zoning to help more homes get built faster, and we will be continuing to push for measures that increase and improve the affordability of the housing market for Canadians from coast to coast.
The full announcement can be found here.
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