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Supporting renters and building more homes: Pre-Budget 2024

For Canadians across the country, especially for Millennials and Gen Z, it’s tough to find a place to call home. And while we are taking bold action to build more homes, faster, improve access to housing, and make homes more affordable, we know there is more to be done.

Protecting Renters’ Rights and Unlocking Pathways to Homeownership

Renters across the nation continue to face skyrocketing rents, renovictions, unfair competition, and a shortage of housing options, with more Millennial and Gen Z Canadians are renting today than the generations that came before them. No renter should have to face these challenges alone.

That’s why in Budget 2024, we’re restoring fairness for renters. We’re doing this by:

  • Launching a new $15 million Tenant Protection Fund. There are more young people renting than any other age group, and many of them are first-time renters who have a lack of resources to fight against unfairly rising rent payments, renovictions, or bad landlords. This fund would provide funding to legal aid and tenants’ rights advocacy organizations to ensure no renters in Canada has to face these issues alone.
  • 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 for young people who may have trouble applying for a mortgage without a long credit history. 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.

This is about protecting renters of all ages. But this is also about generational fairness — making sure Millennials and Gen Z, who are most likely to rent, get a level playing field in the rental market.

Growing Communities and Building More Homes Faster

With thousands of Canadians affected by the shortage of housing options and increasingly high rent and home prices, our government is sticking to our commitment to increase housing supply across the board — and quickly. In the past year, we’ve announced billions of dollars through the Housing Accelerator Fund (HAF) to accelerate the housing supply, cut red tape, and make housing more affordable in 179 municipalities throughout Canada like Vaughan, Richmond Hill, Vancouver, and more.

In Budget 2024, we’re committing to topping-up the Housing Accelerator Fund with an additional $400 million, so even more municipalities can cut red tape and fast-track home construction. This investment will fast-track an additional 12,000 new homes in the next three years.

In addition, we’re launching a new $6 billion Canada Housing Infrastructure Fund to accelerate the construction and upgrading of critical housing infrastructure. This includes water, wastewater, stormwater, and solid waste infrastructure to support the construction of new homes. This fund includes:

  • $1 billion available for municipalities to support urgent infrastructure needs that will directly create more housing.
  • $5 billion for agreements with provinces and territories to support long-term priorities. Provinces and territories can only access this funding if they commit to key actions that increase housing supply: 
      • Require municipalities to broadly adopt four units as-of-right and allow more “missing middle” homes, including duplexes, triplexes, townhouses, and other multi-unit apartments.
      • Implement a three-year freeze on increasing development charges from April 2, 2024, levels for municipalities with a population greater than 300,000.
      • Adopt forthcoming changes to the National Building Code to support more accessible, affordable, and climate-friendly housing options.
      • Require as-of-right construction for the government’s upcoming Housing Design Catalogue.
      • Implement measures from the Home Buyers’ Bill of Rights and Renters’ Bill of Rights.

Provinces will have until January 1, 2025, to secure and agreement, and territories will have until April 1, 2025. If a province or territory does not secure an agreement by their respective deadline, their funding allocation will be transferred to the municipal stream. Our government will work with territorial governments to ensure the actions in their agreements are suitable to their distinct needs. 

To access long-term, predictable funding for public transit through our forthcoming public transit fund, municipalities will be required to take action that will directly unlock housing supply. This includes measures to:

  • eliminate mandatory minimum parking requirements within 800 metres of a high-frequency transit line.
  • Allow high-density housing within 800 metres of a high-frequency transit line.
  • Allow high-density housing within 800 metres of post-secondary institutions.
  • Complete a Housing Needs Assessment for all communities with a population greater than 30,000.

We’re working with provinces, territories, and municipalities to increase housing supply and make the housing market fairer — for renters, for homeowners, and for Canadians trying to find a place of their own. Growing communities need quality infrastructure — and we are there to support them with these generational investments. 

We’re taking action to remove barriers to home building, including by allowing multiplexes as-of-right, encouraging affordable rentals, speeding up permitting and approvals processes, and building affordable homes near public transit stations, especially for students, seniors, and young families.

No single player can fill Canada’s housing shortage on its own. More must be done, and all of Team Canada — the federal government, provinces and territories, Indigenous partners, cities and towns, the private sector, labour, and non-profits — must work together to ensure everyone has a safe and affordable place to call home.

Tony Van Bynen

Member of Parliament for

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