Update – April 30th, 2024: You can see the results and analysis of our 2024 Federal Budget survey here. The survey below is still open if you wish to submit your thoughts on the budget’s housing initiatives.
In an attempt to tackle the persistent housing crisis in Canada, the federal government unveiled its highly anticipated 2024 budget with a focus on housing initiatives. Aimed at bolstering supply and affordability, the budget introduces a variety of strategies to solve the housing crisis. Here’s our breakdown of the initiatives that will impact renters and landlords:
Key Housing Initiatives
- Target for New Homes: The government plans to build 3.9 million new homes by 2031, addressing the critical need for more housing.
- Utilization of Public Lands: One of the main strategies includes transforming public lands into housing units to increase the housing stock.
- Canada Housing Infrastructure Fund: This new fund will provide $6 billion over the next decade to fast-track the construction and upgrade of essential housing infrastructure.
- Apartment Construction Loan Program Expansion: Additional funding will be directed to enhance this program, which encourages the building of rental units.
Measures to Improve Affordability
- Extended Mortgage Options for First-Time Buyers: Beginning August 1, 2024, first-time homebuyers of new builds can opt for a 30-year mortgage amortization period.
- Increased Home Buyers’ Plan Limit: The budget raises the RRSP withdrawal limit to $60,000, helping first-time buyers with their down payments.
Support for Renters
- Canadian Renters’ Bill of Rights: Aiming to protect renters, this initiative requires provincial and territorial cooperation and includes:
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- Allowing rent payments to contribute towards tenants’ credit scores.
- Establishing a national standard lease agreement.
- Mandatory disclosure of a rental unit’s pricing history by landlords.
- Legal Aid Funding: A $15 million fund will support tenants through provincial legal aid organizations, particularly in cases of landlord disputes and “renovictions.”
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Take Our Survey
For Rentals.ca to gather valuable insights about the proposed federal budget, we encourage you to take the brief survey below. Your responses will remain confidential, and will only be used for research purposes to improve our services and advocate for better housing policies.
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