By Cheryl Jahn

Trudeau plans to amend the Canadian Mortgage Charter

Mar 28, 2024 | 3:42 PM

PRINCE GEORGE – The federal government is looking at measures aimed to amend the Canadian Mortgage Charter to allow tenants to count on-time rent payments toward their credit score, and propose $15 million in new funding to provincial legal aid organizations to better protect tenants against unfair rent payments, renovictions or what the federal government calls “bad landlords.” Local realtor Bob Quinlan says housing prices, even in Prince George, are out of reach for many these days.

“Now, there’s another proposal by the government that they’re going to maximize the amount of mortgage that a person can have. So if they’re making $100,000 a year, the maximum mortgage they can have is $450,000. So buying a $650,000 house means they need $200,000 payment, a down payment,” notes local realtor Bob Quinlan. “

“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,” noted Trudeau in a news release.

The Canadian Renters’ Bill of Rights is ultimately aimed at getting first-time buyers into a home, something that seems out of reach for many younger people. The Renters’ Bill of Rights and funding tied to it will be introduced in the federal budget set to come down April 16th.

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