Prime Minister Justin Trudeau said Wednesday that there's something fundamentally unfair about paying $2,000 a month for rent, while those paying the same for a mortgage get equity and build their credit score.
The measures are part of next month's federal budget and include a $15-million Tenant Protection Fund, which would pay provincial legal aid groups to help tenants against unfairly rising rents,"renovictions" or bad landlords. The government wants landlords, banks and credit bureaus to make sure rental history is taken into account on credit scores, giving first-time buyers a better chance at getting a mortgage, with a lower interest rate.
Finance Minister Chrystia Freeland was also at the event and said a no-holds-barred plan in the upcoming budget will help young Canadians"wrestle down" the cost of owning and renting a home.
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