New Protections and Incentives Aim to Help Renters and First-Time Buyers in Canada

Canada’s Housing Plan recognizes that affordability is not just about building more homes—it’s also about making existing housing accessible and stable. Budget 2024 introduces a comprehensive set of supports for renters and first-time buyers, aiming to restore the possibility of homeownership for young Canadians while protecting those in precarious rental situations.

Among the most notable proposals is the launch of a Canadian Renters’ Bill of Rights. Housing and Infrastructure Canada outlines plans for price transparency, nationwide lease standards, and legal protections against renovictions. A new $15 million Tenant Protection Fund will be established to support legal aid and tenant advocacy, especially for vulnerable populations facing illegal rent hikes or poor living conditions.

To help renters transition into ownership, the federal government is proposing to allow rental payment history to count toward credit scores. This change could unlock better mortgage rates and greater access to home financing for millions. Meanwhile, the Tax-Free First Home Savings Account is already helping over 750,000 Canadians build down payments, with Budget 2024 proposing to raise the Home Buyers’ Plan withdrawal limit from $35,000 to $60,000.

Mortgage amortization rules are also being revised. Starting August 1, 2024, first-time buyers of newly constructed homes will have access to 30-year insured mortgages, easing monthly payments and encouraging new builds. The Canadian Mortgage Charter will also be strengthened to include permanent hardship relief measures for those struggling to meet their mortgage obligations.

These protections and incentives aim to give Canadians more choice, more stability, and more buying power in an increasingly complex housing market. Credit: Housing and Infrastructure Canada.