What is Liberals Bill of Rights for Rent?

Before I discuss what is the new proposed Bill of Right Rent Bill, the I must discuss who has responsibility over rent control and management:

Source - https://housingrightscanada.com/resources/rent-control-policies-across-canada/

What are the biggest issues with rent across Canada?

Source - https://www.cmhc-schl.gc.ca/blog/2024/canadas-rental-landscape-2023-show-record-low-vacancies-affordability-concerns

Housing Starts / Population:

• Housing is not keeping pace with populationhttps://www.advisor.ca/economy/economic-indicators/housing-starts-stable-but-demand-still-outpacing-growth-of-supply/
• Higher interest is impacting borrowing for developers - https://financialpost.com/real-estate/apartment-starts-offset-plunge-single-detached-home-builds-2023 or https://www.newswire.ca/news-releases/apartment-construction-sustains-housing-starts-in-canada-s-largest-cities-833777116.html
• Justin Trudeau policies have played a role with inflation that has forced the Bank of Canada to raise interest rates. https://www.bankofcanada.ca/2024/03/time-to-break-the-glass-fixing-canadas-productivity-problem/
• Construction material costs continue to plague builders - https://kalgreens.com/the-real-cost-of-building-a-new-home-in-ontario-in-2024/

Rental Property in Canada:

There are many different type of rental properties that including large real state companies that manage condominiums and apartment units across the country. Many of these real estate companies are part of REIT. https://www.fool.ca/2024/03/20/the-top-canadian-reits-to-buy-in-march-2024/

There are also others that hold rental properties as part of earning rental income. This includes politicians like Jagmeet Singh wife - https://tnc.news/2023/08/18/singh-under-fire-housing/ or https://globalnews.ca/news/8767051/canadian-mp-real-estate-investment-amid-housing-crunch/

Foreign ownership also plays a role with condominiums and apartment rentals units - https://www.advisor.ca/tax/what-are-the-fhsa-eligibility-rules/

There are many challenges with building multi-unit buildings including zone laws, financing, cost of materials, building permits, etc. There is has been much debate at all levels of government around how best to address housing. https://www.dhirubhai.net/pulse/addressing-housing-supply-affordability-canada-march-paul-young-wkxvc/ or https://www.theglobeandmail.com/canada/article-ontario-will-not-introduce-legislation-that-automatically-approves/. Local governments can make their own zone laws related to building. I have written blogs that remote, urban, and rural planners need to complete overhaul of their building planning including zoning.

What is the new Bill of Rights for Renters?

The government is also proposing a new Canadian Renters' Bill of Rights which would require landlords to disclose the history of a property's pricing so renters can bargain fairly. Trudeau says the bill will “crack down on renovictions, create a nationwide standard lease agreement, and give renters more agency.

Source - https://www.cbc.ca/news/politics/government-renters-bill-of-rights-1.7157206

What are the challenges with the new Bill of Rights / Renters?

1. Ottawa will need to collaborate with the provinces and territorials on the path forward to protect renters.
2. This will do little to address people that abuse the rental laws without paying rents for months. This comes back to more private landlords that want to evict people from their homes.
3. Property managers are renovating units once people vacate those units. The rent then is marked up as part of recovering the costs. https://www.lemonade.com/renters/explained/renovations-for-rental-property/#
4. There is supply issues with available units. Immigration reforms needs to occur as part of managing available housing. https://www.rebelnews.com/canadians_want_less_immigration_to_address_lack_of_housing_report
5. Justin Trudeau like many of his recent bills like dental or pharmacare have failed to collaborate with provinces and territories.

I am all for addressing housing, but the new Bill of Rights for Renters is purely being used as way to buy votes and shore up power for Justin Trudeau and Jagmeet Singh

More needs to be done to addressing availability of housing but it will require collaboration by all levels of government, indigenous nations, and the private sector. https://www.dhirubhai.net/pulse/housing-affordability-canada-december-2023-paul-young-qardc/

Paul Young CPA CGA is a former Senior IBM Customer Success Manager that has deployed over 300 data and AI solutions across industries. Paul is also focusing on driving better business decisions through the modernization of the data architecture.

[email protected]

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