The federal government will establish the new "Canadian Tenants' Rights Act," which will require landlords to disclose the rental price history of their properties to potential tenants.

Prime Minister Justin Trudeau announced this today, Wednesday, in Vancouver, saying, "The bill is one of three new measures to be included in the upcoming federal budget, which will also include making rent payments affect credit scores, and a new fund to assist housing."

Demand for rentals exceeded supply in most major markets across the province last year, according to a CMHC review published in January. The average price for a purpose-built two-bedroom apartment was $1,359 per month, while the cost to rent a unit was $2,049. Vacancy rates declined in most major Canadian cities, while rental costs increased.

The upcoming "Charter of Rights" aims to empower tenants with "fair negotiation." Alongside this, Trudeau promised a $15 million fund for legal aid services "to protect tenants from unfair rent hikes, evictions, or bad landlords."

The government will also amend the Canadian Mortgage Charter and "urge" banks and credit companies to integrate rent payments into Canadians' credit history.

Deputy Prime Minister and Minister of Finance Chrystia Freeland announced earlier this month that the 2024 federal budget will be presented on Tuesday, April 16.

Referring to the fact that Canadians still feel inflationary pressures while becoming increasingly concerned about looming mortgage renewals, Freeland indicated then that the budget will focus on housing, affordability, and jobs, balancing the need to remain financially cautious by limiting major new spending plans.