Maple News reports that newcomers to Canada can expect meaningful support from the upcoming 2024 federal budget, which will be officially tabled in Parliament on April 16. As Prime Minister Justin Trudeau and several Liberal Cabinet ministers have revealed, Canada’s Budget 2024 will prioritize housing affordability, infrastructure development, and tenant protections—issues that directly impact many immigrants and new arrivals.
One of the most notable measures is the introduction of a new Renters’ Bill of Rights. This legislation aims to increase transparency in the rental market by requiring landlords to disclose previous rental rates for units, helping potential tenants understand pricing trends and avoid being overcharged. This initiative could be a game changer for renters across the country, especially recent immigrants navigating Canada’s competitive housing market.
The federal government also plans to ensure that timely rent payments count toward an individual’s credit score. This change could particularly benefit newcomers, many of whom may be building their credit history in Canada for the first time. A stronger credit score can improve access to lower-interest mortgages and other financial services, making it easier for immigrants to transition from renters to homeowners.
Housing supply is also set to receive a major boost through the expansion of the Apartment Construction Loan Program (ACLP). The budget will allocate an additional $15 billion to this initiative, increasing the total funding to $55 billion. The goal is to add at least 131,000 new apartment units over the next decade, a significant move toward addressing Canada’s persistent housing shortage.
In addition, the federal government will launch a new $6 billion Canada Housing Infrastructure Fund to support the essential infrastructure required for homebuilding. This includes upgrades to water, wastewater, stormwater, and solid waste systems—critical components for enabling fast-tracked residential development in high-need areas.
According to Maple News, these steps demonstrate the government’s dual focus on protecting renters now and laying the groundwork for long-term housing supply. For immigrants and newcomers, they offer a combination of immediate support and future opportunity in Canada’s evolving housing landscape.
While exact details will be confirmed once Budget 2024 is officially released, these early announcements indicate a clear commitment to creating a fairer, more accessible housing market for all Canadians—including those just starting their journey in the country.