TORONTO — Federal NDP Leader Jagmeet Singh says his party will impose strict rules on Canadian Housing and Mortgage Corporation loans in an effort to stop so-called renovictions and provide cash to help people pay their rents.
Singh made the election pledge today in Toronto, where he says the average rent has increased by over $4,000 over the the last six years.
He says for-profit companies have been takking advantage of loans from the Canadian Housing and Mortgage Corporation to purchase buildings, renovate them and then jack up the rent, forcing those who can't afford the new rates to find somewhere else to live.
He's also pledging to provide people and families struggling to pay their rent with a supplement of up to $5,000 a year.
When asked where that subsidy would come from, he pointed to his party's previous promise to introduce new taxes on the rich.
Liberal Leader Justin Trudeau called a federal election last Sunday and voters will head to the polls Sept. 20.
This report by The Canadian Press was first published Aug. 21, 2021.
The Canadian Press