Prime Minister Justin Trudeau announced his plan for a new Canadian Renters' Bill of Rights Wednesday to help young people get a foothold in the housing market.

His proposed plan contains three main items:

• Renters would know a unit's rental price history to bargain appropriately
• Creating a federal legal aid fund to help renters right bad-faith evictions
• Making credit bureaus take rent payments into account when calculating someone's credit score, in an effort to help them qualify for a mortgage

Trudeau made the announcement ahead of the 2024 federal budget from East Vancouver, the most expensive city in the country for renters.

"When you look out at the economy these days, it just doesn't feel very fair. With inflation, with high housing costs, with so much uncertainty here and across the world, it feels like there are some people doing really, really well. But a lot of people feel stuck or worse, like they’re falling behind," Trudeau said.

"And when you look at who's feeling at the most, it's hard not to think about the young people trying to get their lives started in these complex times."

Finance Minister Chrystia Freeland spoke as well, hoping that the new move sparks optimism for young Canadians amid frustrations about the skyrocketing cost of living.

"Many young Canadians feel as though the deck is stacked against them. It used to be if you studied hard, if you got a job… your reward would be a good middle-class life," Freeland said. "Today, younger Canadians can get a good job, they can work hard. But that reward remains out of reach."

Harjit Sajjan, minister of emergency preparedness, joined Freeland and Trudeau at the announcement.