In a live press conference from the nation’s capital, Industry Minister François-Philippe Champagne and Minister Sean Fraser shared insights into the fall economic statement, focusing on critical measures to enhance Canadians’ affordability.
Minister Fraser highlighted the government’s commitment to tackling the housing crisis, emphasizing a multi-faceted approach. The fall economic statement includes provisions to expedite home construction, unlock existing supply, and alleviate the impact of higher interest rates on mortgage payments. Fraser underlined the injection of an additional $15 billion into the apartment construction loan program, showcasing recent success with over $4 billion in loans resulting in the construction of nearly 12,000 homes.
The comprehensive strategy also involves direct investment in affordable housing construction, signalling an ongoing commitment to subsidize homes for low-income families. Beyond future-oriented policies, Fraser outlined short-term measures to unlock existing supply, such as changes to tax systems affecting short-term rentals.
Cooperative housing was highlighted as an additional avenue for providing affordable homes, with over $300 million earmarked for future investments. The mortgage charter was introduced to consolidate rules and provide consumers clarity on negotiating extended amortization periods and better deals during mortgage renewals.
The economic statement formalizes the merger of housing and infrastructure efforts within the federal government, fostering a holistic approach to community development. The Housing Accelerator Fund was launched recently and has already signed agreements with 11 municipalities, with projections indicating an additional 250,000 housing units over the next decade.
Minister Champagne addressed Canadians’ concerns about rising grocery prices and inflation. The fall economic statement aims to balance fiscal responsibility and support Canadians. Notable measures include reducing “junk fees,” specifically addressing non-sufficient fund fees charged by banks. The government is seeking amendments to the Air Consumer Protection Act to ensure airlines seat children under 14 next to accompanying adults at no extra cost.
