The federal government is aiming to create more housing, pledging billions of dollars to increase builds across the nation in Tuesday's fall economic statement.
Minister of Finance Chrystia Freeland presented the statement to the House of Commons, saying the measures would result in more than 100,000 new homes.
"For generations, Canada has been a country where if you worked hard, went to school, found a good job and squirreled some money away, there would be a home you could afford," she said. "For generations, that promise was kept, but today for a generation that ranges from new high school graduates to couples in their 30s making six-figure salaries, that promise is under threat. Keeping that promise demands a great national effort, and that is an effort our government is stepping up to lead."
Freeland says the measures include lifting GST on new rental construction, building more on federal land, cutting red tape that keeps construction workers from moving across country, and cracking down on the short-term rental market.
The Liberals also promised to help keep more Canadians in their homes, by establishing the new Canadian Mortgage charter, which will outline what residents can expect from their financial institutions when they are renewing their mortgages.
The planned spending is around $20.8 billion more over the next six years than the federal government initially projected.
Other measures announced that feds say will help the affordability crisis include:
- Lifting GST and HST on psychotherapy services.
- Investigating international roaming rates on Canadian phones
- Continuing efforts to bring $10/day childcare to every province by 2026
During question period, Leader of the Opposition Pierre Poilievre criticized the Liberals for not making efforts to balance the budget.
"Common-sense conservatives will vote non-confidence on this measure," he said.
A point of order was raised, noting Poilievre wasn't asking questions during his time.
Freeland defended their policy by saying Canada has the lowest debt and deficit in the G7, with the fastest rate of fiscal consolidation.
"You don't need to ask me Mr. Speaker, about our fiscally responsible track record. Talk to the ratings agencies, because they have reaffirmed our triple-A rating."
The deficit for this fiscal year is still projected to be $40 billion, which is what Freeland said it would be in the spring.
