LONDON, ON, April 13, 2022 /CNW Telbec/ - Through Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable, the Government of Canada makes targeted and responsible investments to create good jobs, grow our economy, and build a Canada where nobody gets left behind.
Today, the Minister of Transport, the Honourable Omar Alghabra, announced investments from Budget 2002 to make housing more affordable for Canadians. Budget 2022 measures that will build more homes and make housing more affordable across the country include:
- Putting Canada on the path to double housing construction over the next decade;
- Helping Canadians buy their first home;
- Protecting buyers and renters;
- Curbing unfair practices that drive up the price of housing;
- Continuing to fight homelessness and support housing affordability, particularly for the most vulnerable; and
- Offering additional funding to address housing needs of Indigenous Peoples.
To help double rate of construction over the next 10 years, make our housing and building stock more environmentally friendly, and address homelessness, the federal government is proposing a range of measures that will:
- Incentivize cities to build more homes and create denser, more sustainable neighbourhoods to increase housing supply;
- Support those in need of affordable housing by building new affordable units faster;
- Create a new generation of co-op housing through the largest investment in new co-op housing in more than 30 years;
- Accelerate retrofits and build more net-zero homes in communities across Canada so that people can save on energy bills; and
- Support those experiencing or at risk of homelessness by continuing to provide doubled annual funding for Reaching Home; building new affordable units for the most vulnerable; continuing work to end chronic homelessness; and introducing a new program to combat veteran homelessness.
"Budget 2022 is about growing our economy, creating good jobs, and building a Canada where nobody gets left behind. Our plan is responsible and considered, and it is going to mean more homes and good-paying jobs for Canadians; cleaner air and cleaner water for our children; and a stronger and more resilient economy for years to come."
The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance
"Everyone should have a safe and affordable place to call home. The investments we are proposing in Budget 2022 will put Canada on the path to double the construction of new housing and meet Canada's housing needs over the next decade."
The Honourable Omar Alghabra, Minister of Transport
- Measures in Budget 2022 to make housing more affordable include:
- Putting Canada on the path to doubling the construction of new homes in the next decade;
- Helping Canadians buy their first home, including by introducing the Tax-Free First Home Savings Account and doubling the First-Time Home Buyers' Tax Credit;
- Launching a new Housing Accelerator Fund that will target the creation of 100,000 net new housing units in the next five years;
- Developing a Home Buyers' Bill of Rights and bringing forward a national plan to end blind bidding;
- Banning foreign buyers from owning non-recreational residential property for two years; and
- A Multigenerational Home Renovation Tax Credit that will provide up to $7,500 in support for constructing a secondary suite or apartment.
- Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable
- Budget Speech
- Budget news release and backgrounders
SOURCE Transport Canada
Laurel Lennox, Press Secretary Office of the Honourable Omar Alghabra, Minister of Transport, Ottawa, [email protected]; Media Relations, Transport Canada, Ottawa, [email protected], 613-993-0055
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