WINDSOR, ON, April 13, 2022 /CNW/ - 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, Minister of Families, Children and Social Development Karina Gould, highlighted new investments to make housing more affordable. The Minister also participated in a roundtable with stakeholders in Windsor and a meet and greet at a housing Co-Operative in Chatham to discuss next steps that will help build more homes and make housing more affordable across the country.
Canadians are the backbone of a strong and growing economy, and measures that support access to housing and a growing workforce are imperative for economic growth.
Budget 2022 housing measures will put Canada on the path to double housing construction over the next decade; help Canadians save for and buy their first home; ban foreign investment in Canadian housing; and curb unfair practices that make housing more expensive for Canadians.
Canada entered the pandemic with the lowest net debt-to-GDP ratio of all G7 countries—an advantage that has since increased relative to other countries. Canada has seen the best jobs recovery in the G7, and as of March 2022, has recovered 115 per cent of the jobs lost at the height of the pandemic, with an unemployment rate that sits at just 5.3 per cent—the lowest rate on record since 1976. With Budget 2022, Canada will maintain this leading position, and maintain its fiscally responsible approach to economic growth and to building an economy that works for everyone. Crucially, it upholds the government's fiscal anchor—a declining debt-to-GDP ratio and the unwinding of COVID-19-related deficits, which will ensure that Canada's finances, remain sustainable in the long-term.
"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."
– Deputy Prime Minister and Minister of Finance, Chrystia Freeland
"Everyone should have a safe and affordable place to call home. By making housing more affordable for Canadians, we will make it easier for families to get the keys to their first home."
– Minister of Families, Children and Social Development, Karina Gould
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 2022: Address by the Deputy Prime Minister and Minister of Finance
- Budget 2022: Making Housing More Affordable Backgrounder
SOURCE Employment and Social Development Canada
Mohammad Hussain, Press Secretary, Office of the Minister of Families, Children and Social Development, Karina Gould, [email protected]; Media Relations, Department of Finance Canada, [email protected], 613-369-4000
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