Remarks by the Deputy Prime Minister and Minister of Finance on making life more affordable in British Columbia

July 6, 2023

Thank you very much.

I’d like to start by acknowledging that we are gathered on the traditional and unceded territory of the Musqueam, Squamish, and Tsleil-Waututh peoples.

I am so glad to be here in Vancouver today at the Water View—and we see where it gets its name—YMCA, with my friend, and our fantastic MP for Richmond Centre, Wilson Miao, and with Heidi [Worthington] and some of her amazing team of early childhood educators.

I myself am a mother of three—and I can tell you that spending some time with just the extremely wonderful, happy, centred children who have the really good fortune to be cared for here was really inspiring for me.

 And even more inspiring was seeing the early learning and child care workers who work here every day doing their jobs.

 I love my kids so much, and I love being their mother, but I certainly had my share of frustrating moments during the early childhood years: moments of actual pure sheer terror.

 And, just seeing the hard-working educators here, how beautifully they do their job, I just want to start by really thanking them. The work that they do is really, really difficult. It is really, really important. It’s literally the foundation for our whole world. The early years of a child’s life are the basis for everything that follows, and the kind of amazing education, and support, and love that the children here are getting is going to serve them in good stead for the rest of their lives.

So, thank you very much to the great, great child educators who I met. Really, they do a phenomenal job, and you can see it when you walk into the room—you see it in the smiles, the curiosity, the affection, the openness of the kids who are here. Best part of my week, for sure.

So, to everyone here and to all the early learning and childhood educators across the country, let me just say thank you very, very much. Your work is very, very important. I respect it hugely, and we’re going to keep on working so that you get paid more money, which you deserve.

When we first announced our plan to make high quality, affordable child care a reality across Canada, it was welcomed by a lot of people—but, it was also met with skepticism. It was justifiable, because Canadians politicians had been making promises for nearly five decades to establish a national system of early learning and child care.

But, when we announced our agreement with the Government of British Columbia in 2021—and it was the very first deal we did in Canada—a Canada-wide system of early learning and child care became more than just a plan. It became more than just a promise. It became a reality.

Today, fees here in British Columbia have been reduced by an average of 50 per cent—saving families in this amazing province an average of $6,600.

And BC is on track to reach fees of just $10-a-day by 2026.

Some facilities, including the one here at Water View YMCA, have done so already. Well done. Thank you.

And, as the Prime Minister announced last week, our government is now providing an additional $625 million to support provinces and territories to invest in infrastructure that will make child care more accessible in underserved communities—including rural and remote communities, and high-cost or low-income neighbourhoods here in BC.

This includes by funding the efforts of provinces and territories to create spaces in communities that currently just don’t have enough of them.

This new Infrastructure Fund will make a real difference in communities throughout British Columbia—and it will help ensure that more families have access to the affordable, high quality child care they need.

And, I have more good news for people here in BC.

Just yesterday, I announced that the new Grocery Rebate has started to arrive in the bank accounts and mailboxes of 11 million Canadians and Canadian families.

For an eligible couple with two children here in BC, the Grocery Rebate is providing up to an extra $467.

For an average eligible senior, it means an extra $225. And for an eligible single Canadian without children, the Grocery Rebate is providing up to an extra $234.

Now, I know that this support will not make up for all of the impact that inflation has had on Canadians.

But for those who need it the most—for the most vulnerable people here in BC, and for millions of people across the country—the Grocery Rebate will provide some important breathing space at a time when people really need it.

I also know that this is a challenging time for some British Columbians who are trying to keep up with rising mortgage costs.

That’s why, in our spring budget, we announced that the Financial Consumer Agency of Canada would be publishing a code of conduct to protect Canadians with mortgages at a time of elevated interest rates.

Yesterday, the FCAC published a guideline which details the support that banks and other financial institutions should be providing to Canadians who are struggling with rising mortgage payments.

Specific mortgage relief measures could include:

• Waiving prepayment penalties;
• Not charging interest on interest; and,
• Waiving internal fees and costs, such as mortgage renewal fees and internal costs associated with late payments.

The guideline published yesterday is about protecting Canadians by ensuring that financial institutions treat them fairly and provide them with the tailored mortgage relief they need—all with the goal of helping Canadians who are really struggling to manage their mortgages.

Finally, I want to offer a few thoughts for people here in British Columbia.

Canada had the strongest economic growth in the G7 over the course of 2022, and our real GDP expanded by 3.1 per cent in the first quarter of 2023.

Nearly 900,000 more Canadians are working today than when COVID first hit, and we have now recovered 128 per cent of the jobs that were lost in the first months of the pandemic—compared to just 117 per cent in the United States.

That includes a near-record high labour force participation rate of 85.4 per cent in May for Canadian women in their prime working years—supported by our Canada-wide system of affordable child care.

A strong economy with an abundance of good-paying jobs: that is good news for working people here in BC, and it is good for families from coast to coast to coast.

Inflation in Canada fell to 3.4 per cent in May—down from 4.4 per cent in April, and down from a high of 8.1 per cent last June.

Inflation in Canada is lower than in the United States at 4 per cent, lower than France at 5.1 per cent, lower than Germany at 6.1 per cent, lower than Italy at 7.6 per cent, and lower than the United Kingdom at 8.7 per cent.

Our economic plan is fiscally responsible—and it is working.

Inflation in Canada is now the lowest it has been in nearly two years—and while we are not there yet, at 3.4 per cent, we are getting close to the Bank of Canada’s inflation target range.

We are getting closer to the end of what has been a really difficult past couple of years.

And we are building an economy that will continue to grow and create great careers for people here in BC.

We all have the remarkable good fortune to live in Canada—the absolute best country in the world.

And I have never been more optimistic about the future of our amazing country than I am today.

Thank you very much, and I am happy to take your questions.