Minister Filomena Tassi highlights the 2023 Fall Economic Statement

From: Federal Economic Development Agency for Southern Ontario

News release

Next phase of the federal government’s economic update is to build more housing and make life more affordable

November 23, 2023 – Hamilton, Ontario 

Our government is making investments to secure a strong future for Canadians.

Canadians are concerned they won’t be able to afford a home. Our government has heard these concerns and we are taking action.

The government is accelerating its work to build more homes, faster, and make housing more affordable. Building on the significant action the government has already taken, the 2023 Fall Economic Statement introduces billions of dollars in new financing to build more homes, faster, takes steps to crack down on short-term rentals so that homes can be used for Canadians to live in, and create jobs for construction workers. We are also introducing the new Canadian Mortgage Charter which will relieve temporary stress caused by higher interest rates and help Canadians stay in their homes. Today, we continue the work of leading a national effort to make housing more affordable across Canada.

Today the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) visited a CityHousing Hamilton construction project to see how Government of Canada investments are alleviating Hamilton’s housing crisis. Afterwards, Minister Tassi met with the Good Shepherd in Hamilton to discuss how the government’s economic plan will take further action to support the middle class and build more homes, faster, as part of the 2023 Fall Economic Statement.

We are leading the charge to build the homes that Canada needs. This means bringing together provincial, territorial, and municipal governments, in partnership with construction workers, financiers, community housing providers, post-secondary institutions, and Indigenous organizations and governments, to work together to find solutions to this generational challenge.

The Government of Canada is building a strong foundation and setting the groundwork in communities across southern Ontario for a prosperous future that works for everyone.

Quotes

“Our economic plan is about building a strong economy that works for everyone, and this Fall Economic Statement is the next phase of our plan. With a focus on supporting the middle class and building more homes, faster, we are taking action on the priorities that matter most to Canadians today–and we will continue doing everything we can to deliver for Canadians from coast to coast to coast.”
– The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance

“Our government is taking measures to address the needs and concerns of Canadians head on. We know the importance of having safe, quality, and affordable housing to ensure Canadians can secure their futures and continue to grow. We are taking concrete steps to remove barriers, bring down costs, and fast-track housing construction in Hamilton and across the country. When people have the support they need to thrive, they can contribute to the economy, build a better life for themselves and their families and play an active role in their communities.”
– The Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) 

Quick facts

  • The Government of Canada’s National Housing Strategy has already supported the construction and repair of nearly 400,000 homes across Canada. 

  • Through the Housing Accelerator Fund, the Government of Canada is working with municipalities to cut red tape, increase the housing supply, and help Canadians – from young families, to seniors, to newcomers – find a good, affordable place to call home. This includes building more student housing, more homes near public transit, and more rental units with the aim of unlocking over 100,000 new homes in cities from coast to coast to coast.

  • Earlier this year, the Government of Canada launched the Tax-Free First Home Savings Account, which is helping over 250,000 Canadians save for their first home. To help build rental homes, the Government of Canada introduced legislation to remove the Goods and Services Tax (GST) for purpose-built rentals, and increased the annual limit for Canada Mortgage Bonds to help build up to 30,000 more rental apartments per year across the country. 

  • The Government of Canada is committed to helping address homelessness across the country. Through Reaching Home: Canada’s Homelessness Strategy, the Government of Canada is providing funding to urban, Indigenous, territorial, and rural and remote community-based programs across Canada ­to deliver housing services that help vulnerable populations. This includes providing federal housing support for asylum claimants through the Interim Housing Assistance Program and working with municipalities to ensure asylum claimants and refugees continue to receive the support they deserve.

  • Building on this, the 2023 Fall Economic Statement outlines additional actions to build more homes, faster, while protecting renters, buyers, and homeowners.

Associated links

Contacts

Edward Hutchinson
Press Secretary
Office of the Minister responsible for the Federal Economic Development Agency for Southern Ontario
Edward.hutchinson@feddevontario.gc.ca

FedDev Ontario
Media Relations
feddevontariomediarelations-relationsmedias@feddevontario.gc.ca

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