Minister O’Regan highlights affordable housing investments in Budget 2022

April 13, 2022              Halifax, Nova Scotia              Employment and Social Development Canada

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 Honourable Seamus O’Regan Jr., Minister of Labour, met with stakeholders in Halifax to highlight the government’s commitments in Budget 2022 to make housing more affordable for Canadians.

The first pillar of the Budget is investing in Canadians and making life more affordable. To make housing more affordable for Canadians, the Government proposes to:

• put Canada on the path to doubling the construction of new homes in the next decade;
• help Canadians buy their first home, including by introducing the Tax-Free First Home Savings Account and doubling the First-Time Home Buyers’ Tax Credit;
• launch a new Housing Accelerator Fund that will target the creation of 100,000 net new housing units in the next five years;
• develop a Home Buyers’ Bill of Rights and bringing forward a national plan to end blind bidding;
• ban foreign buyers from owning non-recreational residential property for two years; and
• create a Multigenerational Home Renovation Tax Credit that will provide up to $7,500 in support for constructing a secondary suite or apartment.

As a part of his tour, the Minister participated in a meet-and-greet with youth looking to start a career in the skilled trades at Try a Trade Day. He also toured the Nova Scotia Community College Ivany Campus and a Rapid Housing Initiative project with the Mi’kmaw Native Friendship Centre.

In Halifax, Minister O’Regan heard from stakeholders that a lack of skilled trades people in the construction industry is making it challenging to build new homes. Budget 2022 proposes to invest in Canadian workers and making sure they have the skills they need for the good-paying jobs of today and tomorrow.