Minister O’Regan highlights measures in the 2023 Fall Economic Statement to build more homes faster and make housing more affordable
News release
November 30, 2023 Toronto, Ontario Employment and Social Development Canada
Today, the Honourable Seamus O’Regan Jr., Minister of Labour, visited a rental housing construction site in Toronto to discuss how the Government’s economic plan and the 2023 Fall Economic Statement will take further action to build more homes faster and make housing more affordable.
During his visit, Minister O’Regan highlighted $130 million in federal financing through the Rental Construction Financing Initiative that is helping fund the construction of 390 new rental homes for Torontonians. The Minister also spoke with the workers building these homes.
The Government’s economic plan is building a strong economy that works for everyone—with good-paying jobs that Canadians can count on. As wage increases outpace inflation, inflation continues to lower, and private sector economists now expect Canada to avoid the recession that many had predicted, it’s clear that this plan is working.
In the face of rapidly increasing global interest rates, many Canadians are feeling the squeeze, particularly when it comes to finding an affordable place to call home. The 2023 Fall Economic Statement is focused on responding to these challenges with new, targeted measures that will help stabilize housing prices, protect Canadians with mortgages, and make life more affordable.
This includes ensuring Canadians have access to the tailored mortgage relief they need at a time of higher interest rates with the new Canadian Mortgage Charter, which details the relief that Canadians can expect from their banks if they are in financial difficulty.
The 2023 Fall Economic Statement also introduces billions of dollars in new financing to build more homes faster and make housing more affordable. By cracking down on short-term rentals, so homes can be used for Canadians to live in, and helping increase the number of construction workers across the country, the federal government is leading our national effort to make housing more affordable across Canada.
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
“We need to build more homes, faster and make housing more affordable. Canadian workers are the ones who will build it. The cost of living is people’s top priority right now, so our economic plan is laser-focused on that.”
– The Honourable Seamus O’Regan Jr., Minister of Labour and Seniors
Quick facts
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New measures in the 2023 Fall Economic Statement are built on the Government’s responsible economic plan, which sees Canada maintain the lowest deficit-to-GDP and net debt-to-GDP ratios in the G7.
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Canada’s economic plan is working:
- Canada’s unemployment rate, for the last 21 months, has been lower than at any time under the previous government. Over one million more Canadians are employed today compared to before the pandemic.
- Wages have outpaced inflation for the past nine months.
- The International Monetary Fund projects Canada to see the strongest economic growth in the G7 next year.
- According to the OECD, in the first half of this year, Canada received the third-most foreign direct investment of any country in the world—and the highest per capita in the G7.
Associated links
Contacts
For media enquiries, please contact:
Hartley Witten
Press Secretary
Office of the Honourable Seamus O’Regan Jr., Minister of Labour and Seniors
343-575-1065
hartley.witten@labour-travail.gc.ca
Media Relations Office
Employment and Social Development Canada
819-994-5559
media@hrsdc-rhdcc.gc.ca
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