We are making it easier for homeowners to add secondary suites, rental apartments, in-law suites, laneway homes. Today we are announcing we are doubling the loan limit for the Canada Secondary Suite Loan Program to $80,000. This program offers 15-year loan terms at just two per cent. That makes it easier for homeowners to add a secondary suite. It’s going to be administered by CMHC and it will launch in early 2025.
Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, announced the 2024 Fall Economic Statement will double the loan limit for the Canada Secondary Suite Loan Program to $80,000, and launch the program in early 2025. This will make it easier for homeowners to convert an unused basement into a rental apartment or a garage into a laneway home to increase density in our communities.
Inflation was two per cent in October. This means that inflation has been within the Bank of Canada’s target range for the past ten months, or the entire year. Notably, interest rates have already declined four times, and Canada was the first G7 country to cut interest rates.
Our government will continue working to ensure Canadian financial consumers are treated fairly, by ensuring Canadians have access to high-quality, affordable banking options.
The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, will present the 2024 Fall Economic Statement on Monday, December 16, 2024.
Bill C-78 proposes a two-month tax break to all Canadians, from December 14, 2024, to February 15, 2025. With a GST/HST exemption across the country, Canadians will be able to buy essentials like groceries, prepared foods, snacks, and kids’ clothing—all tax-free.
The Deputy Prime Minister and Minister of Finance will make a housing announcement in advance of the 2024 Fall Economic Statement. She will be joined by the Minister of Housing, Infrastructure and Communities, Sean Fraser.
Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced an investment of up to $240 million in Cohere, a Toronto-based AI leader—the first investment through the new $2 billion Canadian Sovereign AI Compute Strategy launched yesterday.
I would like to start by pointing out that we have some good news regarding the economy. Now in October, inflation was at two per cent. For 10 months inflation was within the Bank of Canada’s target range. This is good news for all Canadians, for all the people who live in Toronto. Because of this, it is now possible for interest rates to come down.
Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Jean-Yves Duclos, Minister of Public Services and Procurement and Quebec Lieutenant, highlighted how the government is putting more money in your pocket.
