MOUNT
PEARL, NL, April 24, 2024 /CNW/ - The federal
government recently delivered Budget 2024: Fairness for Every
Generation.
It is a plan to build a Canada
that works better for everyone, where younger generations can get
ahead, where their hard work pays off, and where they can buy a
home—where everyone has a fair chance at a good middle class
life.
Today, the Deputy Prime Minister and Minister of
Finance, Chrystia Freeland, and the Minister of Labour
and Minister for Seniors, Seamus
O'Regan, attended a sod turning ceremony for a 24 unit
apartment complex in Mount Pearl,
Newfoundland and Labrador,
made possible in part by the government's plan to cut GST on the
construction of purpose-built rental housing units.
Minister Freeland and Minister
O'Regan also highlighted other measures in Budget 2024 to build
more homes for Canadians, including making more government land
available for home building:
- Building Homes on Public Lands with the new Public
Lands for Homes Plan, the federal government will unlock
250,000 new homes by 2031, by using all tools available to convert
public lands to housing (such as unused or underused office towers
or parking lots), including leasing, acquiring other public lands
for housing, and retaining ownership, whenever possible.
- Building Homes on Canada Post Properties by taking steps
to enable Canada Post to prioritize leasing or divestment of post
office properties and lands with high potential for housing. This
plan would make sure postal service is not disrupted and maintain
Canada Post's role as a "service first" organization focused on
delivering the mail.
- Building Homes on National Defence Lands by exploring
the redevelopment of properties that could be suitable for both
military and civilian uses, divesting 14 surplus properties with
housing potential, and building and renovating housing for Canadian
Armed Forces personnel on bases.
- Converting Underused Federal Offices Into Homes with
$1.1 billion over ten years to
transform 50 per cent of the federal office portfolio into housing,
which will save $3.9 billion over the
next ten years, with $0.9 billion per
year in ongoing savings. This would enable more office buildings,
particularly in urban areas, to be converted into homes for
Canadians.
Budget 2024 is a plan to deliver fairness for every
generation.
First, the budget takes bold action to build more
homes. Because the best way to make home prices more
affordable is to increase supply—and quickly. It lays out a
strategy to unlock 3.87 million new homes by 2031. Key measures
include launching the new Public Lands for Homes Plan and
Canada Rental Protection Fund, enhancing the Canadian Mortgage
Charter, and creating a new Canadian Renters' Bill of Rights.
Second, it will help make life cost less. The budget
builds on the government's transformative expansion of Canada's social safety net—$10-a-day child
care; dental care for uninsured Canadians, the first phase of
universal pharmacare—and advances the government's work to lower
everyday costs for Canadians. This includes helping to stabilizing
the cost of groceries, cracking down on junk fees and lowering the
costs of banking. Budget 2024 also makes transformative new
investments, including a National School Food Program and the
Canada Disability Benefit.
Third, this year's budget will grow the economy in a way
that's shared by all. The government's plan will increase
investment, enhance productivity, and encourage innovation. It will
create good-paying and meaningful jobs, keep Canada at the economic forefront, and deliver
new support to empower more of our best entrepreneurs and
innovators. This includes attracting more investment in the
net-zero economy by expanding and delivering the major economic
investment tax credits, securing Canada's advantage as a leader in artificial
intelligence, and investing in enhanced research grants that will
provide younger generations with good jobs and new opportunities.
And it means ensuring Indigenous Peoples share in this growth in a
way that works for them.
Budget 2024 will also make Canada's tax system fairer by asking the
wealthiest to pay a bit more—so that the government can invest in
prosperity for every generation, and because it would be
irresponsible and unfair to pass on more debt to the next
generations. Budget 2024 is a responsible economic plan that
upholds the fiscal objectives outlined in the 2023 Fall
Economic Statement, and sees Canada maintain the lowest deficit- and net
debt-to-GDP ratios in the G7.
Quotes
"Our government first came to office with a vow to strengthen
and expand the middle class. We delivered on that pledge by
reducing poverty, especially for children and seniors, and creating
millions of good jobs for Canadians. Our work isn't done. Budget
2024 renews our focus on unlocking the door to the middle class for
millions of younger Canadians. We'll build more housing and help
make life cost less. We will drive our economy toward growth that
lifts everyone up. That is fairness for every generation."
- The Honourable Chrystia Freeland, Deputy Prime Minister and
Minister of Finance
"We need to build more homes, faster. So we're freeing up more
public lands for home builders, and giving them the confidence they
need to build."
– Minister of Labour and Seniors, Seamus O'Regan
Related products
- Budget 2024: Fairness for Every Generation
- Budget 2024: Address by the Deputy Prime Minister and Minister
of Finance
- Budget 2024: Key Measures (available in non-official
languages)
- Backgrounder: More Affordable Homes
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SOURCE Employment and Social Development Canada