Deputy Prime Minister highlights government’s economic plan, which is building more homes, faster

From: Department of Finance Canada

News release

November 23, 2023 - Toronto, Ontario - Department of Finance Canada

Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, visited 94 Eastdale Avenue in Toronto, where 484 new rental homes are under construction thanks to the federal government’s economic plan and $215 million in financing through the Apartment Construction Loan Program.

As the next phase of the federal government’s economic plan, the 2023 Fall Economic Statement takes further action to build more homes, faster, and make housing more affordable for Canadians. This includes a $15 billion top-up to the Apartment Construction Loan Program, previously known as the Rental Construction Financing Initiative, which will build more than 30,000 additional new homes across Canada by 2031-32.

The Fall Economic Statement takes significant new action to build more homes and make housing more affordable. A $1 billion top-up to the Affordable Housing Fund will help build thousands of new homes for the most vulnerable Canadians. Cracking down on short-term rentals listed on sites like Airbnb will help ensure homes are used for Canadians to live in. And, working with other orders of government to cut the red tape that prevents more homes from being built—as the Housing Accelerator Fund is already doing—will change how Canada builds housing.

In the 2023 Fall Economic Statement, the government is also continuing to support Canadians at a time when mortgage renewals are looming. 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 government has a responsible economic plan, which sees Canada maintain both the lowest deficit- and net debt-to-GDP ratios in the G7. With further reductions in public sector spending, the government is also taking action in the Fall Economic Statement to ensure Canada’s finances remain sustainable—and that the government can continue to responsibly invest in Canadians, strengthen the middle class, and build a strong economy 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 step in 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

Quick facts

  • Canada’s economic plan is working:

    • Over a million more Canadians are employed today compared to before the pandemic. Canada’s unemployment rate, for the last 21 months, has been lower than at any time under the previous government.
    • 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.

  • Since 2015, the average annual federal housing investment has more than doubled compared to the previous government. This year, federal investment in housing is $9 billion higher than it was in 2013-14.

  • The Apartment Construction Loan Program, previously known as the Rental Construction Financing Initiative, delivers low-cost financing that helps make the math work for builders to enable more purpose-built rental projects to move ahead.

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Contacts

Media may contact:

Katherine Cuplinskas
Press Secretary and Senior Communications Advisor
Office of the Deputy Prime Minister and Minister of Finance
Katherine.Cuplinskas@fin.gc.ca

Media Relations
Department of Finance Canada
mediare@fin.gc.ca
613-369-4000

General enquiries:

Phone: 1-833-712-2292
TTY: 613-369-3230
E-mail: financepublic-financepublique@fin.gc.ca

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