Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Marci Ien, Minister for Women and Gender Equality and Youth, visited Canary Landing in Toronto to highlight how Canada’s economic plan is putting homeownership back within reach and building more homes, faster.

“We know that housing is the top priority for millions of Torontonians. Making housing more affordable for the people of Toronto—and Canadians across the country—is at the heart of our economic plan. And our plan is working. Already, in the eight months since we launched the Tax-Free First Home Savings Account, more than half a million Canadians have opened an account to save for their first downpayment with the help of tax relief. Our government will continue working with all orders of government to build more homes, faster—in this city and from coast to coast to coast.”

- The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance

“Everyone deserves to have a safe and affordable home – though for some, that basic need is out of reach. Through the Canary Landing project in the Distillery District, we are showing that it is possible to build housing quickly and sustainably for generations to come. The affordable housing units that are earmarked for women and their families fleeing violence, seniors, people with disabilities and Indigenous people, will be life-changing for people furthest from opportunity here in Toronto Centre and beyond.”

- The Honourable Marci Ien, Minister for Women and Gender Equality and Youth

• Since 2015, the average annual federal housing investment has more than doubled compared to under the previous government. In 2023-24, federal investment in housing is $9 billion higher than it was in 2013-14.

• The over $40 billion Apartment Construction Loan Program, formerly known as the Rental Construction Financing Initiative, is providing low-cost financing to build more than 101,000 new rental homes across Canada by 2031-32.

• The Tax-Free First Home Savings Account is a registered savings account that allows Canadians to contribute up to $8,000 per year (up to a lifetime limit of $40,000) for their first down payment.

  • After buying a first home, Canadians can receive an additional $1,500 in federal tax relief through the First-Time Home Buyers’ Tax Credit.

• Canada’s economic plan, including recent investments in the 2023 Fall Economic Statement, is building more homes, faster and making housing more affordable. This plan also includes:

  •  The Affordable Housing and Groceries Act, which removed the Goods and Services Tax (GST) on new rental housing;
  • Over $14 billion through the Affordable Housing Fund to build 60,000 new affordable homes and repair 240,000 homes;
  • The $4 billion Housing Accelerator Fund, which is using federal funding to encourage municipalities to make transformative changes by removing prohibitive zoning barriers and incentivizing building. The Housing Accelerator Fund is already fast-tracking the construction of at least 100,000 homes over the next three years, and more than 400,000 homes across Canada over the next decade;
  • $4 billion through the Rapid Housing Initiative, which is expected to help build more than 15,500 affordable homes for people experiencing homelessness or in severe housing need;
  • Over $200 million through the Federal Lands Initiative to build 4,500 new homes by repurposing surplus federal lands and buildings to housing providers at low or no cost;
  • The Canadian Mortgage Charter, which details the tailored mortgage relief that the government expects banks to provide borrowers who are facing financial difficulty with the mortgage on their principal residence; and,
  • $6.7 billion for housing for First Nations on reserve, and Inuit, Métis, and First Nations Self-Governing and Modern Treaty communities.

Related products

• Tax-Free First Home Savings Account Estimators
• 2023 Fall Economic Statement Backgrounder: Canada’s Housing Action Plan
• December 21, 2023: Removing barriers to build more homes faster in Toronto, Ontario
• December 5, 2023: Canada’s economic plan is helping Canadians save for a first home and building more co-op homes, faster
• November 14, 2023: Deputy Prime Minister announces $1.2 billion to build over 2,600 new rental homes in Toronto
• June 27, 2019: Making Housing More Affordable for Middle-Class Families in Toronto

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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