Remarks by the Deputy Prime Minister on fairness for every generation

March 27, 2024 - Vancouver, British Columbia

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Good morning, everyone. It is wonderful to be here with you all in beautiful British Columbia.

A fair chance to build a good middle-class life – to do as well as your parents, or better – has always been the promise of Canada.

Today, for too many younger Canadians, that promise is not being fulfilled. The hurdles are too high. They’re not getting their fair chance.

Many younger Canadians had a tough introduction to their adult lives. Millennials coming of age in the early 2000s endured the chaos and challenge of the Great Recession. Many in Gen Z became adults during the Covid pandemic. Both generations have strived to pursue careers and start families in a time of high inflation, high interest rates, and high housing costs.

Understandably, many younger Canadians feel as though the deck is stacked against them. Something doesn’t add up. It used to be that if you got a job and worked hard, your reward would be a good middle class life. That was the equation. Today, younger Canadians can get a good job, they can work hard, but too often the reward remains out of reach.

They look at the lifestyles of their parents and wonder: How will I ever be able to afford that?

A similar sense of anxiety exists among those who care about our younger generations – their parents and grandparents. We feel for the younger generations, who have faced unfair burdens. What many parents have achieved for themselves – a degree of comfort, and security – we want for our children. We want their hard work to be rewarded, as it was for us. We want them to face the future with a sense of anticipation, not angst.

We have arrived at a pivotal moment for Millennials and Gen Z. These Canadians have so much talent and potential. They need to see and feel that our country can work for them – that the promise of Canada can still be reached. What unites us in this moment is a desire to help everyone realize the Canadian promise – and get that fair chance at a middle-class life.

To the younger Canadians here with us today, and to those all across our country: your concerns are real. Your frustration is understandable. This is not your fault – and it doesn’t need to be your future.

We have a plan to build a Canada that works better for you, where you can get ahead, where your hard work pays off, where you can buy a home – and where you can realize the promise of our country and get a fair chance at a middle class life.

How will we do it?

First, we’ll turbocharge the construction of new homes across the country.

Because the best way to bring down home prices is to increase supply – and quickly. That’s why we’re cutting red tape and reforming zoning, so more homes get built and built faster. We’re also funding the construction of more apartments and affordable housing across the country. Over the coming days, and in the April budget, we’ll launch a no-holds-barred plan to wrestle down the costs of owning or renting a home. To make real the promise of Canada for younger Canadians, we will pull every lever and push every button to deliver more housing without delay.

Second, we’ll help make life cost less.

We’ve put in place generational enhancements to Canada’s social safety net for every generation, to help make life cost less. $10 a day child care is already saving young parents thousands of dollars a year. New programs to help with the cost of going to the dentist and pharmacy, including the cost of contraceptives, will further ease the financial burden. And in the coming budget, we’ll do even more to help make life cost less – and help younger Canadians gain ground.

Third, we’ll grow the economy in a way that’s shared by all.

Our country works best when our economy is growing and when more opportunities exist – for every generation. To drive the kind of growth that will move the needle for Canadians, we will use the coming budget to build on our efforts to increase investment, enhance productivity, and encourage the kind of game-changing innovation that will create good-paying and meaningful jobs and keep Canada at the economic forefront.

We’re backing ground-breaking industries – so Canada remains on the cutting edge of the technologies of tomorrow, and the good jobs they will bring. We’re working to empower more of our best entrepreneurs and innovators to put their ideas to work here in Canada. We’re investing so our communities are great places to live, work, and raise a family. And we’re going to work harder and do more to open up new career opportunities for Canadians.

We’re acting now – and acting with purpose – because the costs of inaction today would be borne primarily by younger Canadians. We’d be leaving them behind. Instead, we will help them realize the promise of Canada with a responsible economic plan that reduces our debt-to-GDP ratio and grows the economy, so we can ensure today’s strong social safety net is affordable for future generations.

Today, as a next step in this plan, we are here to announce robust new protections for renters and an easier pathway to homeownership. More Gen Z and Millennials are renting today than the generations that came before them. That is especially true in British Columbia. Here in B.C., almost 60 per cent of people between the ages of 25 and 34 years old are renters. In comparison, only 24 per cent of people between the ages of 55 and 64 years old are renters.

Renters are facing skyrocketing rent across the country, and they need support—today.

That’s why we’re introducing a new Canadian Renters’ Bill of Rights and a new $15 million Tenant Protection Fund. The Renters’ Bill of Rights, which we will develop in partnership with provinces and territories, will protect renters from unfair practices like renovictions; make leases simpler by introducing a nationwide standard lease agreement; and increase price transparency by requiring landlords to disclose the price history of apartments. And the Tenant Protection Fund will increase access to legal services for tenants and support tenants’ advocacy organizations. Because when renters’ rights are protected, they have a better chance of staying in their homes and their communities.

Unlike many other monthly payments, renters don’t get credit for paying their biggest expense – rent, on-time. It doesn’t help your credit score—yet. When it comes time to buy a home, renters deserve credit for the money they’ve put towards rent over the years – so we’re asking banks, lenders, landlords, and fintechs to work together to ensure your on-time rent payments help you get better credit and potentially qualify for a mortgage. This tool will be especially useful for renters with little credit history.

For Millennial and Gen Z renters, we’re restoring the chance to make progress towards homeownership, and making it easier to rent along the way. Combined with the Tax-Free First Home Savings Account, we’re helping renters save for that first downpayment, qualify for a mortgage, and open the door to owning a home.

And because we are here in Vancouver today, I do want to take a moment to give a shout-out to Premier Eby and the B.C. government. The Premier is doing really ambitious and exciting things on housing, and we are very fortunate to have a partner in him. And we look forward to working together to build more homes and make housing more affordable for people across this great province.

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 over.

Our renewed focus today is 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.

In all we do, we dedicate ourselves to keeping the promise of Canada within reach for our younger generations. Because that is what you have earned, and it is what you deserve. And it is what your parents and grandparents want for you, too.

Thank you.