Remarks by the Deputy Prime Minister on building homes, communities, and getting major projects done

Good morning, everyone.

I’m going to start off with a few comments about our economic plan. 

Then, I’ll turn it over to Minister Sean Fraser who is going to talk about some key actions that we’re taking to build the infrastructure that Canada needs to get more homes built—and to make our communities great places to live and raise families. 

Then, we’re going to hear from Minister Seamus O’Regan on the screen, who’s going to talk about how our government is cutting red tape to get major projects done, and to create more jobs and economic growth.

Our economic plan is about building a Canada that works better for every generation, where younger generations can get ahead, where their hard work pays off, and where they can buy or rent their own home—where everyone has a fair chance at a good middle class life.

We are committed to fairness for every generation. This includes creating good jobs for workers and growing the economy in a way that is shared by all.

Inflation fell to 2.7 per cent in April, down from 2.9 per cent in March. That’s four months in a row inflation in Canada has been within the Bank of Canada’s target range. That is good news.

In fact, inflation has fallen to its lowest level in three years, and wage growth has now outpaced inflation for 15 months in a row.

And Canada is now at the forefront of the global race to attract investment and to seize the opportunities of today and tomorrow.

In the first three quarters of 2023, Canada attracted the highest per capita foreign direct investment in the G7, and the third most total FDI in the world.

Our government is making the necessary investments in Canada and in Canadians.

That absolutely includes housing. We have put forward the most ambitious housing plan in Canadian history, a plan to build nearly 4 million homes by 2031.

And we are building the housing infrastructure that supports our vibrant and growing communities. You’ll hear more from Sean about all of that.

Today, the House of Commons Finance Committee continues its study of the Budget Implementation Act (BIA) and I want to take this opportunity to encourage all Parliamentarians to pass this bill as soon as possible. The bill will deliver vital budget measures to secure fairness for every generation and will help the economy grow in a way that’s shared by all.

It will ensure that major projects that are critical for our economy get built faster. It will do this, for example, by improving the efficiency of impact assessment processes. We’re going to hear from Seamus about that.

It will also help major projects get built by fully implementing the Clean Technology Manufacturing investment tax credit and Clean Hydrogen investment tax credit, as well as extending the Mineral Exploration Tax Credit for one year. Taken together with the Fall Economic Statement Implementation Bill, we will have four of our major investment tax credits fully passed into law when the BIA passes. That is a very big deal for Canada’s industrial plan.

This is how we make sure to attract more investment and create more good jobs, and at the same time promote a clean economy.

The BIA legislation will also stand up our new historic $5 billion Indigenous Loan Guarantee Program. That will facilitate Indigenous equity ownership in major projects in the natural resource and energy sectors and help ensure that Indigenous Peoples can fully participate in our country’s economy.

Crucially, the bill will also unlock housing supply for Canadians to live in.

When it passes, we will be able to crack down on short-term rentals that do not comply with provincial or municipal restrictions. And it will allow us to extend the ban on foreign buying of Canadian homes by two years. Because homes should be for Canadians to live in—not a speculative asset class for foreign investors.

The Budget Implementation Act is a critical piece of our economic plan to build a Canada that works for every generation, particularly younger Canadians, a Canada where they can get ahead, and where they know their hard work will pay off.

Our government is acting now—and acting with purpose—with a fiscally responsible economic plan.

We know that younger Canadians are counting on us. And we won’t leave them behind.

Thank you so much.