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.
