Today, the Honourable Steven Guilbeault, Minister of Environment and Climate Change, highlighted new measures in the Government's 2023 Fall Economic Statement that take further action to support more Canadians in affording a home, while helping them to reduce their household energy bills.
First, the Government of Canada is continuing to support Canadians at a time when some prices are still too high and mortgage renewals are looming. That's why the Government is ensuring Canadians have access to the tailored mortgage relief they need, as they are facing higher interest rates. To do so, the 2023 Fall Economic Statement announces the new Canadian Mortgage Charter, which details the relief that Canadians can expect from their banks if they are in financial difficulty.
Second, the government is accelerating its work to build more homes, faster, and make housing more affordable. Building on the significant action the government has already taken, the 2023 Fall Economic Statement introduces billions of dollars in new financing to build more homes, faster; takes steps to crack down on short-term rentals so that homes can be used for Canadians to live in; and will help to increase the number of construction workers across the country.
Third, the Government is also helping more households make the switch to electric heat pumps with an investment of $500 million over four years, starting in 2023-2024, to enhance the Oil to Heat Pump Affordability program. On average, homeowners who switch from oil to cold-climate heat pumps in order to heat and cool their homes save up to $2,500 per year on home energy bills, while also reducing their emissions.
