Budget 2024 is a housing budget.
The housing crisis is one of the biggest challenges facing our community today. That's why I'm excited to share some great news with you about Budget 2024, which lays out a bold plan to help unlock 3.87 million new homes across Canada by 2031.
The plan provides incentives for government, private, and non-profit sector partners to make it easier for Canadians to own or rent a home. It also aims to support those who struggle to afford a home. Let me break down some of the key measures and what they mean for you.
Building More Homes
Public Lands for Homes: The federal government will use unused or underused public lands to create 250,000 new homes by 2031. This includes converting office buildings and parking lots into housing.
Canada Post and National Defence Properties: Canada Post properties and National Defence lands with potential for housing will be prioritized for development. This won't disrupt postal service and will benefit military and civilian uses.
Converting Federal Offices: Plans to transform underused federal office buildings into homes for Canadians.
Apartment Construction Loan Program: An additional $15 billion will be added to this program, creating 30,000 more homes across the country.
Other Initiatives: Programs like modular housing, accelerated capital cost allowance, Canada Builds, Housing Accelerator Fund, and the new Canada Housing Infrastructure Fund will further support the development of homes.
Making It Easier to Own or Rent a Home
Aligning Immigration with Housing Capacity: The government will balance the number of new people entering Canada with the housing capacity available. This new plan includes both temporary and permanent resident admissions, helping ensure there are enough homes for everyone.
Support for Renters and First-Time Home Buyers: Rent credit and 30-year amortizations will make it easier for first-time buyers to enter the housing market.
Protection for Homeowners: Enhancements to the Canadian Mortgage Charter and national flood insurance will provide peace of mind for homeowners.
Helping Canadians Who Can't Afford a Home
Affordable Housing Initiatives: Top-ups to the Affordable Housing Fund and the creation of the Canada Rental Protection Fund will support the construction of deeply affordable housing and protect rent levels. This will ensure more Canadians have access to stable and secure homes.
Addressing Homelessness: Budget 2024 provides $1.3 billion in additional funding to help communities scale up their efforts to address homelessness. This funding will allow communities to provide better care, more shelter, and essential services to people experiencing homelessness, ultimately helping them find stable housing and rebuild their lives.
Permanent Rapid Housing Stream: A permanent Rapid Housing Stream will support the most vulnerable by accelerating the creation of affordable housing, supportive housing, and shelters. This initiative aims to quickly house those in need and provide them with the support necessary to thrive.
This budget represents a major step forward in addressing the housing crisis and making sure all Canadians have access to safe and affordable housing. Now we must work together to get it done.