Economic statement points to federal focus on housing, cost of living

Finance Minister Chrystia Freeland responded to the two most pressing public and political issues in the federal economic update November 21, introducing a host of new measures for the housing and affordability challenges.

“We were hoping to see some signal in the statement that indicated a recognition Canada needs to generate the revenues necessary to respond to cost-of-living issues, and to attend to the deficit and debt levels,” MHCA President & CEO Chris Lorenc said.

The federal government will introduce legislation to turn the Infrastructure Canada Department into the Department of Housing, Infrastructure and Communities.

“Through this legislation, the government will clarify the department’s powers, duties and functions as the federal lead for improving housing outcomes and enhancing public infrastructure,” the economic statement said.

The MHCA, through the WCR&HCA, is working with a coalition of national business organizations to press the federal government to adopt a Canada Trade Infrastructure Plan, which aims to set out a long-term strategy for prioritizing projects and investment in trade corridors and other assets employed in moving goods into, through and out of Canada, on to global markets.

Lorenc said it is clear the coalition has to redouble its efforts.

“Trade is 65% of our GDP. Those are revenues to government that help fund all of the core services and social programs supporting our quality of life.”

You can see the fall economic statement here.