Vandal says federal investment in housing is economic investment
Putting Canadians to work building housing units will help grow the economy, boost revenues to government and, thereby, bring down Canada’s debt levels, says the federal minister responsible for Prairies and northern economic development.
Budget 2024, released last week, holds $6 billion for partnerships with provincial and municipal governments to build housing and the infrastructure to support it, Minister Dan Vandal told a Manitoba Chamber of Commerce lunch April 22.
He noted the City of Winnipeg has already signed on to $122-million agreement to see more multi-unit buildings constructed.
Vandal deflected a question about the rising debt level – Budget 2024 had not set date for bringing the budget back to balance – by saying that Canada has the lowest debt to GDP level among G7 countries.
Despite cost-of-living challenges Canadians are feeling, the outlook is good, with unemployment at historic lows and inflation, at 9% two years ago, is expected to fall to 2% next year, he said.
The minister, who is MP for Saint Boniface-Saint Vital, said Manitoba is in good position to gain from the federal focus on investing in clean electricity technology, and to bring new applications for artificial intelligence to market.
“While one appreciates the attention on affordability challenges faced by Canadians, it is disappointing that the federal government’s 2024/25 budget is silent on a determined focus to growing the economy. Affordability discussions have to include sustainable and sustained revenues with which to fund our program wants. That is the key ingredient missing from the budget,” said Chris Lorenc, President & CEO, MHCA.
