Minister Guilbeault highlights the 2023 Fall Economic Statement, the next phase of the federal government's economic plan to build more housing and support Canadians with their energy bills

MONTREAL, Nov. 27, 2023 /CNW/ - 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.

Quotes

"Our economic plan is about building a strong economy that works for everyone, and this Fall Economic Statement is the next phase of our plan. With a focus on supporting the middle class and building more homes, faster, we are taking action on the priorities that matter most to Canadians today—and we will continue doing everything we can to deliver for Canadians from coast to coast to coast."
– The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance 

"We can tackle affordability issues and environmental issues at the same time. On the one hand, we can scale up affordable housing in Canada, removing barriers preventing Canadians from being able to afford good homes. On the other hand, we can provide incentives that help them save thousands every year on their energy bills. These are truly win-win announcements from our Government's Fall Economic Statement."
– The Honourable Steven Guilbeault, Minister of Environment and Climate Change

Quick facts

• Canada's Housing Action Plan includes:
  • The $4 billion Housing Accelerator Fund, which is helping cut red tape and build more than 100,000 new homes across Canada, faster.
  • Repurposing more federal land to build homes on.
  • Removing the GST from new rental housing, including co-operative housing corporations that provide long-term rentals.
  • Unlocking $20 billion in low-cost financing for rental construction to build up to 30,000 more homes per year.
  • Financing more rental housing by providing $15 billion for loans through the Apartment Construction Loan Program to help build 30,000 new homes.
  • Building more affordable housing for the most vulnerable Canadians with $1 billion for the Affordable Housing Fund, to help build more than 7,000 new homes.
  • Breaking down barriers to labour mobility within Canada, with priority for construction workers and health care professionals, and prioritizing skilled tradespeople for permanent residency.
  • Cracking down on non-compliant short-term rentals and supporting municipal enforcement of short-term rental restrictions.
  • A new Canadian Mortgage Charter to ensure Canadians at financial risk can access the tailored mortgage relief they can expect from their bank to help them make their payments and stay in their homes.
• The Oil to Heat Pump Affordability program currently provides grants of up to $10,000 for low- to median-income households across Canada to switch from oil heating to an electric heat pump. Under the enhanced program, in provinces and territories that partner with the federal government to provide support for heat pump installation, eligible households could receive up to $15,000 in federal grants, plus additional support from provinces and territories. This level of support will make the cost of switching to a heat pump free for most Canadians who need one. Additionally, a $250 payment will be available as an incentive for these households to make the switch.
• The federal government is also considering options to streamline eligibility requirements under the Canada Greener Homes Initiative to make it easier for Canadians in every part of the country to switch to a heat pump, including if they currently heat their home with propane or natural gas.

Associated links

• The 2023 Fall Economic Statement
• Government of Canada releases the 2023 Fall Economic Statement
• The 2023 Fall Economic Statement: Key Measures
• Backgrounder: Canada's Housing Action Plan
• Backgrounder: Supporting a Strong Middle Class
• Backgrounder: Investing in Workers and Canada's Growing Economy

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SOURCE Environment and Climate Change Canada

Contacts: Kaitlin Power, Press Secretary, Office of the Minister of Environment and Climate Change, 819-230-1557, [email protected]; Media Relations, Environment and Climate Change Canada, 819-938-3338 or 1-844-836-7799 (toll-free), [email protected]