Justin Trudeau & Chrystia Freeland
OTTAWA — The Liberal government delivered a federal budget geared towards young Canadians, proposing a spending plan that promises to make it easier to buy a first home. Finance Minister Chrystia Freeland said, “We are moving with purpose to help build more homes, faster. …We are driving the kind of economic growth that will ensure every generation of Canadians can reach their full potential.” …But the $57 billion in spending comes amid a stronger-than-expected economy and new taxes targeting the wealthiest Canadians. Net new spending included in the budget is pegged at $39.2 billion. …The 2024 budget promises to build 3.87 million new homes by 2031 – two million more than the current expected pace – with a slew of measures and funding to scale up the pace of new home construction. In addition to making more federal land available for homebuilding and accelerating flows of workers into the construction industry, the Liberals announced changes for hopeful homebuyers. …The budget expects that the annual rate of inflation to decline back to 2% target by the end of 2024.
Additional Coverage:
- CBC News: Will $52.9B in new federal spending make inflation worse?
- CTV News: Budget 2024 prioritizes housing while taxing highest earners
- Vancouver Sun: Trudeau’s daunting promise to build an Alberta’s worth of homes
- National Observer: The climate side of Budget 2024
- The Tyee: Trudeau’s Hail Mary Budget