In a press conference held on Tuesday, Deputy Prime Minister and Minister of Finance Chrystia Freeland, along with Minister of Innovation, Science, and Industry Francois-Philippe Champagne, announced significant measures aimed at addressing pressing economic challenges in Canada.
Housing affordability emerged as a central concern, with the federal government allocating $99 million in new funding to bolster rent affordability. The “top-up” to the Canada Housing Benefit will directly deliver rent support payments to low-income renters across the country.
Freeland emphasized that housing affordability is currently a paramount issue affecting Canadians, especially those grappling with the high cost of rent. In addition to this funding, the government recently committed $100 million to emergency winter funding, supporting 85 communities in expanding shelter capacity for individuals experiencing homelessness. This includes essential services like temporary rental assistance and meals, crucial during the harsh winter months.
Furthermore, Ottawa is taking steps to address the rising prices of groceries and other essential items. The government will triple annual funding to $5 million for Canada’s Contributions Program for Non-profit Consumer and Voluntary Organizations. This financial boost will enable partnerships with consumer advocacy groups to investigate issues such as price inflation, “shrinkflation,” “skimpflation,” and other concerning business practices that have contributed to increased consumer costs.
Minister Champagne highlighted the importance of enhancing competition to stabilize prices and emphasized collaboration with consumer advocacy groups to empower consumers to make informed purchasing decisions.
The additional funding announced for housing will bring the Canada Housing Benefit to a total of $325 million for the year 2023-24, distributed through provincial and territorial rent support programs. By 2027-28, the program is expected to have made rent more affordable for over 300,000 low-income households.
These initiatives build upon last week’s announcement of $362.4 million allocated to the Interim Housing Assistance Program, providing resources to support vulnerable asylum seekers.
In conclusion, Deputy Prime Minister Freeland affirmed that while many Canadians face challenges in making ends meet, the government remains committed to its economic plan, striving to create a brighter future for all citizens in Canada.