BURNABY,
BC, April 24, 2024 /CNW/ - The federal
government recently delivered Budget 2024: Fairness for Every
Generation.
It is a plan to build a Canada
that works better for everyone, where younger generations can get
ahead, where their hard work pays off, and where they can buy a
home—where everyone has a fair chance at a good middle-class
life.
Today, Minister of Citizens' Services, the Honourable
Terry Beech, joined Minister of
Small Business, the Honourable Rechie
Valdez, and Burnaby Mayor
His Worship Mike Hurley, to highlight Budget 2024's investments
that make more government land available to build homes for
Canadians, including:
- Building homes on public lands with the new Public Lands
for Homes Plan, the federal government will unlock 250,000 new
homes by 2031, by using all tools available to convert public lands
to housing (such as unused or underused office towers or parking
lots), including leasing, acquiring other public lands for housing,
and retaining ownership, whenever possible.
- Building homes on Canada Post properties by taking steps
to enable Canada Post to prioritize leasing or divesting post
office properties and lands with high potential for housing. This
plan would make sure postal service is not disrupted and would
maintain Canada Post's role as a "service first" organization
focused on delivering the mail.
- Building homes on National Defence lands by exploring
the redevelopment of properties that could be suitable for both
military and civilian uses, divesting 14 surplus properties with
housing potential, and building and renovating housing for Canadian
Armed Forces personnel on bases.
- Converting underused federal offices into homes with
$1.1 billion over 10 years to
transform 50% of the federal office portfolio into housing, which
will save $3.9 billion over the next
10 years, with $0.9 billion per year
in ongoing savings. This would enable more office buildings,
particularly in urban areas, to be converted into homes for
Canadians.
Budget 2024 is a plan to deliver
fairness for every generation.
We are taking bold action to build more
homes. Because the best way to make home prices more
affordable is to increase supply—and quickly. It lays out a
strategy to unlock 3.87 million new homes by 2031. Key
measures include launching the new Public Lands for Homes Plan and
the Canada Rental Protection Fund, enhancing the Canadian Mortgage
Charter, and creating a new Canadian Renters' Bill of Rights.
Quotes
"Our government first came to office with a vow to strengthen
and expand the middle class. We delivered on that pledge by
reducing poverty, especially for children and seniors, and creating
millions of good jobs for Canadians. Our work isn't done. Budget
2024 renews our focus on unlocking the door to the middle class for
millions of younger Canadians. We'll build more housing and help
make life cost less. We will drive our economy toward growth that
lifts everyone up. That is fairness for every generation."
– The Honourable Chrystia Freeland, Deputy Prime Minister and
Minister of Finance
"To get more homes built, faster, our government is working
closely with partners, including local governments. This
collaboration will help unlock unused public lands like we have
right here in Burnaby. We're
investing to kickstart construction and increase supply, and for
Millennial and Gen Z renters, we're restoring your chance to make
progress toward homeownership."
– The Honourable Terry Beech, Minister of Citizens' Services
"Having a place to call home and building a strong future for
yourself and your family is a dream that every Canadian should be
able to achieve - without question. By repurposing public lands,
our government is bringing to life unused spaces across
Canada that have so much potential
to be converted into family homes that will help the people who
need it most. We are making sure that public lands remain public,
and that the affordable homes that are built there stay
affordable."
– The Honourable Rechie Valdez, Minister of Small Business
Related products
- Budget 2024: Fairness for Every Generation
- Budget 2024: Remarks by the Deputy Prime Minister and Minister
of Finance
- Budget 2024: Key Measures (available in non-official
languages)
- Backgrounder: More Affordable Homes
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SOURCE Employment and Social Development Canada