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.

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.

"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

• 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