Remarks by the Deputy Prime Minister on making the housing market fairer for renters and first-time home buyers

Remarks by the Deputy Prime Minister on making the housing market fairer for renters and first-time home buyers

From: Department of Finance Canada

Speech

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It is so wonderful to be in Hamilton today. Thank you so much, Mohawk College, for hosting us.

I want to say how happy I am to be here with my amazing colleagues, Minister Filomena Tassi, and Members of Parliament Lisa Hepfner and Chad Collins.

I am so happy to be here with Mayor Andrea Horwath and with Councilor Tammy Hwang from the great city of Hamilton.

And above all, what a great conversation we've just had with the young people who are here with us today. And what I heard in those conversations is at the heart of the budget. And that is, right now in Canada, life is just too hard, particularly for young Canadians, for Millennials, and for Gen Z. You can study really hard, you can get a good job, but it just seems out of reach, to be able to get that comfortable middle-class life that your parents had.

And that is not okay. The promise of Canada means all Canadians who are working hard have to be able to have that middle class life.

And so, that is really what the budget was built to address.

It's why, in the budget, we are really focused on three things. First, housing-the Prime Minister outlined the key housing policies. Second, affordability, with programs like the dental care plan and ongoing investments in our early learning and child care system, and the absolutely crucial investments for the Canadian economy.

We know we have to invest in the economy because that's where all the people who are here with us will be getting those great jobs that are the basis of a great life.

And I am so pleased that the budget includes $5 billion investing in post-secondary education, investing in research, and investing in students. That is such an important investment in our economy and in our productivity.

And we've done all of that by asking those who are doing the best-who are the most successful in our society-to contribute a little bit more, so that we can pay for these essential investments.

Because we knew when we put together the budget that we had to do it in a fiscally responsible way. We knew how important that was for Canada.

So, I will conclude by sharing some really good news. Yesterday, Moody's, one of the main credit ratings agencies, re-affirmed Canada's triple-A credit rating with a stable outlook. They pointed out that Canada has been very successful from bringing down the debt from the peak of the pandemic when we had to support Canadians, and that we are on a fiscally sustainable track going forward.

Now, why do I belabour this point? Because that fiscal responsibility is the basis for all the investments that everyone here needs to make. That is what makes it possible for Canada to borrow at a lower rate than other countries in the world, and that is what makes it possible for Mohawk College to build those student residences and get that money at an affordable interest rate. It's what is going to make it affordable for all those purpose-built rental builders to get the financing they need to build those properties.

So, this is a really central foundation of our economic plan.

And now it is our very great pleasure to pass it on to our friend and partner, Mayor Andrea Horwath.

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