Minister O’Regan Highlights Affordable Housing Investments in Budget 2022
HALIFAX, N.S., April 13, 2022 /CNW/ – By Budget 2022: A plan to grow our economy and make life more affordable, the government of Canada makes targeted and responsible investments to create good jobs, grow our economy and build a Canada where no one is left behind.
Today, the Honorable Seamus O’Regan Jr., Minister of Labor met with stakeholders from Halifax Highlight the government’s commitments in Budget 2022 to make housing more affordable for Canadians.
The first pillar of the budget is investing in Canadians and making life more affordable. To make housing more affordable for Canadians, the government proposes to:
- put Canada on track to double new housing construction over the next decade;
- helping Canadians buy their first home, including introducing the tax-free First Home Buyers’ Savings Account and doubling the first-time home buyers’ tax credit;
- launch a new housing acceleration fund that will target the creation of 100,000 net new homes over the next five years;
- develop a bill of rights for homebuyers and propose a national plan to end blind auctions;
- ban foreign buyers from owning non-recreational residential property for two years; and
- create a multi-generational home renovation tax credit that will provide up to $7,500 in support of the construction of a secondary suite or apartment.
As part of his tour, the Minister participated in a meeting with young people wishing to start a career in the skilled trades in Try a trade day. He also visited the Nova Scotia Community College Ivany Campus and a Rapid Housing Initiative project with the Mi’kmaw Native Friendship Centre.
In Halifax, Minister O’Regan heard from stakeholders that the lack of skilled tradespeople in the construction industry makes it difficult to build new homes. Budget 2022 proposes to invest in Canadian workers and ensure they have the skills they need for the well-paying jobs of today and tomorrow.
“Budget 2022 is about growing our economy, creating good jobs and building a Canada where no one is left behind. Our plan is responsible and thoughtful, and it will mean more homes and better-paying jobs for Canadians; cleaner air and cleaner water for our children; and a stronger, more resilient economy for years to come.”
The Honorable Chrystia Freeland, Deputy Prime Minister and Minister of Finance
“Budget 2022 is about getting more homes, helping Canadians save for a home and investing in affordable housing. Canadian tradespeople and skilled workers will help make that happen.
The Honorable Seamus O’Regan Jr.., Minister of Labor
SOURCE Employment and Social Development Canada
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