MP Sahota highlights the 2023 Fall Economic Statement—the federal government’s plan to build a strong economy for everyday Canadians

The Voice of Chandigarh News:

Member of Parliament for Brampton North, Ruby Sahota highlights how the government’s economic plan will take further action to support the middle class, build more homes faster and make life more affordable for everyday Canadians as part of the 2023 Fall Economic Statement.

The government’s economic plan is building a strong economy that works for everyone—with good jobs that people can count on. And this plan is working. Over a million more Canadians are employed today compared to before the pandemic. Inflation is coming down, wage increases are outpacing inflation, and private sector economists now expect Canada to avoid the recession that many had predicted.

In the face of a rapid global increase in interest rates, many Canadians are feeling the squeeze, particularly when it comes to affording a home to rent or own. In response, the 2023 Fall Economic Statement is focused on today’s two key challenges.

First, the government is continuing to support Canadians at a time when some prices are still too high and mortgage renewals are looming. With new, targeted measures to help stabilize prices, make life more affordable, and protect Canadians with mortgages, the government is taking concrete action to support Canadians. This includes ensuring Canadians have access to the tailored mortgage relief they need at a time of higher interest rates. To do so, the 2023 Fall Economic Statement announces the new Canadian Mortgage Charter, which details the relief that Canadians can expect from their banks if they are in financial difficulty.

Second, the government is accelerating its work to build more homes, faster, and make housing more affordable. Building on the significant action the government has already taken, the 2023 Fall Economic Statement introduces billions of dollars in new financing to build more homes,

faster, takes steps to crack down on short-term rentals so that homes can be used for Canadians to live in, and will help to increase the number of construction workers across the country. Today continues the federal government’s work leading a national effort to make housing more affordable across Canada.

Member of Parliament, Ruby Sahota will continue to advocate on behalf of Canadians and the constituents of Brampton North to build a strong economy that works for everyone.

2023 Fall Economic Statement Highlights

Buildling a strong economy & labour market

• Canada’s unemployment rate remains low at 5.7 per cent, and for the past 21 months, has been lower than at any time under the previous government.
• Over one million more Canadians are employed today than before the COVID-19 pandemic.

Delivering Dental Care for Canadians

• Once fully implemented, the Canadian Dental Care Plan will support up to 9 million uninsured Canadians who have an annual family net income of less than $90,000 in getting the oral health care they need, with no co-pays for those with family incomes under $70,000.
• Further information on the plan, which is expected to begin rolling out by the end of 2023, will be communicated by Health Canada in the coming weeks.

Continuing to build affordable homes for Canadians

• 10 agreements signed to-date through the Federal Housing Accelerator Fund, worth over $1.6 billion, to build over 21,000 homes, and more on the way through the Housing Accelerator Fund including a $114 million dollar investment for Brampton to build over 3000+ new homes
• The $4 billion Housing Accelerator Fund helps cities, towns, and Indigenous governments unlock new housing supply by speeding up development and approvals, fixing out-of-date permitting systems, introducing zoning reforms to build more density, and incentivizing development close to public transit.

Making it Easier to Become and Remain a Homeowner through the New Canadian Mortgage Charter

• Canadians work hard to be able to afford their home, but high interest rates are leaving too many people concerned about their increasing mortgage payments.
• In the 2023 Fall Economic Statement, the government is taking action to ensure at- risk Canadians know of the mortgage relief they can seek and receive from their financial institutions, and announces new measures to provide tailored mortgage relief.

• To do so, the 2023 Fall Economic Statement announces the new Canadian Mortgage Charter, which details the relief that Canadians can expect from their banks if they are in financial difficulty.
• In 2023, more than 250,000 Canadians have already opened a Tax-Free First Home Savings Account to save for their first down payment—putting homeownership backwithin reach across the country and helping them reach their savings goals sooner.

Quotes

“Through the 2023 FES, our Federal Liberal Government continues to focus on building a strong economy that works for middle-class Canadians with a focus on building more affordable homes, providing Canadians with mortgage relief solutions and continuing to make life more affordable around the country and here in Brampton, and I will continue to advocate for this on behalf of the constituents of Brampton North.”–Ruby Sahota, Member of Parliament – Brampton North

“Our economic plan is about building a strong economy that works for everyone, and this Fall Economic Statement is the next phase of our plan. With a focus on supporting the middle class and building more homes, faster, we are taking action on the priorities that matter most to Canadians today—and we will continue doing everything we can to deliver for Canadians from coast to coast to coast.”-The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance