Canada implements policies to make housing and groceries more affordable. A recent Leger poll revealed that 83% of 1522 newcomers in Canada are struggling with the rising cost of living. Similarly, Statistics Canada found that over a third of newcomers spend more than a third of their pre-tax income on rent. To address this, the federal government announced new affordability measures.
First, the Deputy Prime Minister announced a $99 million national increase to the Canada Housing Benefit, which helps to make rent more affordable by sending rent support payments directly to Canadians. This increase brings the federal government’s contribution to the Canada Housing Benefit to $325 million in 2023-24, which will go directly to low-income renters via provincial and territorial rent support programs. By 2027-28, the Canada Housing Benefit will have contributed to making rent more affordable for over 300,000 low-income households.
Other measures include the $4 billion Housing Accelerator Fund to boost housing production, the Canadian Mortgage Charter for mortgage relief, and the Tax-Free Home Savings Account, allowing first-time buyers to save CAD 40,000 tax-free for a downpayment.
To help make groceries and other essentials more affordable, the Honourable François-Philippe Champagne, Minister of Innovation, Science, and Industry, has tripled federal funding for Canada’s Contributions Program for Non-profit Consumer and Voluntary Organizations to $5 million annually. Minister Champagne announced new projects in collaboration with consumer advocacy groups to investigate and expose price inflation and harmful business practices, such as shrinkflation and skimpflation in the grocery industry, as well as other forms of corporate greed that have put Canadians’ prices for everyday goods.
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