Cost-of-living crisis set to remain front and centre
The federal government is set to reveal its latest budget on April 16, with measures aimed at tackling the continuing cost-of-living and housing crises to feature prominently in the fiscal plan.
According to Freeland, the government’s economic plan will focus on the quicker construction of more homes, ensuring affordability amidst the cost-of-living pressures, and adding more jobs in the market.
The announcement will arrive amidst high interest rates that continue to heavily impact the economy and increase financial burdens on homeowners and renters. Recent times have seen rent costs surge towards record highs, with affordability spiralling further out of reach as a result.
The Liberal government and housing minister Sean Fraser have unveiled a slate of measures to try and ease those concerns and make homeownership a more attainable goal for Canadians.
According to Statistics Canada, household spending and real gross domestic product fell across Canada over the last three months of 2023. Despite calls from economists for the government to spend less until the economy’s current sluggish pace picks up, Freeland has stood firm with her commitment to new fiscal guardrails introduced last year.
“For our government, it is very, very important to invest in Canada and Canadians... and to do so in a fiscally responsible way. We laid out in the fall economic statement some fiscal guideposts, and we will meet them,” the finance minister said.
