Canada Vows to Build More Homes, Faster

According to a news release from the Finance Ministry, in the face of a rapid increase in interest rates, many Canadians are feeling the squeeze, particularly when it comes to affording a home to rent or own.

Key measures outlined in the 2023 Fall Economic Statement include helping to build more than 100,000 new homes across Canada; repurposing more federal lands to build homes on; helping to build more rental and affordable housing, and breaking down barriers to labor mobility within Canada with priority for construction workers.

A new Canadian Mortgage Charter was introduced to ensure Canadians at financial risk can access the tailored mortgage relief they can expect from their bank to help them make their payments and stay in their homes, the release said.

The finance minister was quite optimistic about the current state of the economy, noting there are one million more Canadians employed today compared to before the pandemic, and inflation is coming down.

Statistics Canada reported Tuesday that the inflation rate in October slowed to 3.1 percent, down from 3.8 percent in September, which brought it closer to the Bank of Canada's target.

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