On Thursday, April 7, 2022 Canadian Finance Minister and Deputy Prime Minister Chrystia Freeland tabled Budget 2022: A Plan to Grow our Economy and Make Life More Affordable.
The budget had 3 main pillars:
- Investments in people including housing, immigration, reconciliation, health and childcare;
- Investments in growing the economy for a green transition; and
- Investments in productivity and innovation.
The budget also includes increased defence spending as a response to the situation in the Ukraine.
As expected, housing affordability is the big focus of the budget with investments in programs such as the Rapid Housing Initiative, Housing Accelerator Fund and the National Housing Co-Investment Fund, prohibiting foreign investment in housing, and the creation of a Multigenerational Homes Renovation Tax Credit and a Veteran Homelessness Program.
Climate change is another focus with significant new investments including the creation of the Canada Growth Fund to help attract private capital towards building a net-zero economy by 2050.
AMCTO will continue to monitor budget announcements for potential impact and opportunities for our members.