The Government of Canada’s Budget 2024 aims to build homes faster and improve lives

Liberal MP for Davenport Julie Dzerowicz said the federal budget, called “Fairness for Every Generation,” will focus on housing affordability and on long-term aspirations.

The 2024 federal budget, released in April, will prioritize much-needed investment in affordable housing with an eye on the future.

“We are trying to make sure that by moving forward we continue to create a Canada where everybody can live a good life, achieve their best potential, and have good economic prospects for our children and our grandchildren,” said Julie Dzerowicz, MP for Davenport.

Dzerowicz told Brazillian Wave Magazine that every generation should get a fair chance to get ahead, and one of the biggest pressures on people right now is housing.

“Whether you’re 20, 40, 60, or 80, the number one issue is housing, because it’s so expensive.”

The Liberal MP said that the housing-supportive measures in the budget will result in a growing housing supply in Toronto at a faster pace.

“What we have done to speed up the process is to provide incentives to the city to accelerate the approval of building permits because it was taking years for the city to do it.”

Dzerowicz explained that the government will provide more funding for housing and affordable housing on the condition that the city improves timelines.

“What we said to the city is that we’ll give you more money for housing and affordable housing if you can cut your permit time from a year and a half to less than six months,” she added. “Then, we can get more of the supply onto the marketplace more quickly.”

Dzerowicz said that the reason why there is a housing crisis right now is because all three levels of government stopped funding housing for decades in the past.

“On top of that, we’re bringing in a lot of new immigrants to fill jobs because Canadians are retiring and the birth rate is so low.”

A significant part of the 2024 budget, which includes over $52.9 billion in new spending plans over the next five years, will support the recently introduced Canada Housing Plan.

According to the government, the plan details a “bold strategy” to build 3.87 million new homes by 2031.

For Dzerowicz, one of the key points of Canada’s Housing Plan is differentiating budget categories.

“Now we have three streams where we are investing additional dollars in order to accelerate the supply of single-family homes, affordable rentals, and homes for our most vulnerable seniors, students, and for Canadians with disabilities and other issues.”

Dzerowicz mentioned other noticeable measures proposed in Canada’s Housing Plan including a rapid review of all federal lands owned by the government across the country.

“We own a lot of lands in downtown Toronto, the suburbs, and rural areas that are not being used and could be turned into affordable spaces.”

Dzerowicz said that the government is spending a substantial amount of money in housing in this budget, but noted that this didn’t just start today.

“If you go across Toronto and the GTA, you’ll see a lot of new houses, townhouses, apartment buildings, condos, and co-op homes being built.”

Despite the primary focus on housing, Dzerowicz said several commitments in the Budget 2024 will “increase the amount of money into Canadians’ pockets.”

“We have over 600,000 Canadians that have disabilities and we’re giving them an additional $2,400 a year at $200 a month.”

Dzerowicz has also mentioned the proposed investment in the first phase of the national universal drug coverage plan in Canada, known as Pharmacare plan.

“That’s going to provide free contraceptives to women across the country, and free medications to those who have diabetes.”

Dzerowicz also celebrated proposed measures aimed at boosting economic growth, such as a significant investment to support the AI industry in Canada, and investment tax credits to attract companies investing across the electrical vehicle infrastructure and supply chain.

“We’re putting a lot of money into transitioning to clean energy and to a low carbon future.”

The Liberal MP added that the budget also includes continued investment in science and technology, including training programs to transition workers into clean economy jobs.

“We’ve put a lot of money into our economy to make sure it’s healthy today and it’s healthy tomorrow.”