The federal government recently delivered Budget 2024: Fairness for Every Generation.
It is a plan to build a Canada that works better for everyone, where younger generations can get ahead, where their hard work pays off, and where they can buy a home-where everyone has a fair chance at a good middle-class life.
Today, Minister of Citizens' Services, the Honourable Terry Beech, joined Minister of Small Business, the Honourable Rechie Valdez, and Burnaby Mayor His Worship Mike Hurley, to highlight Budget 2024's investments that make more government land available to build homes for Canadians, including:
- Building homes on public lands with the new Public Lands for Homes Plan, the federal government will unlock 250,000 new homes by 2031, by using all tools available to convert public lands to housing (such as unused or underused office towers or parking lots), including leasing, acquiring other public lands for housing, and retaining ownership, whenever possible.
- Building homes on Canada Post properties by taking steps to enable Canada Post to prioritize leasing or divesting post office properties and lands with high potential for housing. This plan would make sure postal service is not disrupted and would maintain Canada Post's role as a "service first" organization focused on delivering the mail.
- Building homes on National Defence lands by exploring the redevelopment of properties that could be suitable for both military and civilian uses, divesting 14 surplus properties with housing potential, and building and renovating housing for Canadian Armed Forces personnel on bases.
- Converting underused federal offices into homes with $1.1 billion over 10 years to transform 50% of the federal office portfolio into housing, which will save $3.9 billion over the next 10 years, with $0.9 billion per year in ongoing savings. This would enable more office buildings, particularly in urban areas, to be converted into homes for Canadians.
Budget 2024 is a plan to deliver fairness for every generation.
We are taking bold action to build more homes. Because the best way to make home prices more affordable is to increase supply-and quickly. It lays out a strategy to unlock 3.87 million new homes by 2031. Key measures include launching the new Public Lands for Homes Plan and the Canada Rental Protection Fund, enhancing the Canadian Mortgage Charter, and creating a new Canadian Renters' Bill of Rights.
