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House Hansard - 300

44th Parl. 1st Sess.
April 16, 2024 10:00AM
Context: House Hansard - 300 - Apr/16/24
Hon. Chrystia Freeland (Deputy Prime Minister and Minister of Finance, Lib.)
  • Apr/16/24 4:08:32 p.m.
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For first-time buyers, we will be extending the maximum amortization period of a mortgage to 30 years on new builds, including condos. That means lower monthly payments and greater opportunity for young people to get those first keys of their own. Combined with tax-free ways to save for a first down payment through the tax-free first home savings account and the enhanced homebuyers' plan, the longer amortization period would ensure more younger Canadians are able to afford that first home and take that next big step into a prosperous middle-class life. The second part of our plan is making life cost less. Inflation has now been back within the Bank of Canada's target range for three months in a row. That is good news for Canadians, but more is needed to help reduce the cost of living—to help younger Canadians gain ground. As a government, we have made transformative enhancements to Canada's social safety net. Ten-dollar-a-day child care is already saving parents thousands of dollars a year and making it financially possible for more Canadians to choose to start a family of their own. Now we are making further investments, creating even more child care spaces so more families can benefit and more mothers do not have to choose between a career and a family. This is feminist social policy and it is smart economic policy, too. Already, thanks to our early learning and child care investments, Canada has reached a record high for working-age women's labour force participation. Our new Canadian dental care plan started in December and more than 1.7 million Canadians have already signed up. Next year, nine million uninsured Canadians will have dental coverage.
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