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Decentralized Democracy

House Hansard - 305

44th Parl. 1st Sess.
April 30, 2024 10:00AM
Context: House Hansard - 305 - Apr/30/24
Right Hon. Justin Trudeau (Prime Minister, Lib.)
  • Apr/30/24 2:40:40 p.m.
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Mr. Speaker, that is precisely why, in our latest budget, we focused on ensuring fairness for every generation. A lot of the investments in budget 2024 are specifically focused on homes and affordable housing to ensure that young people, millennials and gen Z can envision someday buying a house and can have their rent actively count toward a credit score that will enable them to get a mortgage. We are here to make those investments with the most ambitious housing plan Canada has ever seen.
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Context: House Hansard - 305 - Apr/30/24
Ms. Emmanuella Lambropoulos (Saint-Laurent, Lib.)
  • Apr/30/24 3:26:05 p.m.
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  • Re: Bill C-64 
Madam Speaker, it is my pleasure to contribute to this debate today in support of budget 2024. The budget aims to make our country fairer for everyone, for all generations. As one of the younger MPs in this place, I have heard countless times from people my age and younger how difficult it is for them to visualize the future they had always imagined for themselves. Millennials and gen Zs are the first generations who are not doing better than their parents. They grew up with a promise that they can do well in school, work hard, get a good job and live a great life. Today's economy is proving all of that to be difficult. Many did really well in school and have great jobs, yet they are still finding it difficult to make ends meet. Many of my friends, my age and younger, still live with their parents because they cannot afford to buy their own place. At this point, rent is so expensive that it simply is not worth it. Young Canadians are having a hard time getting approved for a mortgage, and some are requiring their parents to act as guarantors. That is if they are lucky enough to come from a family who is well off enough to provide that signature. This has to change. The backbone of our economy is our youth. They are our present and our future, and they deserve their hard work to pay off. They deserve at least the same opportunities as their parents and grandparents had in order to achieve a good life. This is why our government put in place, in the last couple of years, the tax-free first home savings account to make it easier for Canadians to save for their first homes. Up to now, over 750,000 Canadians have opened an account to save money to put into a down payment faster, with the help of tax relief. Budget 2024 proposes an additional support for Canadians to be able to afford a home faster. First off, we know that for homes to become more affordable we need to increase supply. Budget 2024 would include an additional investment of $15 billion in new loan funding for the apartment construction loan program, bringing the program's total to $55 billion since 2017. This new investment would help build more than 30,000 additional homes across the country. Budget 2024 would also top up the housing accelerator fund to increase the supply of housing faster. This fund would work with municipalities to cut red tape and to fast-track the creation of at least 100,000 new homes across Canada. The investment in budget in 2024 is $400 million over four years and would help fast-track 12,000 new homes in three years. Another measure that would be extended for an additional two years is the ban on foreign buyers of Canadian homes. People who are not Canadian citizens or permanent residents would continue to be prohibited from buying homes in Canada, as this practice has brought up the value of our homes. While building new homes is a longer-term solution to bringing down the cost of housing, there are other ways that budget 2024 would aim to help young Canadians buy and keep their first homes. The budget proposes to enhance the Canadian mortgage charter in several ways. It would allow a five-year increase of the amortization period, allowing for a 30-year amortization for first-time homebuyers purchasing newly built homes and making it possible for more young Canadians to qualify for and afford their monthly mortgage payments. For those who already have a mortgage and whose terms are coming to an end, renewing one's mortgage with today's rates seems quite daunting. However, the Canadian government will be working toward making permanent amortization relief available to protect homeowners who meet specific criteria. Eligible homeowners would be able to reduce their monthly mortgage payment to an amount they can afford for as long as they need to. This would give them an opportunity to stay in their homes for longer. While housing is one of the most important points in budget 2024, I would like to turn to a few other great supports for Canadians that would be funded in this budget. I will not spend too much time talking about the national school food program because I have already spoken about it at length in this place. I could not be happier that this investment of $1 billion to help kids eat a healthy meal at school has seen the light of day. The only private member's bill I have ever had the opportunity to present in this place, in my time as an MP, was on this very program, because as a teacher, I know just how badly it is needed. Budget 2024 proposes an investment of $1 billion over five years for the federal government to work with provinces, territories and indigenous partners to expand access to school food programs, with support beginning as early as the new school year. The program is expected to provide meals for more than 400,000 kids each year and is expected to save the average participating family with two children as much as $800 per year in grocery costs, with lower-income families benefiting the most. Also incredibly important is that the federal government recently introduced legislation that would help make essential medications more accessible and affordable for Canadians, which is a landmark move toward building a national pharmacare program that is comprehensive, inclusive and fiscally sustainable. Bill C-64, the pharmacare act, describes the federal government's intent to work with provinces and territories to provide universal, single-payer coverage for a number of contraception and diabetes medications. Now, budget 2024 proposes to provide $1.5 billion over five years to help Canada support the launch of the national pharmacare program. We also need more support for persons with disabilities who face significant barriers to financial security, Budget 2024 proposes funding of $6.1 billion over six years and $1.4 billion per ongoing year for a new Canada disability benefit, with payments to eligible Canadians, which would start in July 2025. The Canada disability benefit would establish an important support for persons with disabilities and would ensure a fairer chance for persons with disabilities. It would fill a gap in the federal government's social safety net and is intended to supplement, not to replace, existing provincial and territorial income support measures. Another aspect I was thrilled to see in budget 2024 is continued mental health support for our young people. The budget proposes an investment of $500 million over five years, beginning in 2024-25, with the goal of reducing wait times and providing more options for youth in need of mental health care. The reason this is so important is that 32% of young people who seek mental health support are unable to access care because of the cost. Whether we are talking about mental health issues brought on by the pandemic or those brought on by the postpandemic economy, gen Z needs that extra help, and the government is here to provide it. We know that Canada's success, now and tomorrow, depends on the success of its youngest generations, but too many young people feel as though the reward for hard work, which is a secure, prosperous, comfortable middle-class life, is out of reach. For students, even with increases in financial supports, many still need more help to cover rising costs. Budget 2024 announces the government's intention to extend, for an additional year, the increase in full-time Canada student grants from $3,000 to $4,200 per year and interest-free Canada student loans from $210 to $300 per week, in time for the new school year. With this change, Canada's student grants will have doubled in size since 2014. Grants for part-time students, students with disabilities and students with dependents would also be increased proportionately. Increased grants would support 587,000 students, and increased interest-free loans would support 652,000 students, with a combined $7.3 billion for the upcoming academic year. However, since federal student grants and loans are intended to help cover the cost of shelter, the formula used to estimate students' housing costs has not bee updated since 1998. Budget 2024 proposes to modernize the shelter allowances used by the Canada student financial assistance program when determining financial need. This new approach would provide additional student aid to approximately 79,000 students each year. The government would also incentivize post-secondary institutions to build more student housing, and would provide the low-cost financing needed so that more students could find an affordable place to call home. To aid the transition from school to the work world, work-integrated learning opportunities, such as co-ops and internships, are a proven way for post-secondary students to gain the valuable skills, education and real-life experience necessary to get good-paying jobs in important and growing fields. To create more work-integrated learning opportunities for post-secondary students, budget 2024 proposes to provide $207.6 million for the student work placement program, which has already created over 192,000 work opportunities for post-secondary students since 2017-18. Likewise, the government would invest to create more youth job opportunities to build their skills and to gain meaningful work experience, which will be critical to Canada's economic growth potential in the years to come. To create 90,000 youth job placements and employment support opportunities, budget 2024 proposes to provide $351.2 million for the youth employment and skills strategy. This includes $200.5 million for Canada summer jobs, including in sectors facing critical labour shortages, and $150.7 million for the youth employment and skills strategy program. We cannot ignore those younger Canadians who choose to work for themselves and to launch their own businesses, which is an important part of a growing economy. To empower young entrepreneurs, budget 2024 proposes to provide $60 million over five years for Futurpreneur Canada, a national not-for-profit organization that would provide young entrepreneurs with access to financing, mentorship and other business supports to help them launch and grow their businesses. I can see that my time is up, so I would like to wrap up by saying once more that I support budget 2024.
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