Finance Minister Chrystia Freeland will present the fall economic statement on Nov. 21, where billions in loans will be made available for homebuilders and funds will be allocated for affordable housing. The statement is anticipated to confirm plans for several housing policies, including the introduction of $15 billion in low-cost loans for builders, expected to lead to the construction of 30,000 new apartments. Additionally, $1 billion will be earmarked towards affordable housing to support non-profits and social housing organizations.
Moreover, the mini-budget is expected to offer support for local governments that are targeting short-term rentals, with measures that would prevent operators in these jurisdictions from making tax deductions based on their expenses. In addition, the fall economic statement will introduce a new Canadian mortgage charter that will outline what Canadians can expect from their financial institutions when they are renewing their mortgages. Overall, the statement is expected to cover a variety of housing policies along with economic updates for the country.