Canada's housing minister promotes affordable housing initiatives, job growth in Simcoe County
Building homes and increasing employment was on top of the Canadian Minister of Housing, Diversity and Inclusion's agenda on Monday during his visit to Simcoe County.
Ahmed Hussen spoke with several dignitaries during his trip to the region as he looked to promote new initiatives within the federal government's 2023 budget.
Canada's Housing Accelerator Fund was part of those discussions.
"Municipalities can use the fund to increase housing supply," Ahmed Hussen told CTV News. "Making sure we unlock additional housing over the next number of years, particularly affordable housing."
Introduced in the 2022 budget and re-announced in Guelph, Ont. last month, the $4 Billion fund is part of the government's plan to fast-track 100,000 homes over the next decade.
Previously introduced initiatives like the fund were mostly re-highlighted again in the 2023 budget.
Of the new items, a tax-free First Homes Savings Account (FHSA) has been made available to help Canadians buy their first homes.
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The account will allow potential homebuyers to save up to 15 years once they open an account, with an annual $8,000 deposit cap and a lifetime contribution limit of $40,000.
Asked how the government is helping Canadians to be able to save for the fund, Hussen pointed to the Canada Child Benefit, eliminating interest payments on student loans and the Canada Workers Benefit as examples.
"All of those things are enabling people to keep a little more money in their pocket, tax-free," he said.
New mortgage protections for Canadians facing financial difficulties have also been implemented.
Hussen said the code of conduct is intended to ensure that federally regulated financial institutions will provide fair access to mortgage relief measures for people struggling to stay in their homes because of elevated interest rates.
"These relief measures include the ability to have longer amortization periods," Hussen said. "Longer than 25 years so that payments can come down. We know a lot of people are struggling to afford their payments."
Barrie Mayor Alex Nuttall met with Hussen early Monday morning and said he was encouraged by the meeting with the minister.
"It was an honour to welcome Minister Hussen today at City Hall," said Mayor Nuttall in a statement. "We look forward to working with the federal government to ensure that Barrie's jobs and housing needs are met."
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