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Highlights of Canada's fall economic statement
  + stars: | 2023-11-21 | by ( ) www.reuters.com   time to read: +3 min
Canada's Prime Minister Justin Trudeau and Finance Minister Chrystia Freeland walk holding the 2023-24 budget, on Parliament Hill in Ottawa, Ontario, Canada, March 28, 2023. REUTERS/Patrick Doyle/File Photo Acquire Licensing RightsOTTAWA, Nov 21 (Reuters) - Following are some of the commitments the Canadian government made in its Fall Economic Statement released on Tuesday. *invest an additional C$15 billion in new loan funding, starting in 2025-26, for the Apartment Construction Loan Program, for a total of more than C$40 billion in loan funding. This investment will support more than 30,000 additional new homes, bringing the contribution to more than 101,000 new homes supported by 2031-32. *propose to spend C$50 million over three years, starting in 2024-25, to support municipal enforcement of restrictions on short-term rentals.
Persons: Justin Trudeau, Chrystia Freeland, Patrick Doyle, Steve Scherer, David Ljunggren Organizations: Canada's, Finance, REUTERS, Rights OTTAWA, Affordable Housing Fund, Canadian Mortgage Charter, Canadian Radio, Telecommunications Commission, Canadian Transportation Agency, Canada Mortgage, Thomson Locations: Ottawa , Ontario, Canada
It seems unlikely that Congress will step in anytime soon to provide housing relief for Americans. But that was only a brief reprieve from a housing market crisis brewing in the US for decades. Soaring housing and rent prices made up a large portion of the increases in the latest inflation report released on Tuesday. "There's all this chaos in the housing market," Williams said. "The combination of higher mortgage rates and the slowdown in economic growth is weighing on the housing market," Sam Khater, Freddie Mac's chief economist, told Insider.
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