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National Housing Accord partners lay out four key tests for Budget 2024

March 19, 2024 - 4:00 am / News

Ottawa, Ontario (March 19, 2024) – The Deputy Prime Minister and Finance Minister, Hon. Chrystia Freeland, will deliver the federal government’s budget in exactly four weeks. At a time when many Canadians are grappling with the growing housing crisis and affordability pressures, the authors of the National Housing Accord – the Canadian Alliance to End Homelessness, REALPAC, and the PLACE Centre at the Smart Prosperity Institute – are calling for a federal budget focused on housing.  

“Budget 2024 presents a critical opportunity for the federal government to address the immediate challenges faced by those experiencing and at-risk of homelessness, while building the long-term solutions needed to solve the housing crisis affecting Canadians in communities across the country,” said Michael Brooks, Chief Executive Officer, REALPAC. 

This budget comes at a time when many Canadians are worried about where their next rent or mortgage cheque will come from, and a wave of new homelessness is accelerating across the country – the government must respond. This budget will meet the moment if it passes these four tests: 

  1. Will the 28-year-old who’s struggling to pay rent and has just about given up on ever owning a home see anything in the budget for them? 
  2. Will the investors invest, and the builders build? Government alone cannot solve the housing crisis. Will Budget 2024 spur new private and non-profit housing construction?  
  3. Does the budget put Canada on a believable path to build 5.8 million units of housing by 2030, including 2 million units of purpose-built rental, with at least 655,000 of those being deeply affordable? 
  4. Will the budget visibly improve homelessness on main street Canada and put the country on a believable path to ending homelessness?  

“Solving the housing and homelessness crises is possible if the government responds with the urgency and ambition required,” said Tim Richter, President & CEO of the Canadian Alliance to End Homelessness. “Since 2019, homelessness has risen every year in Canada, and we urgently need a coordinated national strategy and federal resources to end homelessness.” 

The federal government can reverse the trends and have an immediate impact on homelessness by using this budget as an opportunity to introduce key measures outlined by the Canadian Alliance to End Homelessness and further act upon the recommendations outlined in the National Housing Accord.   

“As Budget 2024 seeks to deliver good jobs for Canadians, address rising affordability challenges, and set the next generation up for success, bold housing policy must be a part of the solution,” said Dr. Mike Moffatt, Founding Director, PLACE Centre at the Smart Prosperity Institute.  

On April 16th, we look forward to the release of a budget that delivers the investments needed to fix the housing crisis and end homelessness in Canada.   

About the National Housing Accord 

The National Housing Accord is the outcome of a collaborative effort between experts across the housing continuum to find practicable and implementable solutions to address the housing crisis, and provides ten recommendations for the federal government on how to take a coordinated effort with key stakeholders – including not-for-profits and the private sector – to address housing affordability, meet the needs of Canada’s growing population, create jobs and play a significant role in ending homelessness.