This is what we’re expecting from Freeland’s fiscal update

What can we expect from the economic statement today what are you learning Marcia you mentioned their housing is the focus housing is really all we’re hearing about going into this afternoon’s announcement we know there’s going to be$ 15 billion dollar worth of new loans low interest 10year loans

Going out to the construction sector specifically focused on building rental units they say it’ll bring about 30,000 new rental units over a certain time frame we also know there’s a billion dollars being spent on an affordable housing fund this is money that the government won’t be giving back uh

Potential talks of turning government offices into housing that is back on the table as you mentioned there are changes towards short-term rentals the housing Minister yesterday coming out and saying the federal government believes there are tens of thousands of short-term rentals that could be housing Canadians

Now they’re going to be uh taking off any uh income tax exemptions that did exist in jurisdictions where there are already rules against in uh short-term rental properties what that means is that in cities like BC or Calgary or Montreal for example now you’re if you own one of those short-term rentals you

Will be paying tax so if you have a rental that makes $120,000 a year but also costs $120,000 a year to run where in the past that was net neutral now you’re going to be paying $33,000 worth of federal taxes and that will come into effect as of January 2024 the other

Thing we’re seeing and it’s specifically uh aimed at the future challenges that this government is expecting will be changes to the mortgage guidelines and this is very important because over the next three years 60% of all mortgages in Canada are coming up roughly $900 billion dollar the government is keenly

Aware of where interest rates are at the challenges that’s going to put on Canadians pocketbooks and so they say expect changes there they haven’t said what those changes will be the only other thing we’re watching for off the housing side is some Green Tech Investments we know that’s coming we

Don’t know what specifically that’s going to look like okay so big Focus clearly on housing what’s the opposition looking for Colton the NDP is also looking for housing money as are the conservatives they’re just all looking at it from a different point of view the chunk of the liberal spending 15 billion going

Towards building those rental units the NDP particularly focused on what they call actual affordable housing jug meet sing is supposed to speak at 10:00 today we’re expecting him to focus on that as well ahead of this announcement the conservatives have been critical of the housing accelerator fund and the

Announcements that we’ve seen this summer from the housing Minister and the Prime Minister moving from City to City to City spending this money we’re two years into that fund and we haven’t seen any actual housing starts they’ve been hammering that point in their press conferences recently and they’re

Expecting uh hammering that again and focusing on that saying we need to see more housing starts it’s not enough just to include funding we actually need that Supply to increase okay um we’re going to watch and see what happens later today Colton thanks for all of that

Colton Praill has the latest from Ottawa ahead of a fiscal update from Deputy Prime Minister and Finance Minster Chrystia Freeland.

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