2024 Federal Budget Highlights

Last week, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, released the 2024 Federal Budget: Fairness for Every Generation. The 2024 federal budget is the government’s plan to build more homes, faster, help make life cost less, and grow the economy in a way that helps every generation get ahead.

Highlights include:

  • Canada’s economy continues to show resilience in the face of high interest rates as GDP growth is penciled in at around 3.5% annualized growth for the first quarter of 2024 (7.4% annualized in January, and an estimated 4.9% in February). GDP growth for 2024 is forecasted at 0.7% and 1.9% in 2025.
  • Inflation is also making its way to the target, dropping from the peak of 8.1%in June 2022 to about 2.8% in February 2024. However, costs of living remain elevated, particularly for housing and groceries. The Federal Government seeks to balance supporting vulnerable Canadians with fiscal prudence.
  • Supporting a trades workforce that is skilled, inclusive, certified, and productive through the Canadian Apprenticeship Strategy.
  • Budget 2024 proposes $10 million over two years to continue to encourage Canadians to explore and prepare for careers in the skilled trades.
  • Budget 2024 proposes to provide $4 million over two years, starting in 2024-25, for Canada Lands Company to support new modular housing projects on four sites including Downsview, Toronto in Ontario.

For a copy of the 2024 Federal Budget click here.

Information is courtesy of the Ontario Construction Secretariat

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