Government of Canada releases 2023 Fall Economic Statement

November 21, 2023 – Ottawa, Ontario – Department of Finance Canada

Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, delivered the 2023 Fall Economic Statement, taking further action to support the middle class and build more homes, faster.

The government’s economic plan is building a strong economy that works for everyone, with great jobs that Canadians can count on. And this plan is working.

Over a million more Canadians are employed today compared to before the pandemic.

Inflation is coming down, wage increases are outpacing inflation, and private sector economists now expect Canada to avoid the recession that many had predicted.

In the face of a rapid global increase in interest rates, many Canadians are feeling the squeeze, particularly when it comes to affording a home to rent or own.

In response, the 2023 Fall Economic Statement is focused on today’s two key challenges.

First, the government is continuing to support Canadians at a time when some prices are still too high and mortgage renewals are looming. With new, targeted measures to help stabilize prices, make life more affordable, and protect Canadians with mortgages, the government is taking concrete action to support Canadians. This includes ensuring Canadians have access to the tailored mortgage relief they need at a time of higher interest rates. To do so, the 2023 Fall Economic Statement announces the new Canadian Mortgage Charter, which details the relief that Canadians can expect from their banks if they are in financial difficulty.

Second, the government is accelerating its work to build more homes, faster, and make housing more affordable. Building on the significant action the government has already taken, the 2023 Fall Economic Statement introduces billions of dollars in new financing to build more homes, faster, takes steps to crack down on short-term rentals so that homes can be used for Canadians to live in, and will help to increase the number of construction workers across the country. Today continues the federal government’s work leading a national effort to make housing more affordable across Canada.

The government’s economic plan is responsible, and it sees Canada maintain both the lowest deficit- and net debt-to-GDP ratios in the G7. The government is taking further action in the 2023 Fall Economic Statement to ensure Canada’s finances remain sustainable—and that we can continue to responsibly invest in Canadians, strengthen the middle class, and build a stronger economy that works for everyone.

As a foundational part of the government’s work to invest in Canada’s economic future and create more good-paying jobs, the government is also delivering its new major investment tax credits on a priority basis, with legislative implementation advancing in the days to come and concluding in 2024.