Canada's Efforts to Tackle Affordability Challenges

Canada is taking steps to address concerns about affordability, particularly regarding housing and groceries. According to a recent survey, 83% of 1522 newcomers are struggling with the increasing cost of living, with over a third spending more than a third of their pre-tax income on rent. To tackle this issue, the federal government has introduced new measures, including allocating an additional CAD 99 million to the Canada Housing Benefit, bringing the total budget for 2023-2024 to CAD 325 million. Other initiatives include the $4 billion Housing Accelerator Fund, the Canadian Mortgage Charter, and the Tax-Free Home Savings Account for first-time buyers. Additionally, the Minister of Innovation, Science, and Industry has committed to investigating corporate practices influencing grocery prices, with increased funding for consumer affairs research on 'shrinkflation' and 'skimpflation.'

For further insights into Canada's efforts to address affordability concerns, check out our article on the rising demand for AI-talented professionals and its implications for the country's workforce and economy “Increasing Demand for AI-Proficient Workers in Canada”.