Blaney On Federal Budget

In Finance Minister Chrystia Freeland’s speech introducing the federal budget last week, she said it would be a “modern supply-side” budget, particularly when it comes to housing, however North Island-Powell River NDP MP Rachel Blaney said that that approach did not go far enough for people who are struggling to afford a home.

In Finance Minister Chrystia Freeland’s speech introducing the federal budget last week, she said it would be a “modern supply-side” budget, particularly when it comes to housing, however North Island-Powell River NDP MP Rachel Blaney said that that approach did not go far enough for people who are struggling to afford a home.

Blaney states she’s hoping to see more non-market supply. Adding the need to make sure that there’s housing available for people to be able to afford. 

“This budget was an important opportunity to support Canadians through the pandemic and set the stage for our recovery. Yet rural and remote regions like ours are not seeing an equitable distribution of funds. Too many Canadians are being left out again while the ultra-rich continue get a free ride.”

The term ‘Modern Supply-Side’ was coined by American Secretary of the Treasury Janet Yellen, who used it to describe the Biden administration’s economic policy and it refers specifically to investing in the labour supply, meaning people.

Freeland’s supply-side housing budget measures included stopping foreign investments in the housing supply, creating a non-taxable savings account for prospective home buyers, where people can invest up to $40,000 for their down payments.

The savings account as outlined in the budget would be a good step for some, Blaney said, but it also leaves many people who are struggling to even afford rent out of options.