The Honorable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, introduced Budget 2024 entitled Fairness for Every Generation. This year’s budget is thematically focusing on building housing, making life more affordable and spurring growth in the economy for the next generation. In a two-week period in the lead up to the budget, the government delivered near daily announcements of what was to come in the budget – which heavily focused on housing.
Budget 2024 forecasts a $39.8 billion deficit for the 2024-25 fiscal year. The government intends to continue to run a deficit of $38.9 billion in 2025-26 before lowering gradually to $20 billion in 2028-2029. Canada’s real GDP rose 1.1% in 2023 higher than 0.3% forecasted in Budget 2023. This was supported by a 6.1% unemployment rate.
Growth is expected to remain on track in 2024 for 3.5% annualized. The federal government’s net debt-to-GDP ratio is projected at 41.2% in 2024-25. Inflation rates are forecasted to continue declining into 2025.
Access budget items impacting the apartment rental industry at: Key Budget Items for CFAA.