2023 Fall Economic Statement

Deputy Prime Minister and Finance Minister Chrystia Freeland unveiled the federal government’s Fall Economic Statement this afternoon in the House of Commons.

The statement  largely focused on the housing crisis, there appear to be some positives to build on.

At the same time, the underlying question should continue to be: “who will build it?”

Here are some highlights:

  • First, the Economic Statement announced the establishment of a new Department of Housing, Infrastructure and Communities.The government will be tabling legislation to define the department’s scope, and the CRCA, along with others, will follow-up to emphasize the need for this department to focus on construction overall, and not just housing.
  • The statement also highlighted the need to remove barriers to labour mobility, in particular for skilled tradespeople. The statement placed particular emphasis on the homebuilding sector, the general sentiment should be applauded and be seen as a win for the advocacy efforts being made so far.
  • The statement reiterated the need for Canada’s immigration system to reflect the economic needs of the country, and in particular skilled tradespeople for the construction workforce. While this was largely a restatement of previous programs, it reflects a continued recognition by the government to address the skills shortage in the construction industry.

Attached you will find both the Fall Economic Statement document, as well as a more in depth analysis from First Lake Solutions on today’s announcement. The analysis provides more details on some of the programs announced today, as well as an overview of the government’s fiscal situation.