Canada announces $99 million in new funding to tackle rent affordability

In an effort to address rent affordability issues in Canada, the federal government, led by Deputy Prime Minister Chrystia Freeland and Minister of Innovation, Science and Industry Francois-Philippe Champagne, has unveiled a new funding initiative of $99 million. 

This move aims to provide direct support to low-income renters across the nation, significantly enhancing the Canada Housing Benefit. 

Alongside this, an additional $5 million per year has been allocated to scrutinize rising grocery prices, with initiatives to partner with consumer advocacy groups to tackle price inflation and unfair business practices. 

This funding is part of a broader economic strategy to alleviate financial pressures on Canadians, particularly in the housing and grocery sectors, ensuring more accessible and affordable living conditions for vulnerable populations.

The $99-million "top-up" to the Canada Housing Benefit will support low-income renters by "delivering rent support payments directly to Canadians," a press release stated.

On Tuesday, Freeland also said, "(Housing) is the central challenge in Canada right now…It's a central challenge in people's lives, and this is especially tire for Canadians who are struggling with the high cost of rent."

It is to note that ​​the Canadian government is increasing its focus on making groceries and essential goods more affordable by enhancing the funding to $5 million annually for a program supporting non-profit consumer organisations. 

This boost in funds, as stated by Minister Champagne, aims to collaborate with consumer advocacy groups to explore and address issues like price inflation and deceptive business practices that contribute to higher prices for consumers.