2024 Budget Targets Housing and Young Canadians While Risking High Deficits

The 2024 federal budget includes $57B in new spending, with a focus on housing affordability and supporting younger Canadians. Measures include building 3.87M new homes by 2031 and making it easier for first-time buyers.

Changes like extending mortgage terms may inadvertently drive prices higher in the short-term by expanding the buyer pool without addressing limited supply.

New measures aim to make concerts and events more affordable by eliminating "junk fees" and cracking down on ticket resales. Mental health funding and student loan increases are also proposed.

To fund spending, a new two-thirds tax will be levied on capital gains above $250K for individuals. This is expected to impact high earners and boost revenues by $18B over 6 years.

The budget projects deficits below $40B through 2029 and a declining debt-to-GDP ratio, but risks stoking inflation and dragging business investment according to critics.