Canada's Midyear Fiscal Update to Show Weaker Growth and Higher Deficits, With Targeted Housing Spending
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Canada's Finance Minister to deliver midyear fiscal update showing higher deficits, weak growth, and targeted housing spending.
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Interest rates at 20-year high and inflation still high, putting pressure on government to curb spending.
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Deficit to be higher than forecast due to EV subsidies, civil servant contracts, higher interest rates.
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Fiscal update to include $15B in loans for rental housing, $1B for affordable housing, new Airbnb tax.
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Finance Minister has promised to boost housing supply and help Canadians struggling with high inflation.