NICKEL BELT – GREATER SUDBURY - Today Marc G. Serré, MP for Nickel Belt, Parliamentary Secretary to the Minister of Energy and Natural Resources and Parliamentary Secretary to the Minister of Official Languages is sharing some key highlights of the 2023 Fall Economic Statement that impacts Nickel Belt – Greater Sudbury constituents. “Affordability is at the top of mind of many constituents,” shared MP Serré. “The Fall Economic Statement addresses many of the contributing factors that impact the day-to-day financial circumstances faced by Nickel Belt – Greater Sudbury residents and highlights a path forward while remaining fiscally responsible,” he added.

In the face of a rapid global increase in interest rates, many Canadians are feeling the squeeze, particularly when it comes to affording a home to rent or own. In response, the 2023 Fall Economic Statement is focused on today’s two key challenges.

• At a time when some prices are still too high and mortgage renewals are looming the Government has announced the new Canadian Mortgage Charter, which details the relief that Canadians can expect from their banks if they are in financial difficulty.
• Second, the government is accelerating its work to build more homes, faster, and make housing more affordable. Building on the significant action the government has already taken, the 2023 Fall Economic Statement introduces billions of dollars in new financing to build more homes, faster, takes steps to crack down on short-term rentals so that homes can be used for Canadians to live in, and will help to increase the number of construction workers across the country.

Other measures mentioned to help tackle the affordability crisis includes:

• Strengthening the tools and powers available to the Competition Bureau to enable it to crack down on abuses of dominance by bigger companies, such as predatory pricing;
• The government will provide an update by Budget 2024 on the steps it is taking to reduce non-sufficient funds (NSF) fees charged by banks
• The 2023 Fall Economic Statement proposes to remove the GST from psychotherapy and counselling services

 “These measures are just some of the targeted approaches that compliment the work already put forward to make life more affordable such as the introduction of $10 a day daycare across Canada, the development of the Canada Dental Benefit, the increase in Climate Action Incentive rebates, and the time-specific payments made such as Grocery Rebate and the doubling the GST Credit,” said MP Serré. “I look forward to continued dialogue with constituents, business owners, and Indigenous communities to ensure a sustainable and economically prosperous region. Let’s keep working together,” he concluded.

Read the full Fall Economic Statement here: https://www.budget.canada.ca/fes-eea/2023/home-accueil-en.html

Quick Facts

• New measures in the 2023 Fall Economic Statement are built upon the government’s responsible economic plan, which sees Canada maintain both the lowest deficit- and net debt-to-GDP ratios in the G7.
• Canada’s economic plan is working:
  • Canada’s unemployment rate, for the last 21 months, has been lower than at any time under the previous government. Over a million more Canadians are employed today compared to before the pandemic.
  • Wages have outpaced inflation for the past nine months.
  • The International Monetary Fund projects Canada to see the strongest economic growth in the G7 next year.
  • According to the OECD, in the first half of this year, Canada received the third-most foreign direct investment of any country in the world—and the highest per capita in the G7.

Media Contact:

Kaylie Dudgeon
Special Assistant
Marc G. Serré
MP Nickel Belt and Parliamentary Secretary to the Minister of Official Languages
705-507-2416
[email protected]