10 September 2024 • Memo Budget 2024
Consultation on Budget 2024 measures (Option consommateurs comments)
Option consommateurs is taking advantage of this consultation to make recommendations on a possible restructuring of the mortgage framework in Canada.
In response to the economic challenges facing Canadian households since the start of the decade, the federal government has proposed several measures to support the middle class in the 2024 budget.
These measures are in line with the budget's main priorities: housing construction, economic growth, tax fairness and strengthening financial sector regulation.
As part of the ongoing consultations, Option consommateurs is submitting its comments on measures to stimulate housing construction, including the elimination of the GST on housing cooperatives and the introduction of a 10% accelerated capital cost allowance for certain projects.
We will not comment on changes to mortgage insurance rules to make it easier for homeowners to add secondary suites.
See also...
5 recommendations to support consumers in a time of economic uncertainty
Option consommateurs is very concerned about the impact on consumers of the new tariff policies adopted by the United States and Canada. In this context of economic uncertainty, we are proposing the following five measures to the governments of Canada and Quebec to support consumers.
Housing crisis - It's time to review the mortgage structure
We believe that modernizing Canada's mortgage structure would provide households with greater security. In the U.S., mortgage rates are generally negotiated over a longer period than in Canada, and the rules governing mortgage eligibility are stricter.