The 2024 federal budget delivered by the Liberal government in Ottawa has received mixed reviews in Alberta. The budget, totaling $57 billion, aims to address the country’s housing crisis and assist young Canadians. Prior to the budget announcement, various measures were unveiled, such as the Canadian Renters’ Bill of Rights. This legislation seeks to reform the rental market by allowing tenants to count rent payments towards their credit score and providing new funding for legal aid organizations. Additionally, the budget includes plans to build 3.87 million new homes by 2031 and increase housing supply in the country.
However, Alberta’s Finance Minister Nate Horner criticized the budget, stating that the government’s overspending, overtaxing, and over-regulating will fuel inflation and harm young Canadians by increasing debt and deficits. He expressed concerns about the impact of tax increases and regulations on housing supply in Alberta. Premier Danielle Smith and Alberta NDP leader Rachel Notley emphasized the importance of the federal government delivering on its promises related to housing and affordability to help Albertans facing financial challenges.
Edmonton Mayor Amarjeet Sohi requested federal funding to support housing initiatives in the city, including Indigenous-led housing projects and affordable housing units for individuals with complex mental health and addiction challenges. Calgary Mayor Jyoti Gondek applauded the budget’s focus on housing and infrastructure investment but expressed disappointment with the lack of a permanent funding solution for municipalities. She highlighted the importance of ensuring affordable housing for all residents, including those facing financial difficulties.
Kris Sims, Alberta director for the Canadian Taxpayer’s Federation (CTF), criticized the budget for increasing taxes and government spending, leading to a projected $39.8-billion deficit and rising debt interest charges. Sims argued that the government’s lack of fiscal discipline and failure to balance the budget is concerning. He also questioned the effectiveness of proposed changes to capital gains taxes in addressing the housing affordability crisis, suggesting that lowering taxes could lead to increased building supply and lower housing prices.
Overall, reactions to the 2024 federal budget in Alberta vary, with some officials expressing support for the housing and affordability initiatives while others criticize the government’s approach to addressing economic challenges. Concerns about inflation, debt, and housing supply remain at the forefront of discussions surrounding the budget. Moving forward, it will be crucial for federal, provincial, and municipal governments to work together to find effective solutions to support Canadians facing financial hardships and ensure access to affordable housing for all.
