{"id":40941,"date":"2023-11-21T11:00:05","date_gmt":"2023-11-21T11:00:05","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2023\/11\/21\/fall-economic-statement-ottawas-balancing-act-on-housing-high-costs\/"},"modified":"2023-11-21T11:00:05","modified_gmt":"2023-11-21T11:00:05","slug":"fall-economic-statement-ottawas-balancing-act-on-housing-high-costs","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2023\/11\/21\/fall-economic-statement-ottawas-balancing-act-on-housing-high-costs\/","title":{"rendered":"Fall economic statement: Ottawa&#8217;s balancing act on housing, high costs"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">News<\/li>\n<li class=\"breadcrumbs__item\">Economy<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">Government faces delicate balancing act in addressing housing crisis, rising cost of living<\/p>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Nov 21, 2023<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">Last updated 1\u00a0hour ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">5 minute read<\/span><\/p>\n<\/p><\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Finance Minister Chrystia Freeland will table the fall economic statement on Nov. 21. Economists expect measures to address the housing crisis and the rising cost of living.<\/span> <span class=\"credit\">Photo by Sean Kilpatrick\/The Canadian Press<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">Finance Minister Chrystia Freeland has signalled that Ottawa will focus on housing and the rising cost of living when it tables its fall economic statement on Nov. 21, but economists say the government faces a delicate balancing act when it comes to how far it can go to tackle those challenges.<\/p>\n<p data-async=\"\">The two issues have been top of mind for Canadians, as high inflation, elevated housing costs and soaring interest rates leave many struggling financially. The latest version of an ongoing Nanos survey found inflation, jobs and the economy, and housing were the top three concerns of voters from among a list of 10 issues that also included health care, war and peace, and climate change.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment6505526264708369033715738327646208\" class=\"ad\">\n<p>Advertisement 2<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" data-aqa=\"advertisement\" id=\"ad-2\" style=\"--desktopHeight:250px;--mobileHeight:600px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues 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across Canada.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Exclusive articles from Barbara Shecter, Joe O&#8217;Connor, Gabriel Friedman, Victoria Wells and others.<\/li>\n<li>Daily content from Financial Times, the world&#8217;s leading global business publication.<\/li>\n<li>Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.<\/li>\n<li>National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.<\/li>\n<li>Daily puzzles, including the New York Times Crossword.<\/li>\n<\/ul>\n<\/div>\n<div class=\"intro-body__anonymous\">\n<p>REGISTER TO UNLOCK MORE ARTICLES<\/p>\n<p class=\"identity-intro__description\">Create an account or sign in to continue with your reading experience.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Access articles from across Canada with one account.<\/li>\n<li>Share your thoughts and join the conversation in the comments.<\/li>\n<li>Enjoy additional articles per month.<\/li>\n<li>Get email updates from your favourite authors.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/header>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">In a move directed at the housing file, Finance Minister Chrystia Freeland will announce tax changes designed to curb the use of Airbnb Inc. and other short-term rental services in regions of Canada where those platforms are restricted, according to media reports. <span>The government will prohibit property owners from deducting expenses on short-term rentals in areas where those services are already limited by other levels of government, Montreal\u2019s La Presse and the Toronto Star said.<\/span><\/p>\n<p data-async=\"\">Further, the government is also expected to announce <span>billions in loans available for homebuilders and earmark a fund for affordable housing.<\/span><\/p>\n<p>The federal government is set to announce $15 billion in low-cost loans for builders, which the official says will lead to the construction of 30,000 new apartments.<\/p>\n<p>The fiscal update will also include $1 billion toward affordable housing, which will support non-profits and social housing organizations.<\/p>\n<p>Freeland is also expected to lay out a new Canadian mortgage charter that will outline what Canadians can expect from their financial institutions when they are renewing their mortgages.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot17 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page fp-headlinenews background--primary-light-gradient\" 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If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text__new-story-page newsletter__feedback--last\">The next issue of Top Stories will soon be in your inbox.<\/p>\n<\/div>\n<p class=\"newsletter-widget__text__new-story-page js-submit-error\" style=\"margin-top: 8px\" hidden=\"\" id=\"submitErrorFP_HeadlineNews\">We encountered an issue signing you up. Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment8897263431344565138493238058942464\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">Housing is an acknowledged national crisis, Randall Bartlett of Desjardins Group said in a written submission to the House of Commons Standing Committee on Finance, and released on Nov. 20.<\/p>\n<p>\u201cAll levels of government bear some responsibility for the current crisis,\u201d Bartlett wrote in the submission noting that not only is there not enough housing but the kind of housing people need, such as semi\u2011detached, row houses and low\u2011rise apartments, are not being built.<\/p>\n<p>The Montreal-based finance group released a list of policies and initiatives to tackle the housing dilemma, including reducing approval delays for housing, eliminating exclusionary zoning, changing density bylaws, deferring, cutting or eliminating property taxes or development charges on new rental construction and offering financial incentives such as low-interest loans.<\/p>\n<p>\u201cThere is no silver bullet that will solve Canada\u2019s housing crisis. Instead, it is a combination of different policies introduced by all levels of government in a co-ordinated fashion that will help to increase homebuilding,\u201d Bartlett said in the submission.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment3660083611492087153633354330406912\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<blockquote>\n<p>There is no silver bullet that will solve Canada\u2019s housing crisis<\/p>\n<p>Randall Bartlett, Desjardins<\/p>\n<\/blockquote>\n<p data-async=\"\">At the housing crisis escalates, the Liberals are badly trailing the Conservatives in polls with the most recent weekly Nanos survey showing that 33.7 per cent of Canadians prefer Pierre Poilievre as prime minister compared with 21.2 per cent for Justin Trudeau.<\/p>\n<p>That has led some to predict the Liberals will use the update to try and make up lost political ground while still aiming to maintain a semblance of fiscal responsibility as the economy cools.<\/p>\n<p>\u201cTrudeau and the reigning Liberal government will try to claw back political support from Canadians driven to despair on affordability,\u201d National Bank of Canada economists Taylor Schleich and Warren Lovely wrote in a preview note Nov. 17.<\/p>\n<p>The pair believe deficits for this year and further out will come in slightly higher than originally forecast in the budget tabled in March, but they don\u2019t expect new \u201cbroad handouts\u201d like the grocery rebate in Budget 2023 that provided a one-time payment to qualifying Canadians in July to help with the rising cost of food.<\/p>\n<p>Desjardins\u2019 Bartlett said Canada is seen as \u201cthe cleanest dirty shirt in the fiscal laundry basket,\u201d meaning its deficits are not as severe as those in the U.S. and other countries, and that Ottawa therefore has some wiggle room to increase spending.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_5\">\n<section aria-describedby=\"advertisment4747578312043855187651376470556672\" class=\"ad\">\n<p>Advertisement 5<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>He expects Ottawa to do just that, \u201cgiven the deluge of uncosted announcements recently.\u201d<\/p>\n<p>But Desjardins warned that deficits and debt outlooks from March have steadily been chipped away at by wage settlements with public servants, unrealized revenue and savings, a possible national pharmacare program and the cost of recently announced relief from carbon taxes for residents in Atlantic Canada who heat their homes with oil.<\/p>\n<p>\u201cTogether, these have helped to further erode the federal government\u2019s fiscal room, but by how much we can\u2019t be certain,\u201d Bartlett said.<\/p>\n<p>With elevated borrowing rates pushing the cost of debt higher, Bartlett suggested Ottawa should use the update to \u201coutline fiscal anchors and stick to them.\u201d<\/p>\n<p>Royal Bank of Canada economists expect housing supply to be the focus of the fiscal update, according to a Nov. 17 note.<\/p>\n<p>RBC also warned that Canada\u2019s slowing economy could influence the update.<\/p>\n<p>\u201cA slower economic growth backdrop is also weighing on government purchasing power with the Parliamentary Budget Office estimating that the deficit for the current fiscal year will come in $6-billion wider than expected in the last budget,\u201d the bank said.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_6\">\n<section aria-describedby=\"advertisment8770799990734624920771523466231808\" class=\"ad\">\n<p>Advertisement 6<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-6\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"6\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-6\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>In October, Freeland said the update would be limited in scope.<\/p>\n<p>\u201cIt will be focused on building more new homes faster and making more new homes available for Canadians to live in, on making living more affordable for Canadians and on continuing to deliver on our fiscally responsible economic plan,\u201d she said.<\/p>\n<section aria-labelledby=\"moreTopicLabel4984191527317462719070252459622400\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Related Stories<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li class=\"more-topic__item\" data-carousel-item=\"\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/budgets-health-care-gs1114.png?h=96&strip=all&quality=5&sig=3GU7zWIBVegSh6gr3_iLXg&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/budgets-health-care-gs1114.png?h=96&strip=all&quality=5&sig=3GU7zWIBVegSh6gr3_iLXg&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/budgets-health-care-gs1114.png?h=96&strip=all&quality=5&sig=3GU7zWIBVegSh6gr3_iLXg&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/budgets-health-care-gs1114.png?h=96&strip=all&quality=5&sig=3GU7zWIBVegSh6gr3_iLXg&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/budgets-health-care-gs1114.png?h=96&strip=all&quality=5&sig=3GU7zWIBVegSh6gr3_iLXg&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/budgets-health-care-gs1114.png?h=96&strip=all&quality=5&sig=3GU7zWIBVegSh6gr3_iLXg&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/budgets-health-care-gs1114.png?h=96&strip=all&quality=5&sig=3GU7zWIBVegSh6gr3_iLXg&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/budgets-health-care-gs1114.png?h=96&strip=all&quality=5&sig=3GU7zWIBVegSh6gr3_iLXg&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/budgets-health-care-gs1114.png?h=96&strip=all&quality=5&sig=3GU7zWIBVegSh6gr3_iLXg&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/budgets-health-care-gs1114.png?h=96&strip=all&quality=5&sig=3GU7zWIBVegSh6gr3_iLXg&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/budgets-health-care-gs1114.png?h=96&strip=all&quality=5&sig=3GU7zWIBVegSh6gr3_iLXg&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Rising health-care costs are forcing some provinces to make significant changes in their updated to spring budgets.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/budgets-health-care-gs1114.png?h=96&strip=all&quality=80&sig=5jVv8Y6pAOEP5su5AArzHw\" fifu-data-src=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/budgets-health-care-gs1114.png?h=96&strip=all&quality=5&sig=3GU7zWIBVegSh6gr3_iLXg&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/budgets-health-care-gs1114.png?h=96&strip=all&quality=80&sig=5jVv8Y6pAOEP5su5AArzHw, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/budgets-health-care-gs1114.png?h=192&strip=all&quality=80&sig=XRI3uAMOA3ghTvrY9t0jjw 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/budgets-health-care-gs1114.png?h=288&strip=all&quality=80&sig=VikpoWZgIj0JtBqwWki0VQ 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Provinces throw cold water on optimistic spring budgets<\/span><\/p>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/11\/housing-slump-1114-ph.jpg?h=96&strip=all&quality=80&sig=mFNLmdoxuI1cBpB5rNVBwA&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/11\/housing-slump-1114-ph.jpg?h=96&strip=all&quality=80&sig=mFNLmdoxuI1cBpB5rNVBwA&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/11\/housing-slump-1114-ph.jpg?h=96&strip=all&quality=80&sig=mFNLmdoxuI1cBpB5rNVBwA&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/11\/housing-slump-1114-ph.jpg?h=96&strip=all&quality=80&sig=mFNLmdoxuI1cBpB5rNVBwA&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/11\/housing-slump-1114-ph.jpg?h=96&strip=all&quality=80&sig=mFNLmdoxuI1cBpB5rNVBwA&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/11\/housing-slump-1114-ph.jpg?h=96&strip=all&quality=80&sig=mFNLmdoxuI1cBpB5rNVBwA&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/11\/housing-slump-1114-ph.jpg?h=96&strip=all&quality=80&sig=mFNLmdoxuI1cBpB5rNVBwA&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/11\/housing-slump-1114-ph.jpg?h=96&strip=all&quality=80&sig=mFNLmdoxuI1cBpB5rNVBwA&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/11\/housing-slump-1114-ph.jpg?h=96&strip=all&quality=80&sig=mFNLmdoxuI1cBpB5rNVBwA&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/11\/housing-slump-1114-ph.jpg?h=96&strip=all&quality=80&sig=mFNLmdoxuI1cBpB5rNVBwA&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/11\/housing-slump-1114-ph.jpg?h=96&strip=all&quality=80&sig=mFNLmdoxuI1cBpB5rNVBwA&ssl=1&w=1600&resize=1600&ssl=1 1600w\" fifu-data-src=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/11\/housing-slump-1114-ph.jpg?h=96&strip=all&quality=80&sig=mFNLmdoxuI1cBpB5rNVBwA&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/11\/housing-slump-1114-ph.jpg?h=96&strip=all&quality=80&sig=mFNLmdoxuI1cBpB5rNVBwA, https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/11\/housing-slump-1114-ph.jpg?h=192&strip=all&quality=80&sig=hJTHsiF9ixYG0TEJlBsiFw 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/11\/housing-slump-1114-ph.jpg?h=288&strip=all&quality=80&sig=2NZG1YRFes9MTdZYprTt5Q 3x\" alt=\"housing\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Canada\u2019s menacing mortgage math means crisis looming<\/span><\/p>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/no1110rogers.jpg?h=96&strip=all&quality=5&sig=xTZF7e2eJ7Sa1i5X_xmZTg&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/no1110rogers.jpg?h=96&strip=all&quality=5&sig=xTZF7e2eJ7Sa1i5X_xmZTg&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/no1110rogers.jpg?h=96&strip=all&quality=5&sig=xTZF7e2eJ7Sa1i5X_xmZTg&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/no1110rogers.jpg?h=96&strip=all&quality=5&sig=xTZF7e2eJ7Sa1i5X_xmZTg&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/no1110rogers.jpg?h=96&strip=all&quality=5&sig=xTZF7e2eJ7Sa1i5X_xmZTg&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/no1110rogers.jpg?h=96&strip=all&quality=5&sig=xTZF7e2eJ7Sa1i5X_xmZTg&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/no1110rogers.jpg?h=96&strip=all&quality=5&sig=xTZF7e2eJ7Sa1i5X_xmZTg&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/no1110rogers.jpg?h=96&strip=all&quality=5&sig=xTZF7e2eJ7Sa1i5X_xmZTg&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/no1110rogers.jpg?h=96&strip=all&quality=5&sig=xTZF7e2eJ7Sa1i5X_xmZTg&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/no1110rogers.jpg?h=96&strip=all&quality=5&sig=xTZF7e2eJ7Sa1i5X_xmZTg&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/no1110rogers.jpg?h=96&strip=all&quality=5&sig=xTZF7e2eJ7Sa1i5X_xmZTg&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Senior deputy governor of the Bank of Canada Carolyn Rogers.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/no1110rogers.jpg?h=96&strip=all&quality=80&sig=22vpz7KJqoT6UsA-Y7a8Cg\" fifu-data-src=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/no1110rogers.jpg?h=96&strip=all&quality=5&sig=xTZF7e2eJ7Sa1i5X_xmZTg&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/no1110rogers.jpg?h=96&strip=all&quality=80&sig=22vpz7KJqoT6UsA-Y7a8Cg, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/no1110rogers.jpg?h=192&strip=all&quality=80&sig=luYwaS9gJk9335wZL7aYDw 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/no1110rogers.jpg?h=288&strip=all&quality=80&sig=PTJmid7WA9JqSai2HUq30A 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Bank of Canada deputy says ultra-low rates may not return<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p>In the spring budget, the deficit for 2023 was projected at $40.1 billion, but recent updates from the parliamentary budget officer forecast the deficit could rise as high as $46.5 billion due to higher interest rates and lower revenue as cash-strapped Canadians spend less, and on a series of housing announcements made with municipalities in the country.<\/p>\n<p><em>\u2014 With additional reporting from Bloomberg and The Canadian Press<\/em><\/p>\n<p data-async=\"\"><em>\u2022 Email: gmvsuhanic@postmedia.com <\/em><\/p>\n<hr\/>\n<p data-async=\"\"><em><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add\u00a0financialpost.com\u00a0to your bookmarks and sign up for our newsletters here.<\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<div aria-label=\"Article Comments\" class=\"article-content__widget-group article-comment\">\n<section class=\"comments__section\" data-aqa=\"viafoura-comments\" id=\"comments\">\n<p>Comments<\/p>\n<p class=\"comments__section-disclaimer\">Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications\u2014you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.<\/p>\n<details class=\"expansion-panel comments__section__list\" open=\"\">\n<summary class=\"expansion-panel__summary\"\/> <\/details>\n<\/section>\n<\/div>\n<\/div>\n\n<br \/>Fall economic statement: Ottawa&#8217;s balancing act on housing, high costs<\/a><br \/>\n<br \/>2023-11-21 11:00:05<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Economy Government faces delicate balancing act in addressing housing crisis, rising cost of living Published Nov 21, 2023 \u00a0\u2022\u00a0 Last updated 1\u00a0hour ago \u00a0\u2022\u00a0 5 minute&#8230;<\/p>\n","protected":false},"author":2,"featured_media":40942,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/11\/chrystia-freeland-vw1120.jpg?quality=90&strip=all&w=288&h=216&sig=d94Ilyw8gkh_Wc7ltO5IDw","fifu_image_alt":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-40941","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/40941","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=40941"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/40941\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/40942"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=40941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=40941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=40941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}