Fiscal update includes loans for housing developers, affordable housing fund: source

FILE- Deputy Prime Minister and Finance Minister Chrystia Freeland delivers the fiscal update in the House of Commons, in Ottawa, Thursday, Nov. 3, 2022. (THE CANADIAN PRESS/Adrian Wyld)

Finance Minister Chrystia Freeland is set to present the fall economic statement on Tuesday, a document that will make billions in loans available for homebuilders and earmark a fund for affordable housing.

A senior government official, whom The Canadian Press is not naming because they are not authorized to share details publicly, confirmed reports from other media outlets that several housing policies will be part of the fiscal update.

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.

The fiscal update will also include $1 billion toward affordable housing, which will support non-profits and social housing organizations.

The mini-budget is expected to include support for local governments that are cracking down on short-term rentals, with a measure that would prevent operators in those jurisdictions from making tax deductions based on their expenses.

The fall economic statement will also lay out a new Canadian mortgage charter that will outline what Canadians can expect from their financial institutions when they are renewing their mortgages.