(Toronto) Federal Finance Minister Chrystia Freeland and her provincial and territorial counterparts say housing, pensions and economic growth will be hot topics at their annual meeting in Toronto on Friday.
“I am sure we will discuss housing, which is the central priority for so many Canadians today,” she said Friday in her opening speech in a room at the University of Toronto.
“That includes how we can work together to build more housing faster, and how we can work together to do things like crack down on short-term rentals. »
This federal-provincial meeting comes as Canada continues to struggle with high inflation and interest rates, which are weighing on the economy and many people managing their mortgage payments or trying to access the real estate market.
On Thursday, the Canadian Real Estate Association reported that the actual national average price of a home sold in November was $646,134, up 2 per cent from the same month last year.
Simultaneously, all levels of government face growing pressure to solve the housing crisis, finding ways to build more housing faster.
However, the Canada Mortgage and Housing Corporation said Friday that the monthly seasonally adjusted annual rate of housing starts in November stood at 212,624 units, down from 272,264 in October.
But housing will not be the only topic of conversation, said Mme Freeland. “We will also discuss pensions and the importance of working together to ensure that every Canadian can enjoy a secure and dignified retirement,” she said.
Ministers held a special meeting last month to discuss Alberta Premier Danielle Smith’s desire to leave the Canada Pension Plan to create an Alberta-specific plan.
Mme Smith moved his plan forward in September, releasing a Lifeworks report that estimated Alberta would be entitled to $334 billion, or 53 percent, from the Canada Pension Plan (CPP) if it set up its own plan. .
Other economists, including those at the Canada Pension Plan Investment Board, believe Alberta’s share would be closer to its percentage of CPP participants, around 15 per cent.
Mme Freeland has since asked the chief actuary to calculate what Alberta would be owed.
Ontario Finance Minister Peter Bethlenfalvy said ahead of Friday’s meeting that he expected Mme Freeland asks ministers for their comments on a possible withdrawal from Alberta. Mr Bethlenfalvy had previously requested a meeting with ministers and Mrme Freeland on the subject.
“I think it’s important that Canadians have the stability and security of a retirement plan knowing that they don’t have to worry about it,” he said. I am sure we will have very thoughtful and deliberate discussions on behalf of all Canadians, including Albertans who have many concerns. »
But Saskatchewan Finance Minister Donna Harpauer downplayed the need to address the issue immediately. “It’s a very long process and that’s not what’s pressing and urgent today,” she told reporters arriving at the meeting Friday.
Bank of Canada Governor Tiff Macklem was also in Toronto on Friday. He said he planned to provide ministers with an update on the country’s economic outlook, but would also talk about monetary policy and productivity. He declined to share a preview of his remarks with the media.
The speech of Mme Freeland said she was expected to raise some of the same topics as Governor Macklem. “I hope we will also have the opportunity to discuss how we can work together to grow the economy, whether by removing barriers to internal trade, improving the recognition of foreign credentials and labor mobility across the country to address labor shortages,” she said.