It’s also great to be here with Premier Kinew, with Manitoba’s Housing Minister Bernadette Smith as well. Wab, I know how important it is for you that we continue to fight every day for an economy that is fair for everyone, and that’s exactly what we’re doing today, with a significant announcement that will protect and expand affordable housing.

The affordable housing complex where we are today is multi-generational, meaning some units are for younger families and some are for seniors. I had an opportunity to sit down with Jocelyn and her girls a little bit earlier, but also with a pair of seniors, Marlene and Lou, who were talking—all of them—about how good a place this is to live, how affordable it is, but also the sense of community that happens here. Rents are affordable and a good portion of them are based on people’s income, and the intergenerational connections create a strong sense of community. For families like Jocelyn’s, this is a good place to raise kids, with peace of mind and stability.

Now, this place is run by a non-profit called the Winnipeg Housing Rehabilitation Corporation, and we need more affordable housing buildings just like this one right across the country. Unfortunately, too many of those places are under constant threat of being demolished to build condos or sold to speculators and large corporations that will increase rents at turnover. People are being priced out of their communities and that’s not okay, so we have to help non-profits and community partners acquire units and preserve rents at a stable level. That’s why we’re here to announce the $1.5-billion Canada Rental Protection Fund.

(Applause)

We are investing $1.5 billion in the new Canada Rental Protection Fund: $1 billion in loans and $470 million in contributions. For example, if a building with affordable units is put up for sale, these loans and contributions could help a non-profit housing organization to buy it. In so doing, the organizations keep rents affordable, and they can do the necessary work and maintain the units and prices over the long term.

The Canada Rental Protection Fund will aim to mobilize investments and financing from the charitable sector, private sector, and other orders of government in order to maximize the ability to acquire and protect affordable housing. A good proof of concept of this initiative is the BC Rental Protection Fund in British Columbia. They recognize that for every new affordable rental home that is built in their province, four more are lost to investors, to conversions, to demolition, and to rent increases. And this is happening in communities right across the country, which is why the federal government is acting today.

Last week and this week, we have spoken a lot about the housing measures that will be in the budget, and we will have a lot more to say in the coming days. But the bottom line is that we’re here to protect renters. We’re here to build more housing faster and to build the necessary infrastructure. We’re here to build apartments with reasonable, affordable rents and we’re here to protect the affordable homes that already exist, with models that work well for people with low incomes. We’re working every day to ensure fairness for every generation.

We’re fighting every day to build an economy that helps every generation get ahead, including Gen Z and millennials, because for Canada to succeed, we need everyone to succeed.