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Canada enacts policies to make housing and groceries more affordable

A recent Leger poll revealed that 83% of 1522 newcomers in Canada are struggling with the rising cost of living. Similarly, Statistics Canada found that over a third of newcomers spend more than a third of their pre-tax income on rent. To address this, the federal government announced new affordability measures, including an additional CAD 99 million to the Canada Housing Benefit (CHB) to help low-income renters, bringing the total to CAD 325 million for 2023-2024. Other measures include the $4 billion Housing Accelerator Fund to boost housing production, the Canadian Mortgage Charter for mortgage relief, and the Tax-Free Home Savings Account, allowing first-time buyers to save CAD 40,000 tax-free for a downpayment. The Minister of Innovation, Science and Industry also announced research into corporate practices impacting grocery prices, tripling funding for consumer affairs research on 'shrinkflation' and 'skimpflation.'

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