Ottawa needs to ‘watch our purse strings’ while supporting Canadians: Anand

globalnews.ca:

Anita Anand says Canada is at a point where it needs to “watch our purse strings” when it comes to spending, but adds the federal government is “striking the balance” between fiscal responsibility and supporting Canadians.That approach is not just being taken with addressing cost-of-living issues like affordable housing — a key focus of last week’s fall economic statement — but also national defence, a portfolio Anand previously led and says will not be impacted by efforts to cut costs in Ottawa.“It certainly is an economic period where we need to watch our purse strings as well as to make sure we’re delivering on the priorities that are so important for our country,” she told Eric Sorensen in an interview that aired Sunday on The West Block.She called the measures introduced in Tuesday’s fiscal update “targeted” toward building more homes faster.Tuesday’s update adds $20.8 billion in new spending since the spring budget over five years, with some new measures designed to boost the housing supply, including rental units and affordable housing.

But much of that new spending is tied to previously-announced policies and programs.One new proposal is a Canadian Mortgage Charter that will set expectations for how lenders interact with homeowners throughout the mortgage process, a measure Anand called “very important.”“Canadians don’t often know what their rights are when they are visiting their financial institution,” she said.The charter would inform Canadians on measures many banks already have in place that may provide relief, she added, including waiving fees and costs as well as lowering interest rates for amortization.The fall economic statement also outlines some future priorities for the federal government, including