April 22, 2024
Student Housing Nova Scotia Calls Federal Budget a “Critical Step Forward”
HALIFAX – On Tuesday, April 16, Deputy Prime Minister and Minister of Finance Chrystia Freeland tabled the 2024-25 federal budget, which focuses on generational fairness for Canadians. Student Housing Nova Scotia welcomes the introduction of a range of measures to expand, bolster and protect the supply of non-profit housing across Canada, in addition to the maintenance of critical affordability supports for current and future students.
“We are pleased to see the government taking steps to preserve and increase the supply of affordable housing options for Canadians in need, including students”, said Mitchell Archibald, Student Housing Nova Scotia’s Executive Director. “Measures such as the Rental Protection Fund and increased investments in the Affordable Housing Fund build on previous commitments of removing GST on student residences, which demonstrate government’s recognition of the role that not-for-profit housing can, and must, play in solving the housing crisis”.
Budget highlights included a $1.5 billion Rental Protection Fund, which will support non-profits in acquiring affordable rental units to maintain below-market prices, as well as the proposed usage of government owned lands to develop housing, including in postsecondary communities. It also committed to increasing living allowances under the Student Financial Assistance program, acknowledging the increasingly prohibitive costs of housing for those seeking to access education and its many associated benefits.
“The housing crisis has disproportionately impacted students, especially in Nova Scotia where students are graduating with some of the highest levels of debt in Canada. With the highest number of postsecondary institutions per capita and the highest rental inflation rate in the country,” says Archibald. “Dedicated, reliable, and low-cost student housing not only addresses the urgent and specific needs of student renters but decreases pressure in the broader rental market. Given our expertise, experience & reputation, Student Housing Nova Scotia is uniquely positioned as a partner in achieving this goal”.
Student Housing Nova Scotia looks forward to collaborating with all orders of government to unlock high-quality, affordable, student-specific housing options in proximity to campus. We also look forward to further information about eligibility, implementation and timelines for these measures in the months ahead.
Student Housing Nova Scotia, formerly the Halifax Student Housing Society, was founded in 1965 by students seeking solutions to the lack of targeted, needs-based housing for students. Today, we are the largest non-profit student housing provider in Atlantic Canada.