Having navigated university herself, Rechie Valdez said she understands the burden of rising rents, grocery prices, and inflation facing students today.
Federal Minister of Small Business and Member of Parliament (MP) for Mississauga-Streetsville Rechie Valdez travelled to Kingston on Nov. 29 to meet with the Kingston Chamber of Commerce, the Kingston Business Improvement Association, and small businesses in the downtown core.
Before becoming an MP, Valdez worked in banking and owned a bakery where she sold wedding cakes and other goods. Now, she’s the Minister of Small Business for the federal government. Valdez’s visit comes one week after the government released the 2023 Fall Economic statement, which included plans to improve the housing situation for students and tackle the affordability crisis on all fronts.
In an amendment to the Affordable Housing and Groceries Act, the new legislation aims to secure commitments from the five largest grocery chains in Canada, which represent 76 per cent of the market, to bring down prices while enhancing competition in the sector.
“Right now, the large grocery chains have this power, since they own so much of the market. They have the power to really stabilize and decrease grocery prices for Canadians and that’s one big birth of the legislation,” Valdez said in an interview with The Journal.
Though surging grocery prices are squeezing student budgets, Valdez understands housing continues to be the hot topic on campuses.
In university towns like Kingston, competition for housing is fierce, leaving students vulnerable to scams. The government’s statement noted international students are particularly at risk of housing scams. Valdez said the government plans to institute standard practices to ensure universities are providing adequate housing opportunities for students coming to Canada.
“It’s really protecting the rights of our international students, because they come here, just like I did, when they came to Canada for a dream,” Valdez said.
In addition to protecting students from scams, the fall economic statement outlined plans to cut the Goods and Services Tax (GST) for new purpose-built rental projects, including new student housing and apartments. For Valdez and the Liberal Party of Canada, the way to create more affordable housing is by building houses.
“We can’t stabilize prices without building more homes, and that includes rental homes,” Valdez said.
The economic statement committed an additional $15 billion in loan funding for apartment construction starting in 2025. Over the next three years, the government intends on investing $1 billion into the Affordable Housing Fund, to support non-profit and public housing providers.
“This is all with the whole purpose of helping make homes more affordable, not just for Canadians, but of course, young individuals who are looking to enter the marketplace,” Valdez said.
At Queen’s, homes in the University District have housed students for generations and are integral to the university experience. In October, a proposed 45-unit apartment complex on Aberdeen sparked debate on campus, as students felt the development would change the character of the University District while tearing down a historic home.
In Valdez’s riding, old homes were renovated to maintain old character while building more units within. This draws on a similar architectural idea to the new Endaayaan – Tkanónsote residence.
“What we’re trying to do is not tear down those homes, but leverage federal land that doesn’t exist today,” said Valdez.
On Nov. 7, the federal government announced plans to convert federal property into 29,200 homes by 2029, with the goal that 20 per cent of the units must be affordable. No specific plans related to this initiative have been proposed in Kingston yet.
For Valdez, supporting new housing projects will drop rental prices. To help renters, legislation is being proposed to implement a mortgage charter. The charter is designed for landlords to pay their mortgage by allowing temporary extensions on total mortgage repayment time and waiving fees for relief measures.
Valdez hopes the new legislation will make it cheaper for students to rent and buy their own homes post-graduation.
“Especially being a student, I remember being in your shoes and what I was thinking about, ‘okay, well, after I graduate, I’m going to need to get a job and one day I’d love to afford a home,’” Valdez said.
For recent graduates looking to buy a home, Valdez recommends the First-Time Home Buyer Program from her own experience, which reduces monthly mortgage payments for those buying their first home.
“I don’t think I’d be able to afford my own home if it wasn’t for the First-Time Home Buyer Program,” Valdez said.
Valdez hopes that with the measures put in place this year, the financial burden on young Canadians, especially students, won’t feel as heavy.
Tags
Canada, City, federal government, Kingston, Liberal, Minister, Reichie Valdez
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