2 CANADA’S RENOVATION WAVE! A PLAN FOR JOBS AND CLIMATE

As we have seen during the pandemic, and following the #oods, extreme heat events, and air pollution days of the last few summers, these investments are needed to improve the a$ordability of housing and to protect the health of people living in Canada. [...] Photo: Josh Olalde 16 | Green Budget Coalition CANADA’S RENOVATION WAVE! A PLAN FOR JOBS AND CLIMATE Recommended Investment: The federal government, in partnership with the provinces, should invest $10-15 billion per year for ten years to power a Canadian renovation wave, including: • $10 billion per year to fund deep retro!ts for residential buildings, with programs covering 50-75% of the increme. [...] Private !nance will need to be leveraged to accompany these programs; however, the rapid decarbonization of the residential sector is unlikely to occur without public investments at 15 Modeling by Dunsky and the Center for Spatial Economics in 2018 estimates the spending cost for the PCF+ scenario at $154.7 billion over 13 years, and the resulting net additional provincial and federal tax revenue. [...] "ere is limited capacity in the residential real estate market for private capital to take on a large share of the cost of the retro!ts because there is already an a$ordability crisis severely limiting the capacity of households to service additional debts. [...] To deliver the renovation wave, these investments must be accompanied by strong policy measures, which need to be committed to in the Canada Green Building Strategy in 2023.