Mr. Speaker, I would like to thank the member for Sherwood Park—Fort Saskatchewan for his dedication to the Canadian workforce. The Government of Canada shares this dedication.
The world of work is rapidly changing, so we are committed to protecting and supporting workers in this time of labour market uncertainty. We are transitioning to a one economy agenda. We are making significant investments to ensure Canadians have the skills they need to fill in-demand jobs. We are advancing new opportunities, especially for our youth.
It is estimated that one in six Canadians have careers in the skilled trades, and registrations for new apprenticeships are higher than they have been in over a decade. However, there is a massive retirement wave sweeping across the country, so we need to encourage more young Canadians to pursue this line of work because this retirement wave is leaving a critical shortage of skilled trade workers in its wake. In fact, we are predicting that 600,000 skilled trade workers will retire by 2031.
Creating and promoting these employment opportunities is a key priority for the Canadian government. Skilled trades offer respected, well-paid, highly sought-after and rewarding jobs.
Budget 2024 laid out a forward-looking plan to build nearly 3.9 million new homes by 2031. To achieve that, we need more Red Seal certified tradespeople, including carpenters, plumbers and electricians. That is why the Government of Canada is investing nearly $1 billion annually in apprenticeship support.
It is fair to say that many young Canadians have seen their wages decline, and it is difficult for them to take advantage of new training opportunities when they are struggling to make ends meet. That is why we are taking steps to make apprenticeships more affordable, for instance by offering loans, tax credits and employment insurance benefits. Apprentices can access EI benefits while attending technical training and obtain an interest-free Canada apprentice loan of up to $20,000.
Furthermore, through the Canadian sustainable jobs act, we are ensuring that Canadians have access to sustainable, well-paid jobs that contribute to their prosperity.
I would also mention that our future skills centre has helped more than 105,000 Canadians access the skills training or employment they need for a successful future. We are prioritizing workforce initiatives and opportunities such as these, which will develop a larger, highly certified, diverse and inclusive trades workforce.
We are making sure that those who face additional barriers have access to the supports needed to access education and training and get a job. This includes indigenous youth, new immigrants, young people living in poverty or facing homelessness, youth who identify as 2SLGBTQIA+, young persons with disabilities, Black and racialized youth, and young women.
Labour market participation among working-age mothers with young children was up to 79.1% in 2024 from 75.8% in 2019. This is a promising statistic, but there is a lot more work that needs to be done across all sectors, and we will be there with the provinces and territories to make sure that we have the fastest-growing economy in the G7. We will continue to create job opportunities for Canadians for all—