Mr. Speaker, I know that my colleagues across the aisle are excited, because I can hear them shouting.
A sovereign fund, and I will make this real for people watching at home, is essentially a national savings and investment account designed to grow wealth for future generations. It is about taking action today for future generations. The fund will invest in key strategic Canadian projects and companies. It will create jobs. It will support innovation. It will make Canada more competitive. Canadians themselves will be able to take part directly by investing in the fund, sharing in our growth and contributing to the country we are building together, because we are all in for Canada.
Investing in our future also means investing in the people who are building it. That is why this update is focused on helping workers and young people gain the skills, experience and support they need to succeed, as well as ensuring they take advantage of opportunities available to them.
We are creating new opportunities for young Canadians to give back to their country, by launching team Canada strong as part of a nationwide effort to recruit, train and hire 80,000 to 100,000 new skilled trades workers. This is a step change in how we approach that. We are going to have the people to build this country together across our nation. This means real pathways into skilled trades, with paid training and hands-on experience. It means more opportunities for employers to hire and train young workers. It means a $5,000 bonus when a person completes their Red Seal certification. Most importantly, it means being part of building a stronger Canada. It is going to inspire a new generation of young people in our country.
At the same time, we are making education more affordable by extending the increase to Canada student grants and the interest-free Canada student loans, which will benefit thousands of students across our nation. My colleagues and I, as well as the Prime Minister, have been across this nation and have listened to young people. They asked us to give them a hand now to make sure they can study and be part of this, and we have answered. We are glad to do our part for our young people.
We are doing much more, because growth depends on giving people the tools to succeed. That is at the core of a Canada for all.
It is thanks to this new generation of builders that we will be able to build enough homes here in Canada. This brings me to one of the most pressing challenges facing Canadians today: housing. Housing is a key pillar of affordability and we have made significant and tangible progress to build more affordable housing across the country.
Since their peak, home prices are down 20%, and rents are down 9% nationally. For many families, this is starting to translate into real relief, but all members of the House would agree that more work needs to be done. This update continues the work of Build Canada Homes, with a plan to increase supply, lower costs and help more Canadians find a safe and affordable home. We are cutting red tape to build homes faster, supporting innovation in construction, unlocking over $7 billion in low-cost financing, boosting housing supply and protecting construction jobs across the country in partnership with provinces and territories.
We are helping the people most in need by extending support for people experiencing homelessness across our nation and by ensuring that survivors of gender-based violence have access to a safe place, because we believe in a Canada for all.
Let me speak about defence.
Security starts at home but it also extends beyond it. We embarked on an important mission to rebuild, rearm and reinvest in the Canadian Armed Forces. In the last year, we have invested over $63 billion into our defence and security. This marks a historic shift in support for our military, one that is already delivering real results.
In March, NATO confirmed that Canada has achieved its 2% defence expenditure target, half a decade ahead of the original schedule.
If there was one part I thought the opposition would applaud, it was this one. There is only so much one can ask.
We will continue to strengthen our defence capabilities, equip our forces with modern, Canadian-made equipment, and invest in our workers and our defence industry. Because national security begins with those who serve, we announced the largest pay increase for the Canadian Armed Forces in a generation, with recruitment now at a 30-year high.
That is because we are all in for Canada.
Let me talk about stronger and safer communities. Strong communities are also safe communities and communities that bring people together. That is why this update will invest in the things that make communities stronger, safer and more connected across our great country.
We are moving forward with a financial crimes agency and a national anti-fraud strategy to help protect Canadians, our seniors in particular, and to strengthen trust in our financial system. We are also taking steps to make communities safer, with strong tools to address crime and better protect public access.
We have listened to communities across the country. We have listened to people, and we understand that they need safety in their place of worship. We are there for them.
We are investing in the vitality of our communities, and in the programs and people that support them. That includes the most significant investment in our sport system in 20 years.
I would have thought that clapping for sports was Canadian, in a way.
I got a bit carried away, but I am going to say it again because I think it is worth saying. It is the most significant investment in our sport system in 20 years.
I gave them a second chance to clap.
It will expand access for youth and better support high-performance athletes with additional funding of $755 million. Canadians understand the power of sport—how it pushes us to do better and brings us together in our communities. We saw this last year during the Olympic and Paralympic Winter Games, and we see it every day on our rinks, in our sports centres, and in our school yards. A Canada for all must also be a Canada where sport is accessible for everyone.
Our strategy from the playground to the podium will make a real difference. It will unite our country and inspire a generation of young Canadians in a very true Canadian way. This is Canada at its best, and we are going to support our young people and young athletes.
Along our coast, the same spirit of hard work and community lives in our small craft harbours. Maybe we can get a smile for small craft harbours. I am looking. Small craft harbours are more than infrastructure. They are a foundation for coastal communities, supporting more than five million Canadians, sustaining indigenous traditions and powering thousands of jobs in the fish and seafood industry. This is why we are investing almost a billion dollars to repair and strengthen these vital harbours.
Regardless of which side of the aisle someone sits on, they know that when we in the House invest, we invest in the people who depend on these investments. These are not isolated measures. We made these investments with a purpose. Let me make it real for my colleagues, the members of the House. In budget 2025, we made generational investments in infrastructure to build stronger communities, delivering tangible benefits across the country.
Now team Canada strong will empower a new generation of workers from those same communities, to help build the local infrastructure the government is investing in. Whether that means homes, sports facilities or transit systems, these projects will be built by workers in our communities, for our communities, because when communities are strong, safe and connected, Canadians thrive together because we are all in for Canada.
There is so much more to talk about, but I know that Canadians understand that we are building Canadian strong.
In conclusion, this spring economic update reflects the progress we have made and the important work that remains: building a strong Canada while ensuring that progress and economic growth are felt by Canadians across the country.
It is about stepping up for our businesses, farmers, entrepreneurs, workers and fishers, Canadians from all walks of life. It is about making sure the projects that build our nation move forward and that people have the support they need to get ahead, especially those affected by unjust tariffs. We are all thinking about them, and we can tell them that we have their backs. Every single member here has their backs. We are thinking about them.
It is about building Canada strong for all.
When we build Canada strong together, there is no limit to what we can achieve. As Canadian astronaut Jeremy Hansen showed us on his recent journey to the moon, the sky is no longer the limit for us.
Let us seize the moment, be ambitious and build Canada strong together.