April 17th, 2024

Ottawa freezes merger notification threshold, funds housing innovation projects

By The Canadian Press on February 27, 2024.

Deputy Prime Minister and Minister of Finance Chrystia Freeland responds to a question during a weekly news conference, Tuesday, February 27, 2024 in Ottawa. THE CANADIAN PRESS/Adrian Wyld

OTTAWA – The federal government is freezing the threshold at which the Competition Bureau must be notified of a merger.

It also announced $123 million of funding to eight homebuilders that the federal government says are driving innovation and will help build more than 5,000 affordable homes.

The announcements came this morning during Finance Minister Chrystia Freeland’s weekly economic update alongside other ministers.

Competition law requires mergers that exceed a certain value to be flagged to the Competition Bureau in advance, so it can determine whether the deal could prevent or lessen competition.

Ottawa says the amount usually increases along with gross domestic product – but instead, it will be kept frozen at $93 million, the threshold since 2021.

The funding for homebuilders is being allocated through the Affordable Housing Innovation Fund, a program that funds rent-to-own schemes and other innovative projects.

This report by The Canadian Press was first published Feb. 27, 2024.

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