BBOT Statement on the 2025 Federal Budget
The Burnaby Board of Trade acknowledges the federal government’s efforts to bring more predictability to fiscal planning through the new fall budget cycle. Aligning the federal budget with provincial, municipal, and construction timelines could help get projects moving sooner and improve coordination for major infrastructure, housing, and clean energy investments.
The government’s new Capital Budgeting Framework is also a positive step. This approach separates everyday spending from long-term investments, much like businesses manage their budgets. It will make it clearer how much federal money is going to day-to-day operations versus major projects that create long-term benefits for Canadians.
However, the BBOT is deeply concerned by the projected $79 billion deficit. While investing in housing, clean energy, and workforce development is important, this level of deficit spending raises concerns about rising borrowing costs, investor confidence, and Canada’s long-term fiscal stability. Businesses are looking for a clear plan to manage spending responsibly and ensure these investments lead to real economic growth.
Housing supply remains one of the most pressing challenges for Burnaby businesses, and expanding the Canada Mortgage Bond program, along with new funding for Build Canada Homes, are welcome steps toward creating more affordable housing, allowing workers to live closer to where they work.
As a hub for clean energy and technology innovation, Burnaby stands to benefit from investments that support climate resilience, workforce training, and infrastructure improvements. Continued investment in trade and transportation networks will also strengthen Burnaby’s position within the regional economy.
The BBOT welcomes ongoing efforts to address skills shortages, particularly through funding for credential recognition and youth employment programs. A strong, well-trained workforce is crucial to helping businesses thrive and grow.
As the details of the budget are implemented, the Burnaby Board of Trade will continue to advocate for fiscal discipline, predictability, and policies that support businesses and communities’ success.