Mr. Speaker, I will be sharing my time with the member for Kingston and the Islands. I appreciate the opportunity to participate in today's debate.
Our government is committed to doing everything it can to help make life more affordable for people from B.C. to Nunavut to P.E.I. Today, I would like to highlight the measures we are taking to build the strongest economy in the G7 while bringing down the cost of living. The affordability challenges that have long impacted low-income Canadians are now having serious impacts on middle-class households. Islanders and Atlantic Canadians, in particular, know this all too well, whether it is paying for groceries; heating our homes through long, cold winters; or trying to secure affordable housing.
Since elected, the government has been focused on delivering a plan to address the cost of living challenges that have affected Canadians' quality of life. We are letting Canadians keep more of their hard-earned paycheques by delivering a middle-class tax cut and by removing the consumer carbon price. The middle-class tax cut provides relief for nearly 22 million Canadians, and over the next five years it is expected to deliver more than $27 billion in tax savings. Importantly, this relief is targeted to those who need it most, with nearly half of the benefit going to Canadians in the lowest tax bracket.
In addition to tax relief, we are protecting and expanding programs that are already saving families thousands of dollars each year. The Canadian dental care plan now covers about eight million Canadians, with average savings of more than $800 annually. For families in Prince Edward Island and across Atlantic Canada, this makes a real difference in household budgets.
Affordability challenges also extend to home heating costs with climate change considerations. By driving down both energy bills and harmful pollution, the benefits of switching to a heat pump are clear, and the Government of Canada has been bringing these benefits to Canadians through the oil to heat pump affordability program. This program is helping households across P.E.I. and Atlantic Canada make the switch from expensive oil heat to efficient, clean heat pumps. Families are saving hundreds of dollars each year on energy bills while reducing emissions and building a more sustainable future.
We are also acting to make food more affordable through the grocery code of conduct. We are standing up for fairness in the food supply chain. This measure will bring greater accountability to Canada's largest grocers, help curb unfair retail price increases and protect small suppliers. This gives families across the country a fairer deal at the checkout counter. We know the code of conduct has been fought by the grocery chains for years now. I participated in many committees over the years, representing agriculture, to fight for a code of conduct, and I am pleased that we are bringing it in.
Affordability is also about housing. Rents and home prices are out of reach for many Canadians, not only in large urban centres but in small towns and rural communities just like Cardigan, the riding I represent. That is why the Minister of Finance and National Revenue has tabled proposals to eliminate the GST for first-time homebuyers on new homes under $1 million and to reduce the GST for homes between $1 million and $1.5 million. This will save first-time homebuyers up to $50,000, putting home ownership within reach and spurring construction across the country.
We have also launched “build Canada homes”, a new special operating agency designed to double the pace of housing construction over the next decade. This agency will build affordable housing at scale, fight homelessness and partner with the provinces, territories, municipalities, indigenous communities and private sector. By focusing on non-market housing and innovative building technologies, “build Canada homes” will create supply faster, support Canadian workers and materials and help restore affordability.
Islanders and Atlantic Canadians want to see real solutions. They want fairness at the grocery store, lower heating bills and a realistic path to home ownership. That is exactly what we are delivering.
Our government remains focused on what matters most, which is creating good, well-paying jobs, growing the economy and building stronger trade ties with trusted partners to strengthen our resilience and security. We are acting with urgency and determination to make life more affordable and to confront the housing crisis head on.
Canadians can count on the government to continue presenting serious solutions that make a real difference in their lives and ensure families are better off. We will build the strongest economy in the G7.