44th Parl. 1st Sess.
March 3, 2022 10:00AM
- Mar/3/22 2:51:54 p.m.
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Mr. Speaker, during the election, the Prime Minister was clear on his solutions to address out-of-control housing inflation. He said he was going to ban foreign ownership on homes in Canada, yet when the member of Parliament for Simcoe North proposed to do just that in finance committee, the Liberals voted that amendment down.
Is the Prime Minister only serious about giving young Canadian families a chance at home ownership when he needs their votes?
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- Mar/3/22 2:52:58 p.m.
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Mr. Speaker, the committee heard the amendment. We voted on it, and that party voted it down. We are only trying to get the Prime Minister to keep his promises. Home prices have increased a gobsmacking 43% since 2019, and the Liberals only seem to pursue new ways to increase the price of housing and push people out of the market.
Their latest scheme of mandatory energy labelling at the time of sale has been described as “a crazy thing to do in the middle of a historic housing-affordability crisis” by the Ontario Real Estate Association. When will the Liberals get serious about housing affordability for young Canadians and ditch this crazy new scheme of theirs?
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- Mar/3/22 2:53:39 p.m.
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Mr. Speaker, I welcome the opportunity to set the record straight.
Who is not serious about housing affordability? That party is not serious about housing affordability. They voted against the foreign vacancy tax. They voted against the first-time homebuyer incentive. They voted against investments in affordable housing. They voted against the rapid housing initiative. They voted against the top-up to the Canada housing benefit. They voted against the national housing co-investment fund. They voted against Canadians.
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- Mar/3/22 6:39:12 p.m.
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Mr. Speaker, before having the privilege of representing the residents of King—Vaughan, I worked in banking for many years. Throughout my career, I experienced many ups and downs in the Canadian housing market, but I must admit that the current situation facing our country has me extremely worried.
Prior to the pandemic, many Canadians were already facing an unaffordable housing crisis. Since May 2020, home prices in Canada have skyrocketed by almost 50%. In the seven years since the Liberals came to power, the cost of a typical home in Canada has doubled. Let me be clear. This is not normal. A doubling in national housing prices in just seven years is alarming.
What does the government propose as a solution? In this current market, how can we provide assurances to new homebuyers that purchasing their first home is still possible? The Minister of Housing recently hosted a national housing supply summit, which perfectly illustrated that the minister and his government are all about lights and camera, but no real action. I will give the Liberals credit where credit is due. The Liberals never miss an opportunity for self-promotion.
However, I say to you, Mr. Speaker, that it is painfully obvious that the government has no real plans for solving the housing crisis emergency. In fact, earlier this week, Liberals sitting at the finance committee rejected a two-year ban on foreign money investments in Canada's real estate, even though they explicitly campaigned on supporting this measure less than a year ago. Why does the government continue to make promises that it has no intention of keeping?
The Minister of Housing has presented a few spending initiatives and construction projects but, as always, it is much too little and way too late. This year, rather than increasing, housing construction has stalled with no guarantee that it will reach the levels required. Currently, estimates show that Ontario alone would require over 650,000 new builds for its per capita ratio to equal that in the rest of the country, in comparison to our G7 neighbours. Canada is in an alarming position, given that we simultaneously have the lowest population adjusted housing inventory and the fastest-growing population in the G7. All this combined, housing prices are predicted to increase another 10 and a half per cent over the next year.
The government announced ambitious immigration targets. It hopes to settle over 400,000 newcomers in Canada this year. It is certainly something to consider, given that we have an aging population and we have the physical space in this country to welcome more immigrants. However, the problem is with roofs, not land. In the face of a staggering shortage of supply, the government proposes to stimulate demand that much more. Frankly, unless we have plans to bring in tens of thousands of construction workers, how does the government expect these newcomers to find homes?
We face a severe lack of affordable housing and the Liberal government is doing everything it can to avoid accountability. After seven years of inaction and broken promises, Canadians deserve leadership to revive the dream of home ownership. What plans does the minister have to address the crisis that has developed under the Liberal government?
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- Mar/3/22 6:43:31 p.m.
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Mr. Speaker, I thank my hon. colleague from King—Vaughan for raising the important issue of housing.
The government's primary objective is to help Canadians meet the challenges they are currently facing. We have not stopped investing in affordable housing since we first came to power. I am proud of the record we have to show Canadians. We have worked hard to house Canadians across the country.
Many Canadians struggle with housing and affordability. This is why the government is making sure that all Canadians have a safe and affordable home. As we grow, it is essential that the housing supply grows along with us.
We have grown investments in affordable housing. We recognize that there is still much to be done, including building more housing every year, increasing the number of affordable housing units and putting an end to chronic homelessness. The government is committed to working with its partners to deliver concrete results.
We recognize that buying a home is especially hard for young people in this country and that the housing market is also creating wealth inequality between the older and younger generations. I only have to think of my brother, who cannot buy a home right now. We are going to do this for him and for all young people across the country.
Our government wants to help. That is why we are bringing in a more flexible first-time homebuyer incentive program. Additionally, to help renters work towards buying a home, we will explore establishing a fund to design and increase rent-to-own projects across the country.
We are also reducing closing costs for first-time homebuyers. All this is made possible by our national housing strategy, a $72‑billion, 10-year plan that will give more Canadians a place to call home.
We have a whole host of programs in place under the national housing strategy that are getting results. Last week, the Minister of Housing and Diversity and Inclusion, in collaboration with the Federation of Canadian Municipalities, hosted the virtual 2022 National Housing Supply Summit. Over 300 people from across the country took part in the innovative discussions on housing supply challenges and solutions.
I would like to reassure my esteemed colleague opposite: Off camera, by which I mean our computer cameras, there was a lot of discussion about innovation. Our government is going to make significant investments, and we are going to continue to invest in housing because we all believe—and I hope the opposition will be on board—that everyone deserves a chance to succeed and thrive, and part of that is having a roof over our heads.
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- Mar/3/22 6:47:37 p.m.
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Mr. Speaker, once again, we recognize the challenges Canadians are facing. We recognize that the cost of living is going up, that the cost of property is going up, and that the cost of housing specifically is a big challenge right now.
We are committed to building a stronger housing system. As I said earlier, this is a program that will enable renters to become homeowners. The national housing strategy will allow us to step up our efforts. I hope we can count on the support of the official opposition this time for the programs that are coming.
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