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House Hansard - 106

44th Parl. 1st Sess.
October 3, 2022 11:00AM
  • Oct/3/22 6:47:01 p.m.
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Madam Speaker, the government recognizes the pressures faced by Canadians with the current housing market. We recognize that home ownership is out of reach for far too many Canadians. That is why we made housing a cornerstone of our last budget. The government presented the most ambitious plan that Canada has ever had to increase the supply of housing and make it more accessible for everyone in the country. My colleague dismisses this government's past and present housing efforts, but his constituents may not. Twenty families from the Cook's Ferry Indian Band and the Leq'á:mel and Splatsin First Nations have housing as a result of the rapid housing initiative, and some 1,000 other units and beds have become available in this riding alone with federal funding. These success stories are happening in ridings across the country. This government is proud of the efforts it has made to date and we are committed to doing even more. Our plan includes many provisions that will help people who are trying to get into the housing market for the first time. These provisions include the extension and expansion of the first-time home buyer incentive. First-time homebuyers can also take advantage of a new tax-free savings account. This homebuyer incentive will help them save up to $40,000 for the purchase of their first home. We have also doubled the first-time homebuyers' tax credit to $10,000, providing up to $1,500 in direct support to homebuyers. One of the drivers of rising house prices is simply that supply is not keeping pace with demand. That is why we have increased funding in our budget to double residential construction over the next decade. To that end, we will invest $4 billion to create a new fund to accelerate housing construction with the goal of building 100,000 net new units within five years. This fund and other related measures will help provinces, territories and municipalities build more housing faster. We will also accelerate the construction of housing by providing $2.9 billion in funding through the national housing co-investment fund. This will enable us to support the creation of up to 4,300 units and facilitate the repair of up to 17,800 units for the people who need them most in this country. Our government made housing a priority. As soon as we took office, we realized the extent of the impending crisis. During this time, we have brought in a wide range of strategic measures, including the first-ever national housing strategy. These strategies include the first-time homebuyer incentive as well as other successful programs, such as the rapid housing initiative. Our budget provides $1.5 billion over two years to extend this very successful program, which constantly exceeded its affordable housing construction targets. Far too many people in this country struggle to find safe and affordable housing. Although the government has already taken excellent measures that we can describe as historic to help these people, we know that we still have a lot of work to do. I would invite my colleague and all opposition members to support the measures we will be presenting over the coming weeks and months.
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