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House Hansard - 259

44th Parl. 1st Sess.
November 30, 2023 10:00AM
Context: House Hansard - 259 - Nov/30/23
Mr. Daniel Blaikie
  • Nov/30/23 10:35:21 a.m.
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Mr. Speaker, one of the important issues at play in changes to the Competition Act, for example, if we look at the private member's bill of the NDP leader, the member for Burnaby South, is the question of killer acquisitions, which is when companies buy up smaller competitors before they get the market share to become competitors to the bigger players in the industry. We have a bank that is quite small compared to the big five, but it has shown that it is willing to price its products competitively, and Canadians can benefit from that if they so choose. They are going to have a better opportunity to benefit from that after new rules come in not requiring them to take a stress test when they transfer their mortgage. That will not help very much if the smaller player that is offering better rates disappears between now and when those measures come into effect. Absolutely, corporations, in the name of gathering up market shares and making bigger profits, do try to acquire and shut down smaller competitors that are undermining what otherwise is a pretty comfortable pricing environment for those bigger players. It is something that is not in the interests of Canadians. It is in the interests of those larger companies, which already have dominance within their market, and it is something that, as legislators for the public interest, we should be concerned about stopping, not encouraging.
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