SoVote

Decentralized Democracy

House Hansard - 262

44th Parl. 1st Sess.
December 5, 2023 10:00AM
Context: House Hansard - 262 - Dec/5/23
Mr. Frank Caputo
  • Dec/5/23 1:49:05 p.m.
  • Watch
Madam Speaker, I thank my colleague for her question. The question as I understand it is about interest rates and how volatility and high interest rates are preventing development. I actually had a discussion with a developer about this very issue and about the difficulties that come with CMHC and not approving financing on time. We have talked about one thing that the leader of the official opposition would do: stop giving out fat bonuses to people who are not getting their approvals done on time, or within 60 days, which is the benchmark. Yes, it is certainly an issue. One thing I have noticed is that the government wants developers to take on all of the risk. They are unafraid to tell developers to take on all of the risk, yet the volatility with interest rates is so significant that it is essentially making it an untenable situation where developers may not make any money, which makes people afraid to build.
162 words
  • Hear!
  • Rabble!
  • star_border