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Decentralized Democracy

House Hansard - 325

44th Parl. 1st Sess.
June 5, 2024 02:00PM
Context: House Hansard - 325 - Jun/5/24
Mr. Yasir Naqvi (Parliamentary Secretary to the Minister of Health, Lib.)
  • Jun/5/24 8:21:15 p.m.
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Madam Speaker, I thank the member opposite for the question she has posed. I appreciate the opportunity to highlight the work that our government is doing to tackle affordability in Canada. I would like to start by welcoming the Bank of Canada's decision to lower the interest rate. It was a very significant moment today. It is truly great news for Canada and for Canadians. In fact, Canada is the first country in the G7 to have an interest rate cut take place. It is the result of the federal government's economically responsible plan. It is a plan that the government has been working really hard on to create the economic conditions that would make it possible for the Bank of Canada to lower the interest rate. It does not happen in a vacuum. It is as a result of the economic plan and the agenda the government has been working on. We are seeing the fruit of that hard work now. On the matter of housing and building more homes faster, the Liberals are absolutely committed to tackling housing affordability by building more homes. The best way to bring down home prices is to increase supply and increase it quickly. The $4-billion housing accelerator fund is already cutting red tape across the country, with 179 agreements with municipalities, provinces and territories, which will enable the construction of over 750,000 new homes over the next 10 years. In fact, in budget 2024, that work is built on by proposing to top the fund up with $400 million to build more homes faster in more communities. Budget 2024 also proposes an additional $15 billion in new loan funding for the apartment construction loan program, bringing the program's total to over $55 billion. This investment will help build more than 30,000 additional new homes across Canada, bringing the program's total contribution to over 131,000 new homes by 2032. To support this new housing, we are investing in the infrastructure community's need to grow, which is why budget 2024 proposes to provide $6 billion to launch a new Canada housing infrastructure fund that would allow our communities and municipalities to build infrastructure, like sewer systems, and access to electricity and natural gas, in order for people to enjoy their homes. Furthermore, budget 2024 takes action to unlock new pathways for young renters to become homeowners, and to protect middle-class homeowners from rising mortgage payments. For example, budget 2024 announced the government's intention to strengthen the Canadian mortgage charter to allow 30-year mortgage amortization for first-time homebuyers purchasing newly constructed homes. To help our younger generation purchase their first home faster, we are proposing to increase the homebuyers' plan withdrawal limit from $35,000 to $60,000. Yes, there are a lot of measures here in place, but it is a big task to ensure the government enables the building of more homes across the country in all communities. This will be done not just in large urban centres, but in smaller communities in the country as well. It will require multiple initiatives, like the ones I have outlined, for that to happen. What will not help are mere slogans. Just to say that we will build homes, as we hear from the Conservatives and as we hear from the member opposite, is not going to build a single home. These measures will.
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Context: House Hansard - 325 - Jun/5/24
Ms. Leslyn Lewis
  • Jun/5/24 8:25:18 p.m.
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Madam Speaker, over the last nine years, we have seen the government engage in inflationary spending that has driven up interest rates, and Canadians are paying the price of that. I will remind the member that 76% of Canadians who have mortgages now will have their mortgage renewed in 2026. Canadians have had enough of a government that has failed to ensure affordable housing, energy bills and food. Canadians are desperate. A whole generation of Canadians have lost hope on the dream of owning a home and having even the same standard of living that their parents enjoyed. Only Conservatives are committed to reducing taxes, fixing the budget and building homes that Canadians can afford.
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