When it comes to accessing housing financing, some Muslim Canadians are facing significant barriers because traditional financing restricts some from entering the housing market. Under Islamic law, paying and receiving interest is prohibited.

Halal financing offers an alternative to interest-based mortgages. There is an overwhelming demand for these products, with over 12,000 families on a wait-list. Financially, this amounts to $6 billion of financing, growing by $100 million per month.

It is worth noting that Canada is the only G7 country that does not accommodate halal mortgages. We have fallen behind, forgoing billions of dollars in the process. However, the 2024 federal budget indicated that the government would be exploring halal mortgages.

Speaker, it is important that Ontario is prepared to respond to this change. The Muslim population is being excluded from the housing market simply because they cannot access services that align with their religious beliefs. This is a missed financial opportunity for Ontario and another barrier to housing. Halal financing opens up mortgage options for thousands of Ontarians and millions of Canadians. By extent, it also offers a solution to the housing crisis, and everyone benefits from this.

The question remains: When will Ontario provide access to home ownership for the underserviced Islamic community? We are prepared to work with the community to ensure that housing is a possibility for every Ontarian.