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House Hansard - 22

44th Parl. 1st Sess.
February 2, 2022 02:00PM
Context: House Hansard - 22 - Feb/2/22
Mr. Tom Kmiec (Calgary Shepard, CPC)
  • Feb/2/22 2:14:56 p.m.
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Mr. Speaker, the late Colin Powell once told a US president that if you break it, you are going to own it. The Prime Minister broke the real estate market, and now he owns this entire crisis. The year 2021 was a boom year. A total of 667,000 residential properties changed hands that year, which is a 30% increase over a 10-year average. Average prices went from $434,000 to $811,000, which is an 81% inflation increase. The Prime Minister’s solution is a scheme from the CMHC called the first-time homebuyer incentive, which was supposed to help 100,000 Canadians. However, government documents show it has only helped 14,000. The government expanded the criteria three times. CMHC said it would reach 65,000 in a memo from November 2020. It is a booming real estate year with record sales and record inflation. Only Canadian families have suffered. Fixing this mess starts with admitting mistakes. The FTHBI is a failure. It is time to abolish it.
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