44th Parl. 1st Sess.
April 8, 2022 10:00AM
- Apr/8/22 11:31:25 a.m.
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Mr. Speaker, like everything in this spend-DP-Liberal budget, what they announce is not what we get. Instead of a real ban on foreign ownership and housing like the Conservatives proposed, their so-called ban on foreign buyers is anything but that. Under this policy, a foreign national can still purchase a home. If they separate from their spouse, they can buy another home. If their child turns 18 and wants to buy the house across the street, they still can. This does nothing to help put first-time homebuyers first.
Why is the so-called ban so full of holes that it is like Swiss cheese?
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- Apr/8/22 11:32:05 a.m.
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Mr. Speaker, affordable housing is not just good social policy; it is a powerful economic policy as well. Our government will increase housing supply by doubling residential construction across Canada over the next 10 years. We will ensure that homes are treated as a place for families to live instead of as an investment vehicle. We will build new pathways for first-time homebuyers. In Canada, everyone deserves a place to call home, and budget 2022 is going to help make that a reality.
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- Apr/8/22 11:34:08 a.m.
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Mr. Speaker, I thank my colleague for her question.
As we all know, property ownership is now out of reach for Canadians across the country, and that is unacceptable.
That is why budget 2022 contains concrete measures, including a $200‑million investment to develop rent-to-own projects, the creation of a tax-free first home savings account that would give first-time homebuyers the ability to save $40,000, and a two-year ban on foreign investors acquiring property.
That is federal leadership. I hope the opposition will vote in favour of these measures this time.
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- Apr/8/22 11:47:53 a.m.
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Mr. Speaker, housing has been top of mind for so many Canadians, especially first-time homebuyers and middle-class families, like those in my riding of Vaughan—Woodbridge. Yesterday's historic budget was a housing-focused budget with important investments and initiatives.
Can the Parliamentary Secretary to the Minister of Housing and my great friend please share with us some of the key measures that will help ensure every Canadian has a safe and affordable place to call home?
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- Apr/8/22 11:53:19 a.m.
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Mr. Speaker, the Conservatives are so excited by our housing policy in this budget that they cannot help themselves.
We are investing a historic amount in the creation of housing in this country, and it is going to help each and every Canadian purchase a home. We have incentives for first-time homebuyers. We have plans to create co-op housing. We have plans to ensure that affordable housing is there so that every Canadian could put a roof over their head.
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- Apr/8/22 12:50:32 p.m.
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Mr. Speaker, it is a pleasure to get such a thoughtful question on housing policy. I think the issue I have with that and that I am concerned about is that, in the absence of an aggressive initiative by the government to address the financialization of housing, efforts like this to make a little bit more cash available to first-time homebuyers are just going to get eaten up in the bidding process. If we had a relatively stable housing market, without the kind of year-over-year price increases that we have seen, this kind of thing might be helpful, but in a context where bidding wars continue to drive up the price year over year in incredible ways, my concern is that this is simply going to contribute to higher bids on houses. The winners there are developers and real estate agents, not the homebuyers.
That is why we need to see the government take action like, for instance, what they have done in New Zealand, where they have an incrementally higher down payment for every subsequent property. We need to cool the investment activity before a policy like this can really make the difference all members would want to see it make.
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