44th Parl. 1st Sess.
April 8, 2022 10:00AM
- Apr/8/22 11:32:31 a.m.
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Mr. Speaker, another spend-DP-Liberal housing policy that is not as advertised is the first-time homebuyer savings account. So many millennials cannot go to the bank of mom and dad and instead have to scrimp and save every penny, and they do not qualify today for a mortgage because of the Liberal stress test.
If those who are fortunate enough to have saved today cannot get into a home, how in the world will it be any different for those millennials who will scrimp and save over the next five years in their shiny savings account when the stress test bounces them as well?
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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 11:49:47 a.m.
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Mr. Speaker, I thank my colleague for her question.
Canadians across the country are finding it extremely difficult, or almost impossible, to buy a home. That is unacceptable, and it is why budget 2022 presents some tangible measures, such as a $200‑million investment to develop rent-to-own projects, a tax-free first home savings account for up to $40,000, and a two-year ban on foreign investment in housing.
Our government has taken leadership on housing since 2015 and we will continue to do so, because the Conservatives did nothing when they were in government.
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- Apr/8/22 11:52:04 a.m.
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Mr. Speaker, using the example in the budget, a couple earning $90,000 per year would qualify for a home purchase of $355,000. Using the tax-free savings account in 2027, the couple would be eligible for a $500,000 purchase price, if all other variables, including mortgage rates, remain constant.
Failing Liberal housing policy has doubled the price of homes to $816,000. Why is the government continuing to fail aspiring homeowners?
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- Apr/8/22 12:49:40 p.m.
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Mr. Speaker, I want to thank my hon. colleague for his intervention and his comments, especially as they relate to greater co-operation in the House and the tone that we take. I think that is very important. I would like to mention that I have enjoyed working well with my colleague on the finance committee. As he referenced, we did make an amendment to government legislation. I hope I can look forward to some potential co-operation in the future with respect to legislation as well.
With respect to the budget, the question I have for this member is this: The government has put forward, in part of its housing strategy, a marquee new account for young people to save for a home. I wonder if he could let the House know what his thoughts are on the housing strategy in general but in particular this marquee savings account that this government will be touting all across the country.
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