44th Parl. 1st Sess.
April 25, 2022 11:00AM
- Apr/25/22 12:25:32 p.m.
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Madam Speaker, before we broke I was able to take a look at the tax-free savings home plan. It does not work. If we take it in today's dollars, using the same example as in the budget, a young couple earning $90,000 will be able to afford a house at $355,000. I do not know where they are going to find a house in my riding for that money, let alone in Ontario.
If we take that same example for 2027, they will be able to afford a house worth $500,000, hoping that interest rates stay the same. One cannot buy a house for $500,000, so how is this plan going to help first-time homebuyers? I do not see it.
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- Apr/25/22 1:42:08 p.m.
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Mr. Speaker, I guess where I am coming from is that to acknowledge that everybody is happy with the budget, that it is a great budget and that things are going great is pretty insulting to the thousands of emails that I have from constituents.
I am curious to know, with housing, if the member opposite thinks the housing program is so great, why has the Prime Minister acknowledged that young homebuyers should just give up on home ownership?
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- Apr/25/22 2:07:33 p.m.
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Mr. Speaker, the Prime Minister recently kicked off the post-budget tour in my riding of Hamilton Mountain by addressing an important issue that is top of mind for many of my constituents: The ability to afford a safe place to live.
We met with Felicia, Peter, Ala and Ahmed, and they told the Prime Minister first-hand about the struggles they faced as they tried to find safe, affordable housing for their families. The Prime Minister even referred to the Hamilton housing market as “stunningly out of reach” for first-time homebuyers.
In budget 2022, our government has a solid plan to make it easier for young Canadians to save for their first homes, to provide financial support for multi-generational home renovations and to double housing construction. We are taking significant steps to make life more affordable for people in Hamilton Mountain, like Felicia, Peter, Ala and Ahmed, and for all Canadians.
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- Apr/25/22 2:46:45 p.m.
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Mr. Speaker, the Liberals have had six years to fix the housing market. Instead, under their policies, house prices have doubled under their watch.
Let us go back and take a look at some of their programs. The first-time homebuyers program failed; the shared equity mortgage program failed; the housing co-investment fund failed. With new programs announced in the budget, Canadians are asking how the government will fail this time.
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- Apr/25/22 2:47:16 p.m.
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Mr. Speaker, budget 2022 actually does four things. We are seeking to double the supply of new housing in the next decade by introducing programs such as the housing accelerator fund. We are helping first-time homebuyers with a tax-free savings account of up to $40,000, by doubling the first-time homebuyer tax credit and by extending the first-time homebuyer incentive.
In addition to that, we are tackling speculation by banning foreign ownership of Canadian residential real estate. We are building more affordable housing by investing in co-op housing, extending the first-time homebuyer incentive and extending the tax-free homebuyer savings account.
Some hon. members: Oh, oh!
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- Apr/25/22 2:54:37 p.m.
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Mr. Speaker, in budget 2022, housing measures and investments deal with precisely what the hon. member is talking about: making sure that we double the housing supply in this country.
Canada has the fastest-growing population in the G7, but our housing supply has not kept up with that. We are implementing the housing accelerator fund to build 100,000 new homes. We are helping first-time homebuyers by establishing programs like the tax-free savings account so they can put $40,000 in a tax-free savings account. We are building more affordable housing and we are tackling speculation. The party opposite failed Canadians in government and it is failing them on housing now.
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- Apr/25/22 2:56:05 p.m.
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Mr. Speaker, once again I will take this opportunity to unequivocally state that our government is not considering charging capital gains tax on primary residences. Any suggestion otherwise is false. The party opposite has repeated this misinformation and disinformation in the House and in the media. Instead of engaging in disinformation, we engaged in building more affordable homes and making more first-time homebuyers achieve their dream of home ownership.
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- Apr/25/22 4:11:16 p.m.
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Madam Speaker, my hon. colleague is completely right. If we look at the number of individuals who could use this new tax-free home savings account, which is just another marketing ploy, it is about the same number of people who can use the homebuyers plan. Actually, not that many Canadians can afford to do that every year, so this relief is not going to help a significant number of people. I just offered a suggestion on how the Liberals could have done it more efficiently and quickly, but they wanted a new announcable, with a new name marketing scheme.
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- Apr/25/22 5:39:25 p.m.
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Mr. Speaker, I know the member has talked in the House several times about first-time homebuyers. We are doubling the first-time homebuyer tax credit. This will see more investments, which is so important for young people. The money set aside, the $40,000, is tax-free and going toward the investment. It could bring prosperity to young people to increase that $40,000, if the investment is successful, of course.
Those are key areas and pieces of some of the initiatives we have that we will bring forward as a government.
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