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Mr. Majid Jowhari (Richmond Hill, Lib.)

Apr/26/22 11:22:55 a.m.
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Madam Speaker, it is my pleasure to rise today to speak in support of budget 2022: a plan to grow our economy and make life more affordable. Let us talk about the budget, finally. What is this budget all about? It has become apparent that fiscal prudence and economic growth serve as two major themes throughout this plan, and there is a clear reason for that. With a prudent and responsible approach, this is a budget that acknowledges and addresses the biggest concerns for Canadians based on four pillars: housing, climate protection, affordability, and jobs and growth. Before I get into my budget speech, I want to emphasize that the budget’s comprehensive approach to these concerns is not by accident. It is a result of numerous consultations, community feedback sessions, town halls, emails, phone calls and more. For that, I want to thank everyone who has participated in the process of developing this budget. I want to specifically extend my gratitude to my constituents in Richmond Hill, because they took the time to engage with this process by attending my five community councils or contacting my office with their concerns. I would like to start by giving some context for the fiscal prudence of this budget. Throughout the COVID‑19 pandemic and during the lockdowns, the economic downturns and more, our federal government quickly and effectively rolled out our major financial support programs that helped keep businesses, workers and families afloat. We have been at a 115% recovery in jobs since April 2020, over three million jobs have been created since the depths of COVID‑19, and our unemployment rate has declined to 5.3%. It is lower than it was prior to the pandemic, and lower than it has been since 1976. Our focus has been on keeping Canadians safe and financially stable, and that continues to be the case today, but we know that we need a different approach from the one that was necessary during the pandemic. In essence, budget 2022 outlines a fiscally prudent plan to reduce deficits, lower the debt-to-GDP ratio and drive toward a near-balanced budget within five years. Now, we need to turn our attention to growing an economy that is still in recovery, but we know that we cannot strengthen our economy without first thinking about affordability. That is why this budget continues to highlight our investment in affordable child care while touching on new commitments for affordable housing and dental care. The overarching pillars of this budget can be further broken down. The housing measures focus on building and supply, saving, and the banning of foreign investments. The climate pillar invests in zero-emission vehicles, clean electricity, oceans and fresh water, and clean technology. Under the jobs and growth pillar, we are helping small businesses benefit from tax cuts, establishing the Canada growth fund, and focusing on supporting tradespeople across the country. Lastly, affordability plays a role in all of these pillars, but its own particular investments are most explicitly seen in child care and dental care. I am really going to hone in on housing, which is a topic I am passionate about, because I know that it will likely have the greatest direct impact on Canadians and the constituents in my riding. Budget 2022 targets affordable housing through increasing supply and making it more obtainable for buyers, especially young and first-time homebuyers whose dream of home ownership is in jeopardy due to the continuing rise in costs. On the supply front, we have made a commitment to doubling the number of housing units built over a 10-year period. This commitment is going to come to fruition in several ways, including with the launch of a new housing accelerator fund. The $4 billion investment for this fund will be put toward creating 100,000 new housing units over the next five years. In order to further speed up the construction of housing, we are also investing $200 million in the affordable housing innovation fund, which will encourage new innovative building techniques in the affordable housing sector. In fact, this fund will dedicate $100 million to support not-for-profits, co-ops, developers and rent-to-own companies in building new rent-to-own units, and will turn the discussion of affordable housing into a reality for our communities. We also recognize that increasing supply does not always work effectively unless it is accompanied by quick and timely execution. For vulnerable populations that are in urgent need of affordable housing, waiting years for the supply to increase is simply not an option. Thanks to the tireless efforts of housing support providers in my riding, such as Blue Door, Home on the Hill, Yellow Brick House, Sandgate Women’s Shelter and more, there are services in place to help address the housing needs of vulnerable groups, but we need to do more to reduce the burden on their shoulders. That is why our government launched the rapid housing initiative with the goal of delivering affordable housing units for vulnerable people in an expedited manner. Budget 2022 highlights our $1.5-billion investment in this initiative, which will create at least 6,000 additional affordable housing units across Canada. This budget also proposes to advance $2.9 billion in funding on a cash basis under the national housing co-investment fund, which will speed up the creation of up to 4,300 new units and the repair of up to 17,800 units for the Canadians who need them most. All of this is going to mean more generous contributions, faster approvals, and an overall quicker and more efficient process that will make affordable housing more accessible, sooner. Now let us talk about our future homebuyers: first-time homebuyers and youth who are going to be saving up for places they call home. In my riding of Richmond Hill, the cost of owning a home is at an all-time high. First-time homebuyers in Richmond Hill are now faced with the difficult decision between staying at home in a community that they know and love and having to move further away to be able to afford a place that fits their needs. Our federal government is aware of these issues, which is why we are proposing a series of new measures, starting with the tax-free first home savings account. Through this, we are giving prospective homebuyers under the age of 40 the ability to save up to $40,000. This could mean around $725 million in support over five years for Canadians who are trying to save their money by having it go in tax-free and come out tax-free. We are also going to be doubling the first-time homebuyers’ tax credit to $10,000, which means up to $1,500 in direct support to home buyers. This amount is not insignificant for young people: every penny towards their home matters. Providing financial support is not the only way to address the rising costs. We need to implement preventative measures that will protect buyers and renters. Through Budget 2022’s commitment to prohibiting foreign investment in housing and the development of a homebuyers' bill of rights, we will tackle the issue of foreign commercial enterprises using homes in Canada for non-residential purposes such as parking their money, and we will also put forth a national plan to end blind bidding. There is one more component to housing, and it is something that we see quite often in Richmond Hill. The concept of multi-generational homes is very important to my community, as families prefer to stay together and feel connected to their homes and to their relatives. This budget’s introduction of the multi-generational home renovation tax credit helps provide up to $7,500 for families hoping to construct a secondary suite in their homes for seniors or adults with disabilities. This means more money for more space, without separating families from one another. In closing, all of these are targeted and responsible investments that align with the themes of fiscal prudence as well as economic growth, while giving more Canadians safe and affordable places to call home. This really is a responsible and responsive plan, and I hope that every member of the house joins me in supporting it, because its supports are necessary to build a more affordable and resilient Canada.

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Context: House Hansard - 58 - Apr/26/22

Mr. Majid Jowhari

Apr/26/22 11:33:46 a.m.
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Madam Speaker, this is a great question that I pondered at the dinner table with my children as we were exploring how we can make sure they can afford a house. This is part of a bigger puzzle, and that includes our first-time homebuyer partnership with the Government of Canada, which means, if the hon. member recalls, that an individual will get 5% to 10% of a down payment depending on the type of home they are buying. There is also the tax-free savings account and the use of RRSPs. A number of programs have been put together to ensure that first-time homebuyers, especially youth, have the money to make a down payment, because as we know, after the down payment very few Canadians default on their mortgage. A combination of these things would put an individual in a position to buy their first home.

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Context: House Hansard - 58 - Apr/26/22

Mr. Majid Jowhari

Apr/26/22 11:35:39 a.m.
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Madam Speaker, there has always been a plan. The plan is to make sure that the economy and the environment go hand in hand. We need to make sure that we not only protect jobs for those who are working in the energy sector, but also provide bridging programs for retraining to give people the opportunity to transition into sectors that are much greener. We also need to make sure that carbon is captured. That is why we see a large incentive for the oil and gas industry to ensure that we capture carbon and make sure that clean energy is coming out.

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Context: House Hansard - 58 - Apr/26/22

Mr. Majid Jowhari

Apr/26/22 11:37:25 a.m.
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Madam Speaker, I want to thank the hon. member for acknowledging the $4.3-billion investment that has been earmarked for the indigenous community. I agree with the hon. member that we need to do better, and we will continue to do better. I continue to be an advocate very much the same as the rest of my colleagues on this side of the House.

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