Hon. Yonah Martin (Deputy Leader of the Opposition): Government leader, today, I’m going to give you an opportunity to provide a better answer than you did yesterday when I asked you about the lack of details on changes to the First-Time Home Buyer Incentive. Last month’s budget provided no details on how the NDP-Liberal government will change this program or when these changes will be in effect.

This is a serious matter for Canadians. April’s record inflation, which Senator Plett referred to earlier, was largely driven by the cost of groceries and the cost of shelter. In fact, Statistics Canada revealed that in April, shelter costs rose at their highest pace since 1983 — almost 40 years ago.

Leader, when will Canadians learn how you will change the First-Time Home Buyer Incentive and on what date those changes come into effect?

Senator Martin: Speaking of solutions, I have another issue to take up with you. According to information released on Monday from the Canadian Real Estate Association, the average cost of a home in the greater Vancouver area went up about 19% between April 2021 and April 2022. In other parts of British Columbia, the increase was even worse. Over the same time frame, home prices went up by a third on Vancouver Island and in the Chilliwack area, and by more than 35% in the Fraser Valley.

Leader, yesterday you mentioned the creation of a tax-free, first-home savings account. As I’m sure you know, your government admits that it won’t be available for another year. How does that help those who dream of owning their own home now, especially first-time homebuyers in B.C.?