- Member of Parliament
- Member of Parliament
- Liberal
- Nepean
- Ontario
- Voting Attendance: 67%
- Expenses Last Quarter: $104,578.46
- Government Page
Madam Speaker, I am pleased to speak on Bill C-59, an act to implement certain provisions of the fall economic statement tabled in Parliament on November 21, 2023, and certain provisions of the budget tabled in Parliament on March 28, 2023. The bill would advance the government's economic plan to make life more affordable, build more homes faster and build an economy that works for everyone.
To build an economy that works for everyone, the bill delivers critical pieces of our fall economic statement. It would help make life more affordable. We are rolling out new measures to strengthen our economy, combat climate change and forge excellent career opportunities for Canadians, now and in the future.
The Liberals' plan is already yielding results and we continue to push forward. We are advancing Canada's clean economy with a clear timeline for deploying all investment tax credits by 2024. We are launching the Canada growth fund as the primary federal issuer of carbon contracts for difference. We are progressing the indigenous loan guarantee program.
Canada's economic prosperity increasingly depends on a focused strategy to boost growth, particularly in a globally competitive environment. The nation's future success relies on enhancing productivity, innovation and investments in pivotal sectors, such as technology, clean energy and advanced manufacturing. These fields are vital not only for generating high-quality jobs but also for maintaining Canada's competitive edge internationally.
Additionally, empowering small and medium-sized enterprises with supportive policies and tax benefits is crucial to foster entrepreneurship and economic expansion. Equally critical is attracting and retaining top talent. Policies that encourage skilled immigrants to settle in Canada, coupled with significant investments in the education and training of Canadians, are essential to develop a workforce capable of leading in a high-tech, competitive global market.
Canada stands out among G7 countries for maintaining the lowest deficit and net debt-to-GDP ratios, showcasing exceptional fiscal management. This indicates a more sustainable economic position compared to other G7 countries like the U.S., U.K., Germany, France, Italy and Japan, which generally face higher debts and deficits relative to their GDPs.
This fiscal prudence in Canada supports economic stability and investor confidence. Canada's strategic financial policies enable it to better manage economic fluctuations and invest in future growth.
Among G7 nations, Canada's credit rating is ranked near the top. Major credit rating agencies frequently cite Canada’s prudent fiscal policies, low debt-to-GDP ratio and robust institutional framework as key factors supporting its high rating. This strong credit status enhances Canada's ability to attract foreign investment and borrow at lower interest rates, significantly benefiting the economic environment relative to other G7 countries.
On advanced technologies like artificial intelligence, our approach in promoting reflects a robust and proactive strategy aimed at both fostering innovation and ensuring responsible development within the sector. Canada is globally recognized for its influential role in the artificial intelligence sector, distinguished by its significant contribution to AI research and development.
The nation's focus on AI underscores its dedication to technological progress and strategic economic integration. Leading the way in AI innovation are Canadian universities and research centres, which are vital in producing cutting-edge research and attracting international talent. AI's relevance to the Canadian economy is substantial, serving as a key economic engine.
This is supported by major governmental investments, including the $2-billion artificial intelligence compute access fund and the Canadian sovereign compute strategy, aimed at equipping Canada with the infrastructure and resources needed to sustain its competitive advantage in this critical field.
Artificial intelligence technologies in Canada find applications across diverse sectors, such as health care, environmental protection, agriculture, manufacturing and finance, promising to elevate productivity, competitiveness and job quality. For the companies in these sectors to adapt these AI technologies in their operations, we have provided $200 million. By proactively enhancing its AI ecosystem, Canada not only bolsters its global stature but also secures its economic future, positioning AI as a fundamental pillar of its national strategy for long-term growth and innovation.
Canada is strategically established as a significant contributor to the global supply chain for the critical minerals necessary for manufacturing advanced batteries in electric vehicles and energy storage systems. The country's abundant resources of lithium, cobalt, nickel and graphite make it a key player in the clean energy transition.
In response to the growing importance of these minerals for the global economy and environmental sustainability, we are actively expanding our mining and refining capabilities. This enhancement not only meets domestic demands for EV production but also serves international markets, especially those transitioning to greener technologies. We support this sector with favourable policies, substantial investment and collaborations with private companies and international partners. These initiatives aim to create a secure, sustainable and competitive supply chain that utilizes Canada’s natural resources responsibly.
Additionally, we prioritize partnerships with indigenous communities in mineral resource development, promoting inclusive growth and sustainable practices, thereby reinforcing Canada's reputation as a reliable and ethical source of critical minerals internationally. We are also promoting “one project, one environmental impact assessment” to speed up the implementation of projects.
Our strategic focus on economic growth ensures the sustainability of social programs and the continuation of high living standards amid an uncertain global landscape. After a contraction of 0.1% in the third quarter of 2023, Canada's GDP rebounded with 0.2% growth in the fourth quarter. In February, Canada's inflation rate was 2.8%, down from 2.9% in January. It rose slightly to 2.9% in March, roughly in line with the Bank of Canada's forecast.
Statistics Canada reported today that the economy added approximately 90,000 jobs, far exceeding the anticipated 20,000 positions. This marked the most robust month for job creation since January 2023. Nevertheless, the unemployment rate remained constant at 6.1%. These figures indicate that employers are ready and capable of hiring additional staff, despite the economic challenges posed by increased interest rates.
Bank of Canada governor Tiff Macklem has mentioned a possible rate reduction as soon as June. I have been saying for the last 12 months that we will see interest rate reversals starting mid-2024. Recent months have seen quicker-than-expected easing of price pressures, boosting the Bank of Canada’s confidence that inflation is returning to target levels.
The current high interest rates, which aim to curb borrowing and cool inflation by making debt more expensive, may not need to be maintained much longer. We are achieving a soft landing of the economy, though many had predicted we would fall into recession
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- Jun/13/23 12:34:01 p.m.
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Madam Speaker, there are two things I touched upon. One is the rapid housing initiative, which is for a quick turnaround. It has already accomplished the objectives we had and is now generating up to 15,000 homes. Second, is the housing accelerator fund, which looks much more into the future and builds up a reward system.
Making it exclusive to one particular need, in my view, is not the right approach. It also has different objectives, which are very defined and provide more answers to housing affordability needs in the medium to long term.
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- Jun/13/23 12:24:18 p.m.
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Madam Speaker, global inflation, the pandemic, the war in Ukraine and supply chain disruptions are some of the biggest issues of our times, and they are colluding to drive up the cost of living up in Canada, particularly the cost of housing. I am thankful for the opportunity to stand here today to discuss housing affordability, a crucial issue that affects everyone in this country.
Our colleagues across the floor have the privilege of picking isolated issues and suggesting that solutions are simple. It is, of course, the role of the opposition in the House to find fault, question policy and hold government to account. Meanwhile, it is the role of the government to act, and we have done that.
We have launched a suite of measures to address the problem of housing affordability on multiple fronts. It would take more than my allotted time to address them all, so I would like to draw the attention of members to two initiatives focused specifically on speeding up the creation of housing.
One of the things that defines the problem of housing affordability is that it takes years to build a home, but the need is happening now, so we created the rapid housing initiative, which is designed to support affordable housing projects with the quickest possible turnaround times. We also developed the housing accelerator fund, which is launching this summer, to encourage systemic changes in how housing is built in this country.
The rapid housing initiative is one of the most successful in our national housing strategy. It is designed to quickly yield new affordable homes for those who need them most and who need them soon. Through two rounds of funding, the rapid housing initiative has exceeded every target we set for it.
Once the last bricks are laid, the two rounds are expected to produce more than 10,000 homes, which is 2,500 more than we had hoped for. That is why late last year we launched the third round of projects, which is backed by $1.5 billion in investments. It is expected to yield 4,500 additional affordable homes, bringing the total expected to 15,000.
The rapid housing initiative was launched as part of our government's response to the pandemic. It continues because we recognize the urgent need for housing has not gone away.
While that initiative is getting shovels in the ground now, we have also announced the housing accelerator fund to look to the future. The fund will help municipalities cut red tape and streamline their housing processes. The fund is backed by $4 billion in federal investments and will run until 2026-27. It will begin accepting applications this summer. The target is to create at least 100,000 net new homes over the course of the initiative.
By partnering with local governments, we can create long-term systemic changes to how we build housing in Canada. These changes will continue making a tangible impact on our housing supply well beyond the timeline of the fund itself.
I could spend all my time today telling members why I think these are great programs, but let me tell the story of Brenda Blanchard. Brenda was on a wait-list for seniors' housing and living with her daughter. She had been struggling with housing costs for a long time until she found a home in the Bechtel modular housing development in Cambridge, Ontario.
Brenda's new home is part of an innovative project to turn shipping containers into affordable housing for seniors. It is funded by the rapid housing initiative, and the project was turned around in 15 months. Most importantly, it has transformed Brenda's life for the better. Its accessibility features mean she can get around easily, and most importantly, she says that it has given her back her independence.
By teaming up with partners in municipal, provincial and territorial governments, indigenous communities and the private and non-for-profit sector, we are creating many success stories such as Brenda's across this country from coast to coast to coast.
As I said, the rapid housing initiative and the housing accelerator fund are just two initiatives in our $82-billion national housing strategy. They are complemented by the strategy's other activities that, together, tackle this problem from every angle that will have an impact. It is a complex issue that needs a diverse set of responses.
We have built on and enhanced this strategy repeatedly since its launch in 2017 in response to feedback from partners and the public, and to the changing needs of the people of Canada. This is a long way of saying that we have listened and we have acted. We will continue to do both because there is a lot more to do.
Too many people in this country are still struggling to find and keep a roof overhead, to get a home that meets their family's needs and allows them to thrive. There are too many Brenda Blanchards out there, people who are underserved by the housing market and just need a little help getting a home. Our government has made housing a priority since day one of our mandate, and we will continue to do so.
In my riding of Nepean, we have funded Multifaith Housing Initiative's 98 beautiful affordable homes, which are now occupied by families who are very happy. We are also funding a new affordable housing project in the Christ Church area of Bells Corners, with 47 new units coming up. We have also announced funding for Ottawa Community Housing, which is going to start building affordable housing projects and affordable homes in the Barrhaven area of Nepean.
One of the key things in housing is the starts, the new housing buildups, which have become stagnant in the last almost 45 years. In 1980, when the population of Canada was 24.5 million, the housing starts were 130,000. In 2023, the population of Canada is 38.8 million, but the housing starts are just 213,000. The ratio of housing starts to population growth has come down from 0.55 in 1980 to just 0.3 in 2023.
That is the key thing we are tackling, along with partnering with the provincial and municipal governments. The housing starts have to grow, and one of the major reasons developers say that they cannot build new homes is the regulations at the city level or municipal level. We are partnering, in the same way, with the municipal governments so they can act much more quickly and do the approvals faster to get new homes built as soon as possible.
I look forward to any questions that my colleagues might have.
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