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Decentralized Democracy

Member of Parliament

Gabriel Ste-Marie

  • Member of Parliament
  • Member of Parliament
  • Bloc Québécois
  • Joliette
  • Quebec
  • Voting Attendance: 68%
  • Expenses Last Quarter: $132,165.46

  • Government Page
Context: House Hansard - 254 - Nov/23/23
Mr. Gabriel Ste-Marie (Joliette, BQ)
  • Nov/23/23 11:26:24 p.m.
  • Watch
Mr. Speaker, my colleague talked about the importance of getting affordable housing off the market in order to protect it from financialization. I would like her to talk about the importance of defining affordability based on tenants' ability to pay rather than comparing it to the average market price.
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Context: House Hansard - 254 - Nov/23/23
Mr. Gabriel Ste-Marie
  • Nov/23/23 10:55:18 p.m.
  • Watch
Mr. Speaker, I want to first point out that my hon. colleague did a tour of Quebec to talk about housing. He stopped in Joliette. We had a full house. Everything he is contributing is wonderful and informative. My colleague spoke about the financialization of housing and how to put an end to that. For example, that is what we are seeing in Montreal, and it is mainly the Bronfman family's company that is doing it. It is hard to get any closer to the Liberal Party than that. These people are taking affordable housing off the market, and not enough housing is being built to counter that. What we suggested is to offer an acquisition fund interest rate, which is something that the Union des municipalités du Québec has been calling for. This would involve implementing a measure to fund the purchase of these buildings at an interest rate that is lower than the market rate, to get them out of the financialization spiral that is causing people to be evicted and rents to go up. The current market rate is very high. However, with the borrowing authority of the government or the CMHC, we could simply pass the better rate on or even subsidize it to make this acquisition possible. Let me give an example. The government borrows at 3.6%. Suppose we want to give a non-profit organization an interest rate of 2% for one billion housing units that we want to get out of the financialization trap and that we are going to make truly affordable in the long term. That would cost $16 million. The difference between 3.6% and 2% is almost nothing for the government. By using its leverage, the non-profit would have an advantage. That would prevent financialization, which is what happens when big conglomerates like the Bronfmans get their hands on housing that is affordable and make it so that it is no longer affordable. This is one possible solution we are proposing to the government.
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