What I'm seeing in this bill is the figure of $300 billion, which is different from $200 billion, which it was five years ago, and different from $250 billion. I guess I don't understand how increasing Canadians' liability to $300 billion from $250 billion or $200 billion, which it was five years ago, is not an increase in public liability or in the amount that Canadians are on the hook for.
In my view, this is something that is complicated. It affects a great number of Canadians. We heard the head of the Bank of Canada just last week talk about his concern in regard to a dramatic increase in housing prices in some parts of the country and his concern that perhaps there could be a correction of those housing prices, which has happened in the U.S.
A lot of things have happened in the U.S. That doesn't mean they're going to happen here, but certainly a steep correction in the housing market could leave Canadians vulnerable, put some of their mortgage responsibilities at risk, and therefore increase the risks to Canadians who are backstopping those mortgages--for certain ones.
To me, this is complicated. It is significant. What I would urge is that we examine this further to make sure we're making the right decision. There were decisions made in the U.S. that were not challenged publicly at the time and increased the liability and the risk for all Americans, with devastating results. I would just argue for a little more time, given that this is a significant change.