Mr. Speaker, I would like to thank the member for Cumberland-Colchester for that very good question on the cost of a five-year mortgage.
As the member pointed out, the prime rate is at 5.5 per cent, which is the lowest rate since in 1956. Today the basic bank rate fell not five but six points. One year mortgage rates are at their lowest since their inception in 1980, but the five year rate still remains high. We in the government are watching this very closely and we are sure that Canadian financial institutions would like to see it drop more quickly also.