Finance Committee on April 30th, 2008

[Dean Del Mastro, Conservative, Peterborough, ON]

Thank you, Mr. Chair.

Mr. Chair, I have grave concerns about this motion. We just heard from the Governor of the Bank of Canada that the fundamentals of the Canadian housing market are dramatically different from those of the United States. We also heard that the growth in the Canadian economy is going to be based on a number of sectors, certainly the service sector. Another one he mentioned was construction.

One of the things that greatly impact the Canadian economy is confidence, and I think this motion has real potential for damaging consumer confidence. It has the potential of damaging Canadians who own homes, people who may well be leveraged fairly highly, as Mr. Turner has indicated. I think that we run the real risk of creating headlines that run completely amok with the reality of housing in Canada, and I think it's dangerous.

I understand that Mr. Turner has his views on this. My views are completely opposite. In fact, if you look at the history of Canadian real estate, his views on this are not valid.

We have a number of studies proposed before this committee right now; I don't believe this is a good one. I don't see that it serves anyone, and ultimately isn't that the question we should be asking ourselves--what is the benefit of this study? I don't see one.

I would encourage members to vote against this motion. Let's continue on with what we've been doing, and let's not do anything that would unduly harm Canadians by damaging confidence, thereby creating unemployment in sectors like construction.

[The Chair, Conservative, Rob Merrifield]

I will remind the committee that I won't go beyond the clock in respecting the committee's time unless we have unanimous consent, so you're going to have to draw the debate to a conclusion. I'll do that as soon as you have exhausted your debate, but you have opportunity to debate.

Go ahead, Mr. McKay.

[John McKay, Liberal, Scarborough—Guildwood, ON]

I appreciate that Mr. Turner is not modest about his abilities or his talents, but even Mr. Turner, I think, would be very impressed with himself if in fact a study by the finance committee could destabilize the Canadian housing market.

All I really want to know is, if we vote in favour of Mr. Turner's motion, do we all get free books from Garth?

[The Chair, Conservative, Rob Merrifield]

Go ahead, Mr. Jean.

[Brian Jean, Conservative, Fort McMurray—Athabasca, AB]

Thank you, Mr. Chair.

I know it sounds like a great study. I'm actually interested in it, being a visitor here. I'm from northern Alberta, one of the busiest places in all of Canada, and one that has a problem with housing markets. Certainly if there's an influx in the economy, or a change, it's going to change.

Why not get the Library of Parliament, which has the resources, to provide a report to the committee, to do such a study--which seems to make sense in parallel to the other studies you're doing--and have them report back to this committee by way of that? Then if you want to go further on the study, do so. The Library of Parliament has all the resources to cut to the chase on this issue very quickly.

[The Chair, Conservative, Rob Merrifield]

Go ahead, Mr. Menzies.

[Ted Menzies, Conservative, Macleod, AB]

I think that's an excellent idea, especially considering how much we have on our plate right now, and I know Mr. Mulcair has another suggestion of something else coming up.

I can't help but echo Mr. Del Mastro's concerns. Any potential for us to undermine the confidence in the housing industry concerns me greatly. I think it would be a better use of this committee's time to ask the Library of Parliament to do that.

[The Chair, Conservative, Rob Merrifield]

I will let the committee know the priorities. We have a study on taxation, we have asset-backed commercial paper, and then we also have the penny study. This would come after that, so we have a few agendas ahead of time.

Go ahead, Mr. Crête.

[Paul Crête, Bloc, Montmagny—L'Islet—Kamouraska—Rivière-du-Loup, QC]

I simply wish to repeat that I will be voting in favour of the motion, amended or not. We did however state that we would give priority to commercial paper. First of all, there is Bill C-50, then commercial paper, which is an absolute priority. After that, there could possibly be other issues to study.

[The Chair, Conservative, Rob Merrifield]

That's after the penny one.

Are we ready for a vote? If we're not ready for a vote.... I will not go beyond the time, and the time is done, so we either vote now or....

(Motion as amended agreed to [See Minutes of Proceedings])

[The Chair, Conservative, Rob Merrifield]

With that, the meeting is adjourned.