Housing that is affordable for newcomers, young families, the middle class, and seniors lays the groundwork for a healthy community and makes good economic sense. The housing sector represents 20% of Canada's GDP. A stable and secure housing system is essential to community and economic growth, and for every dollar invested in housing we earn back $1.40 in GDP.
The federal government currently invests a much needed $2 billion a year in affordable housing and homelessness programs. However, funding agreements are expiring rapidly, while capital repair deficits continue to grow, affecting Canadian families living in 600,000 social housing units.
High home ownership costs and lack of rental housing are also putting the squeeze on Canadian families. Protecting federal investments in social housing and creating incentives to increase rental housing will help keep vulnerable seniors in their homes and out of the health care system. It will make housing more affordable for the one-third of Canadians who rent, and take the pressure off the housing market and household debt.
We are ready to work together to create a healthy and sustainable housing system. Budget 2015 provides a unique opportunity, Mr. Chair, for the Government of Canada to become champions of Canada's hometowns. We look forward to working together to seize this opportunity, and to manage the risks before us.
I want to take this opportunity to thank you for affording me the opportunity to make this presentation—I must say that it's good to see you outside of Edmonton, Chair—and I'm looking forward to the questions.