Thanks, Mr. Chair.
Thank you all for your presentations and for being here. I'm going to focus, at least mainly, on you, Mr. Lee. I have some questions in regard to housing and some of the issues around it.
I'm obviously really concerned right now about first-time homeowners and homebuyers, whether buying new construction or whether it be resale, based on a few things. One of the issues is, of course, some of the mortgage rule changes that this government has made, and one of them is issues with the building code changes being proposed, in terms of the affordability issues that will be created.
I believe you've given some statements in the past that it creates costs somewhere between $30,000 and $50,000, I think, whether it be a new build or renovations required in order to sell a home. Those are significant issues. For the mortgage rules themselves, I've seen estimates that about 20% of people may not be able any longer to get into a home.
That's a big thing, right? That's a huge thing for Canadians. It's a source of pride to be able to say you're a homeowner. It's also often one of the best investments that many people make. This government is going to limit that opportunity for maybe as many as 20% of people who might have otherwise had that opportunity.
You mentioned some of these things in your opening remarks, but maybe I'll give you an opportunity to elaborate a bit on some of those thoughts. I guess I'll start with the mortgage rules, the stress test.
Do you see that significantly decreasing new home construction and therefore potentially employment in Canada as a result? Obviously, as we know, new home construction is a significant source of employment. What are your thoughts on that, and in addition on the ability of people to get into a home for the first time?