Thank you for those comments.
On the competitiveness front, that's why I got into politics, to provide a better future for my kids and to ensure that we're a great country to invest in and to live in, which we know we are.
Mr. Lee, thank you for being here. We've obviously worked together on the housing affordability front, doing a lot of work there.
I am in agreement with you in terms of the 30-year mortgages for insured first-time buyers. I think that's a segment of the market that is important. It's important in my constituency and for my stakeholders, and it's important for a lot of millennials and young Canadian families.
With regard to our budget and the measure we've implemented, shared equity mortgages have been introduced in other parts of the world and have worked very well. At the end of the day, they provide a lower mortgage amount for individuals, and the potential over the next three years for over 100,000 new homebuyers to come into the Canadian market.
It is a very big step. It's actually transformational in the market. At the same time, there's always more to be done, but you have to acknowledge on that front that this is a policy measure that's definitely worthy of some congratulations, for sure, but also definitely worthy of being taken up by Canadians in the months ahead.