Yes, and I'm not sure if it's been circulated, but could it be circulated now?
While it's being circulated I'll read the motion and provide a little bit of rationale after I have read it. Mr. Chair, here is the motion I'm putting on the table:
That the Standing Committee on Finance undertake a comprehensive study of issues surrounding the Canadian residential real estate market;
That the Study focus on the impact of the housing market on the Canadian Financial System and challenges surrounding access to residential home ownership; and
That the Committee report its findings and recommendations before the end of February, 2017.
Mr. Chair, this is subject matter that I obviously have a very close connection to, given my background before politics. More importantly, the housing situation and home ownership in this country are in a very fragile situation, often going in many different directions very quickly. I think we're at a point right now in the scheme of things, particularly in certain markets, where I think this committee should take a look at it and try to write a report to the government that will give a better sense of the risks out there to the overall financial system. Indeed, it's often mentioned by economists and others that the bellwether for the economy is often housing and the multipliers of housing.
I won't go further on that, other than to say that it's a very important issue for this country, especially given that there's seemingly no end in sight for where prices are going in certain markets, which is affecting Canadians on many different levels—household debt levels, and interest rates—all of which factor into the financial markets. I think we'd be wise, as a committee, to study this. That's why I'm putting the motion on the floor, Mr. Chair.