Evidence of meeting #66 for Finance in the 42nd Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was taiwan.

A recording is available from Parliament.

On the agenda

MPs speaking

Also speaking

Trevor McGowan  Senior Legislative Chief, Tax Legislation Division, Tax Policy Branch, Department of Finance
Stephanie Smith  Senior Chief, Tax Legislation Division, Tax Policy Branch, Department of Finance

3:40 p.m.

Some hon. members

Agreed.

3:40 p.m.

Liberal

The Chair Liberal Wayne Easter

Shall the bill carry?

3:40 p.m.

Some hon. members

Agreed.

3:40 p.m.

Liberal

The Chair Liberal Wayne Easter

Shall the chair report the bill to the House?

3:40 p.m.

Some hon. members

Agreed.

3:40 p.m.

Liberal

The Chair Liberal Wayne Easter

That's it. We don't need a reprint of the bill, because there are no changes.

Look at that: success in a hurry.

Thank you, Mr. McGowan and Ms. Smith, for your assistance.

3:40 p.m.

Conservative

Ron Liepert Conservative Calgary Signal Hill, AB

We should have all bills start in the Senate.

3:40 p.m.

Voices

Oh, oh!

3:40 p.m.

Liberal

The Chair Liberal Wayne Easter

Well, we could pass a motion to that effect, that all bills start in the Senate and get fixed up before they come here.

We'll suspend for a few minutes, and then we will go in camera to deal with business—

3:45 p.m.

Conservative

Gérard Deltell Conservative Louis-Saint-Laurent, QC

Mr. Chair, just before that, I have a notice of motion.

I would like to table the following notice of motion.

3:45 p.m.

Liberal

The Chair Liberal Wayne Easter

We're going to deal with business. Do you want to...?

3:45 p.m.

Conservative

Gérard Deltell Conservative Louis-Saint-Laurent, QC

I would like to table the motion here.

3:45 p.m.

Liberal

The Chair Liberal Wayne Easter

Okay.

3:45 p.m.

Conservative

Gérard Deltell Conservative Louis-Saint-Laurent, QC

The notice of motion reads as follows:

That the Standing Committee on Finance undertake a study on the new mortgage rules as introduced by the Minister of Finance on October 3, 2016, and that this be reported to the House.

3:45 p.m.

Liberal

The Chair Liberal Wayne Easter

Yes. We accepted your.... I think you sent that in last week at some time, so it does have notice.

3:45 p.m.

Conservative

Dan Albas Conservative Central Okanagan—Similkameen—Nicola, BC

So it's in order.

3:45 p.m.

Liberal

The Chair Liberal Wayne Easter

It's in order, yes.

3:45 p.m.

Liberal

Steven MacKinnon Liberal Gatineau, QC

Was there a notice of motion given at least 48 hours prior to this?

3:45 p.m.

Liberal

The Chair Liberal Wayne Easter

Yes.

Do you want to debate this now, or do you want to go into committee business and deal with it?

3:45 p.m.

Conservative

Gérard Deltell Conservative Louis-Saint-Laurent, QC

I think there's time for us to do it right now.

3:45 p.m.

Liberal

The Chair Liberal Wayne Easter

Okay, then, we'll deal with it right now. We're still in public.

Mr. Deltell, do you want to explain your motion?

3:45 p.m.

Conservative

Gérard Deltell Conservative Louis-Saint-Laurent, QC

With pleasure, Mr. Chair.

We know that last October 3, the Minister of Finance announced new measures regarding mortgage loans and the acquisition of residential property. These measures directly affect first-time purchasers, as well as anyone else who wishes to purchase a home. They may have positive effects, but they may also have effects that are concerning for buyers, banks and real estate brokers.

The measures announced by the Minister of Finance will thus have an impact on a large part of our economy. It would be appropriate, a few months down the road, to measure their impact, so that anyone involved in this area may have a say. Some people think this is an excellent idea, but others have some concerns.

All sectors of the economy are affected by these measures regarding home purchases. They affect thousands of Canadians at all levels of society, from the humblest among us to the better-off. Consequently we should look at this closely.

We don't want to interfere right now with the decision of the minister, but we are all concerned. I'm sure all of us have received some calls in our riding offices—I have in mine—because people want to know more about that and about the impact. Sometimes it's positive, sometimes it's negative, but I think as parliamentarians it's part of our duty, especially as the finance committee, to evaluate the pluses and minuses of any big decision, and as far as I'm concerned, this was a huge one tabled by the minister on October 3. To give Canadians the best knowledge, I hope and think it would be good to have this kind of hearing.

3:45 p.m.

Liberal

The Chair Liberal Wayne Easter

I have on my list Mr. MacKinnon and Mr. Dusseault.

Mr. MacKinnon.

December 12th, 2016 / 3:45 p.m.

Liberal

Steven MacKinnon Liberal Gatineau, QC

Thank you, Mr. Chair.

We are not opposed to what the member opposite has just suggested, but I want to point out that last June 14, 2016, the committee passed a motion introduced by Mr. McColeman. This was before the member joined the Standing Committee on Finance, and he may not be familiar with the motion, which reads as follows:

That the Standing Committee on Finance undertake a comprehensive study of issues surrounding the Canadian 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 on its findings and recommendations before the end of February, 2017.

And so I want to say—and I believe I speak for my colleagues—that I will be voting against our colleague's motion. If he wishes to study issues surrounding the residential real estate market and mortgage rules, all of this could be done in the course of the study we have already agreed to. We passed this motion, and the study must take place before the end of February.

That is the reason why I will oppose the motion. I invite him to withdraw it. He is probably in favour of his colleague's motion, which basically proposes that we study the same thing. The study he wishes to undertake can be done in that context.

3:50 p.m.

Liberal

The Chair Liberal Wayne Easter

Pierre, you're next on the list, and then we'll go to Mr. Liepert, but the clerk has prepared a grid of all the motions and the work that is suggested before us, including Mr. Deltell's motion. We put that one on anyway because it had the 48-hour notice.

I'll ask her to hand this out so that people can review the total slate of things ahead of us. At this point in time, we are debating this motion that's on the floor, but we'll do this just so you have the information on what Mr. MacKinnon mentioned, which was the motion on housing by Mr. McColeman.

Pierre.