Evidence of meeting #70 for Finance in the 42nd Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was housing.

A video is available from Parliament.

On the agenda

MPs speaking

Also speaking

Clerk of the Committee  Ms. Suzie Cadieux
Gary Simonsen  Chief Executive Officer, The Canadian Real Estate Association
Gary Mauris  President, Dominion Lending Centres
Katherine McDowell  President, Alberta Mortgage Brokers Association
Adil Mawji  Vice-President, Alberta Mortgage Brokers Association
Keith Lancastle  Chief Executive Officer, Appraisal Institute of Canada
Pénéla Guy  Chief Executive Officer, Québec Federation of Real Estate Boards
Paul Cardinal  Manager, Market Analysis, Québec Federation of Real Estate Boards
David Graham  Director, Urban Development Institute of Nova Scotia
Dan Brewer  President, Appraisal Institute of Canada

5:20 p.m.

Conservative

Dan Albas Conservative Central Okanagan—Similkameen—Nicola, BC

Thank you.

5:20 p.m.

Liberal

The Chair Liberal Wayne Easter

Go ahead, Ms. O'Connell.

February 8th, 2017 / 5:20 p.m.

Liberal

Jennifer O'Connell Liberal Pickering—Uxbridge, ON

Thank you, Mr. Chair.

I'll just follow up on that with Mr. Graham. I come from the GTA region outside of Toronto. We hear about the pressures on building and the fees, etc. However, we also have an issue. In the study, we've talked a lot about people entering the market, but there is a difference between the average person being able to afford something and people who just can't even afford a roof over their head. I don't know the specifics in your province regarding that ratio, but I'm just wondering about something that would involve even more of a provincial or municipal type of approach. If there was an approach to look at reducing fees according to the type of development, whether that was affordable or accessible homes or high-rises for seniors and things like that, and whether it was built by your organization or by you as a developer, do you think a target for reducing these fees for that type of development would be well received?

5:25 p.m.

Director, Urban Development Institute of Nova Scotia

David Graham

I think it would. The Nova Scotia government, in its last budget, talked about an incentive plan that it was going to initiate. It's being modelled very similarly to the Newfoundland incentive that's being provided. British Columbia came out with one recently that involves considerably more than what Nova Scotia is willing to do or talking about at this point in time, but at a much lower percentage of the value of the home. I think those are good initiatives.

5:25 p.m.

Liberal

Jennifer O'Connell Liberal Pickering—Uxbridge, ON

Thank you. Again, part of drawing up these questions is that we need to consider that we do have to make recommendations. The earlier panel talked about the working group with the federal, provincial and municipal governments. Those conversations are the types of things you see regionally, that help us understand how we can try to address from your side, the supply side, some of the barriers to building these targeted homes or apartments, whatever the case might be.

5:25 p.m.

Director, Urban Development Institute of Nova Scotia

David Graham

There's a new president at Housing Nova Scotia who is very much interested in doing the things you're talking about and he seems like an innovator.

5:25 p.m.

Liberal

Jennifer O'Connell Liberal Pickering—Uxbridge, ON

Thank you. Do I have time?

I apologize that I don't speak French well enough to ask you a question, but feel free to respond in French if that's more comfortable for you.

I would ask you a similar question about Quebec. Where are those types of pressures on the supply side and are there the types of incentives that, through a working group and further consultation, you would like to see? The housing market is not something that the federal government alone can control fully. We've heard that testimony in terms of supply. Is there an area in Quebec that you see...? Would you agree with having incentives at different levels of government to focus on actual affordability, for people who just need homes or roofs over their head?

5:25 p.m.

Chief Executive Officer, Québec Federation of Real Estate Boards

Pénéla Guy

There is the ongoing Parlons logement initiative by the government, which we hope is going to address some of those concerns. I think, from our perspective, that looking at all consumer loans, and not just mortgage rules in isolation, would be a great idea.

5:25 p.m.

Manager, Market Analysis, Québec Federation of Real Estate Boards

Paul Cardinal

Yes, we forget—

5:25 p.m.

Chief Executive Officer, Québec Federation of Real Estate Boards

Pénéla Guy

Is there anything else to point out?

5:25 p.m.

Manager, Market Analysis, Québec Federation of Real Estate Boards

Paul Cardinal

We often forget about supply. We always consider demand, which is very strong, given that mortgage interest rates are at an all-time low. That said, any measure that would facilitate supply, and therefore the construction of more housing—affordable or otherwise—would be welcome.

That said, we probably don't have the same constraints as areas like Toronto or Vancouver. Indeed, supply is perhaps more limited there than it is on the Quebec side. That's one reason why our property prices are a bit more affordable in Quebec.

Of course, we are in favour of anything that can help to increase housing construction.

5:25 p.m.

Liberal

Jennifer O'Connell Liberal Pickering—Uxbridge, ON

Thank you.

5:25 p.m.

Liberal

The Chair Liberal Wayne Easter

Thank you, Ms. O'Connell.

Does anybody want to make a quick closing statement?

Are we okay? All right.

On behalf of the committee, I want to thank the witnesses for their presentations, their answers to questions, and their recommendations.

That will wrap up this meeting.

The meeting is adjourned.