Finance Committee on Feb. 13th, 2017

[Dan Albas, Conservative, Central Okanagan—Similkameen—Nicola, BC]

Thank you, Mr. Chair, and thank you to our witnesses.

I'm going to start with the parliamentary secretary. It's obviously different in question period in terms of being in front of a committee. Do you understand your obligations in terms of testifying in front of a committee of Parliament?

[Ginette Petitpas Taylor, Liberal, Moncton—Riverview—Dieppe, NB]

Absolutely. I worked for the Codiac RCMP for 24 years and appeared in court as a witness for—

[Dan Albas, Conservative, Central Okanagan—Similkameen—Nicola, BC]

Then the question would be this. During October 3 in Kelowna—Mr. Chair was there—many of the committee members were on a telephone conference call with Finance Canada, in which officials and the former parliamentary secretary did a briefing. Specifically, Mr. McColeman asked this question of finance officials: were there consultations? Mr. McColeman received an answer from a lady—I'm not sure if it was Ms. Leach or another one of her colleagues—who said, “We wouldn't call it a consultation; however, we did talk to a few banks for their comments.”

I would just ask you the question. You've given testimony here today saying that there was no consultation and that to do so would actually jeopardize the confidential information, yet finance officials, on the other hand, told this committee something completely different. I would also mention that you may not have been responsible for writing all of your opening statement, but you are responsible for what you say to this committee.

Can you say with 100% clarity that there was absolutely no outreach done across the board in consultation on this? If so, will you commit to this committee to getting the transcripts—audio or the actual written transcripts—of that teleconference call and submit those as evidence?

[Ginette Petitpas Taylor, Liberal, Moncton—Riverview—Dieppe, NB]

I will submit that there was no formal consultation done.

[Dan Albas, Conservative, Central Okanagan—Similkameen—Nicola, BC]

Okay, but again, who's correct? The official that was on the call, or are you saying that there was no consultation? That official did say....

[Ginette Petitpas Taylor, Liberal, Moncton—Riverview—Dieppe, NB]

I can simply say that there was no formal consultation done.

[Dan Albas, Conservative, Central Okanagan—Similkameen—Nicola, BC]

Okay.

[Ginette Petitpas Taylor, Liberal, Moncton—Riverview—Dieppe, NB]

I was not privy to the call.

[Dan Albas, Conservative, Central Okanagan—Similkameen—Nicola, BC]

Will you get the transcript so we can submit that as evidence?

[Ginette Petitpas Taylor, Liberal, Moncton—Riverview—Dieppe, NB]

If I can get access to a transcript, if it is available, I will commit to doing that, yes.

[Dan Albas, Conservative, Central Okanagan—Similkameen—Nicola, BC]

Okay. Thank you.

Moving on, you're a member of Parliament like the rest of us. Obviously we've had mortgage brokers unhappy for their clients. People have seen 18% less purchasing power when they go to buy a home, and you've said yourself that they're just not able to qualify. Have these measures hurt the housing market in your home riding? What have your constituents said?

[Ginette Petitpas Taylor, Liberal, Moncton—Riverview—Dieppe, NB]

Actually, probably my riding is seeing a lot of growth in my municipalities, so we are perhaps bucking the trend in my riding per se. However, what I would like to say is that these measures are put in place to protect the borrowers. At the end of the day, it's about protecting Canadian citizens.

[Dan Albas, Conservative, Central Okanagan—Similkameen—Nicola, BC]

You're saying that you're protecting your constituents by doing this.

[Ginette Petitpas Taylor, Liberal, Moncton—Riverview—Dieppe, NB]

I am saying that the measures that have been put in place have been put in place to protect the borrowers, yes.

[Dan Albas, Conservative, Central Okanagan—Similkameen—Nicola, BC]

Okay. That's what you're saying to your constituents. Thank you.

Now, in regard to profit generated from portfolio-insured loans, can you please tell me how much came in during the last year from CMHC's insurance?

[Rob Stewart]

I can't give you the specific number.

[Dan Albas, Conservative, Central Okanagan—Similkameen—Nicola, BC]

It's around $400 million.

[Rob Stewart]

In terms of profit...?

[Dan Albas, Conservative, Central Okanagan—Similkameen—Nicola, BC]

Yes, as in money came in for that—

[Rob Stewart]

Are we talking about revenue from premiums earned? Is that what we're saying?

[Dan Albas, Conservative, Central Okanagan—Similkameen—Nicola, BC]

Yes.

[Rob Stewart]

These are quite complicated because they recognize premiums on a incremental basis all the time.

[Dan Albas, Conservative, Central Okanagan—Similkameen—Nicola, BC]

Does the government get money from providing this service?

[Rob Stewart]

Absolutely.

[Dan Albas, Conservative, Central Okanagan—Similkameen—Nicola, BC]

Okay, so the government would like to portray that taxpayers are at risk, when this money comes in every year. Can you tell me where that money goes? Does it go towards an insurance pool or insurance fund to make sure that if there ever is a cataclysmic event, the government will have that money ready to use, or does it go into general revenue?