Thank you.
Evidence of meeting #29 for Finance in the 43rd Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was need.
A recording is available from Parliament.
Evidence of meeting #29 for Finance in the 43rd Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was need.
A recording is available from Parliament.
4:50 p.m.
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
You're welcome.
4:50 p.m.
Liberal
The Chair Liberal Wayne Easter
Okay. That's great.
I saw Ms. Bowers really smile when you said you were outside your territory.
4:50 p.m.
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
Oh, she should have jumped in.
Romy, do you have any further points there?
4:50 p.m.
Senior Vice-President, Client Solutions, Canada Mortgage and Housing Corporation
No, I won't venture into that territory. Evan gave an excellent response.
4:50 p.m.
Liberal
The Chair Liberal Wayne Easter
All right.
We'll go to you, Ms. May. Then Julie has one to finish up.
May 19th, 2020 / 4:55 p.m.
Green
Elizabeth May Green Saanich—Gulf Islands, BC
Okay. I'm not going to try to sneak in two for one, but it's very tempting.
We've talked about densification, the way forward and modular housing. I wonder if you have any comments on co-op housing and CMHC's interest in co-op housing and co-housing models as a way to get more people into their own homes.
4:55 p.m.
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
We support a huge number of co-operative housing ventures. The Co-operative Housing Federation is a key partner with us in doing housing in Canada.
Co-housing is something we've actually looked at as an innovative form of housing, as a way to go. We're looking at what we can do to help pursue research in that area.
4:55 p.m.
Liberal
4:55 p.m.
Liberal
Julie Dzerowicz Liberal Davenport, ON
I have one quick question.
You mentioned, Mr. Siddall, that you do not expect the loss to be very high around mortgage defaults.
4:55 p.m.
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
Yes.
4:55 p.m.
Liberal
Julie Dzerowicz Liberal Davenport, ON
To what extent were the new mortgage rules that we've put into place over the last few years a factor in the fact that we will be minimizing that loss?
4:55 p.m.
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
Oh goodness, if I could have planted a question, that would have been it. I promise everybody else here that was not a plant. In fact, I was going to say in response to a question from Mr. Poilievre, his questions were so apt because, of course, he was well briefed when he was the minister responsible for CMHC.
Had we not imposed the stress test, we would have had higher deferrals. We would have had more people not paying their mortgages. We would have had more foreclosures. That is certainly the case. That has been the result.
4:55 p.m.
Liberal
The Chair Liberal Wayne Easter
Okay, that's a positive note to end on. We have to take some time to introduce, I think, seven witnesses on the next panel.
Go ahead, Pierre.
4:55 p.m.
Conservative
Pierre Poilievre Conservative Carleton, ON
Mr. Chairman, as a vice-chair I just want to jump in briefly. I want to say thank you to the president. I have to say it is so refreshing to have a witness who comes and gives clear, factual answers. We may not agree on everything, but he knows his stuff and he answers the damned question, which is really refreshing for us who are asking those questions.
4:55 p.m.
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
It's kind of you. Thank you.
4:55 p.m.
Liberal
The Chair Liberal Wayne Easter
Pierre, I can't believe that you and I were practically going to say the same thing before you interrupted me. I was going to say thank you both for what I feel was a very frank and open discussion with very clear-cut answers. Thank you both for that.
I thank you also for the service that CMHC provides the country at this time, when it's much needed. Thank you both for your presentations.
4:55 p.m.
President and Chief Executive Officer, Canada Mortgage and Housing Corporation
Thank you very much for inviting me and, Romy, thank you for making sure I didn't screw it all up.
4:55 p.m.
Senior Vice-President, Client Solutions, Canada Mortgage and Housing Corporation
Thank you very much [Technical difficulty—Editor]
4:55 p.m.
Liberal
5:12 p.m.
Liberal
The Chair Liberal Wayne Easter
We will reconvene. I call the meeting to order once again.
Welcome, witnesses, to meeting number 29, panel number two, of the House of Commons Standing Committee on Finance. We're meeting pursuant to the order of reference of Tuesday, March 24, on the government's response to the COVID-19 pandemic.
We'll forgo the rest of the preliminaries and get on. We have a lot of witnesses today. We have seven on this panel. If you could try to keep your comments fairly tight to the five minutes, it would give us more time for questions.
Welcome, all of you, and thank you for coming.
We'll start with Janet Wardle, with the Aerospace Industries Association of Canada.
The floor is yours.