Thank you, Chair.
Good morning, members of the committee. My name is Brian Santos. I'm a broker with Peak Realty in the Waterloo region, about an hour southwest of Toronto. I'm here as the chair of the government relations committee of the Ontario Real Estate Association.
By way of background, OREA is the trade organization that represents Ontario's 80,000 realtors and 37 local real estate boards across the province.
We are here today to speak in support of Bill C-30, the budget implementation act, and the measures that will help remove dirty money out of the real estate market, encourage more green energy retrofits and connect more Ontarians with broadband Internet. These measures will help hard-working Canadians and our economy bounce back from COVID-19 and set the stage for future economic growth, job creation and recovery.
I'd like to start by outlining our support for specific measures in Bill C-30.
First, it aims to get dirty money out of the real estate sector. It commits to creating a national beneficial ownership registry, something that OREA has advocated for for quite some time. Money laundering is a multi-billion dollar problem in our housing market and contributes to the crowding out of hard-working families looking to achieve their dream of one day owning a home. Ontario realtors do not want to see a single dollar of dirty money competing against hard-working young families in our housing market. That is why OREA commends the government and its commitment to create a national beneficial ownership registry. A registry will help make it harder for illicit funds to enter the country through the purchase of real estate by removing the anonymity of perpetrators of money-laundering crimes. By giving law enforcement and our government an important tool to keep dirty money out of Canada's housing market, those who are pushing home ownership away from hard-working Canadians can be identified and held accountable.
OREA is also pleased to see the government's plans to help make homes more energy efficient through investment in the Canada Mortgage and Housing Corporation over the next five years. Providing Canadian homeowners with interest-free loans will help them make their homes more energy-efficient by completing home retrofits, such as insulating their home, installing solar panels or replacing old windows and doors. OREA wants to ensure that the housing sector is doing its part in reducing our country's GHG emissions. Encouraging green home renovations will not only reduce the housing sector's contribution to these emissions, but will also help Canadians lower their energy bills, allowing them to put their hard-earned money elsewhere or save for retirement.
The proposed program will also encourage clean growth by establishing an industry for energy-efficient retrofits, generating economic spinoff activity, helping to kick-start the economy and creating new jobs.
Finally, as many Canadians look to move to more rural and smaller communities, having access to reliable high-speed Internet has become more essential than ever. One of the top questions realtors are asked by their clients when looking for a new home is about the quality of the Internet. The commitment to increase broadband investment over six years through the universal broadband fund will support a more rapid rollout of broadband projects in collaboration with the work currently being done in provinces and territories to ensure that every corner of the country is connected. The investment will help Canada reach its goal of having 98% of the country connected through reliable Internet service by 2026. Investing in broadband across the country will help address the infrastructure and competitive gap in our smaller communities. This new investment will ensure that more Canadians will be able to work remotely, creating jobs and reversing outmigration in more rural communities in Canada. In a modern economy where remote work is increasingly more common, especially now with the onset of the pandemic, Canada cannot compete globally if its people and businesses can't access good Internet service.
I would also like to take this opportunity to highlight other measures within Bill C-30 that OREA was pleased to see included.
The proposed GST new housing rebate will allow homebuyers to recover 36% of the GST paid on the purchase of a new home priced up to $350,000, for a maximum rebate of $6,300. Applying this rebate to lower and middle-income Canadians will make home ownership more accessible and affordable for more Canadians.
Additionally, with the pandemic creating a decrease in demand for retail and office space, expanding the rental, construction and financing initiative will support the conversion of vacant commercial property into new housing. This funding will assist in the development and conversion of commercial property space across Canada into hundreds of units of rental housing.
Last, the support of public transit projects across Canada will bring forward new subway lines, LRTs, electric buses, active transportation infrastructure and improved rural transit. The proposed new permanent funding will provide communities with the opportunity to plan for new transportation projects, which will encourage the creation of greater housing supply and make more desirable places to call home.
As Canada continues to look to get our economy back on track, Ontario realtors believe that housing has the potential to lead the recovery. OREA is pleased to see that Bill C-30 proposes support for the housing sector in a number of ways to help the government's efforts in putting Canada on the path to recovery.
Thank you, Chair and members of your committee, for your time. I am happy to answer your questions, should there be any.