Thank you, Mr. Chair. I am wearing the Ukrainian colours because this weekend was the 90th anniversary of the Holodomor. There were many residents of your constituency there, and our colleague Yvan Baker was there as well on this solemn occasion. I thought it was definitely worth standing in solidarity with Ukraine today.
I am delighted to be here with you and the committee members to discuss Bill C‑56, the affordable housing and groceries act. This legislation is part of our government's economic plan to build an economy that is focused on the well-being of all Canadians, to create good jobs people can count on.
Our plan is working. In the first half of this year, Canada ranked third highest in the world for foreign direct investment and had more per capita investment than any other G7 country—better than the United States, the United Kingdom, Germany, Italy, France and Japan. Canada has the lowest deficit and the lowest debt‑to‑GDP ratio in the G7. The International Monetary Fund projects that Canada will see the strongest economic growth in the G7 next year.
All of that means that our economy is creating excellent jobs for Canadians right across the country. In fact, there are over a million more people working today than there were prepandemic. Building on that significant progress, our government is taking new concrete measures, under the affordable housing and groceries bill, to address two of the biggest challenges facing Canadians, access to housing and affordability.
I'd like to outline why it is so important that we work together to pass this legislation.
First, we are removing the GST on new purpose-built rental housing, which we all know will help build more homes faster across Canada. This is about making the math work for builders and giving them an incentive to build more homes that would otherwise not move forward due to construction costs. For example, in the case of a two-bedroom rental unit valued at $500,000, a builder will benefit from $25,000 in tax relief. That makes it more cost-effective for them to build. It's going to build more rental homes faster. We know Canadians need that.
Our plan is already delivering results. To give you one example, a Toronto-based developer said, after we announced this measure, that this developer will now build 5,000 new rental units across the country. These are units that were otherwise on hold. Provinces, including Ontario, Nova Scotia, Prince Edward Island and Newfoundland and Labrador, have followed our lead by eliminating provincial taxes on new rentals, and that is getting even more new rental housing built across Canada.
In the fall economic statement that I tabled last week, the federal government is also proposing to eliminate the GST on the construction of new co-op, purpose-built rental housing, something that members of this committee have been advocating for and that we've been having very good constructive conversations about.
Today, about a third of all Canadians rent their homes, and whether they are students, families, seniors or new Canadians, it's essential that we build more rental homes and build them faster. I really believe that is a goal that all members of this committee share, and by passing the affordable housing and groceries act, we can help to do just that.
Bill C-56 would also increase competition across our economy, particularly in the grocery sector. More competition means lower prices and more choice. By increasing competition and cracking down on unfair and anti-competitive practices, we're helping to stabilize prices for Canadians. That includes by amending the Competition Act to give more power to the Competition Bureau to help the bureau investigate and crack down on price-fixing.
We are also removing the efficiencies defence to end anti-competitive mergers that raise prices and limit choices for Canadians. We are empowering the Competition Bureau to put a stop to situations where large grocers prevent smaller competitors from establishing operations nearby.
Through our economic plan, our government will continue to do everything we can to build an economy that works for everyone, and that is exactly what this legislation will help to do.
Thank you. I'm happy to take your questions.