There are lots of elements to that question. I will try to take them in turn.
Let me start by talking about new co-op, purpose-built rental housing. I very sincerely want to thank you for the conversations we've had and for really focusing on that issue. I am glad to be very clear that our intention, with the support of all MPs who agree with this step, is to eliminate the GST on the construction of new co-op, purpose-built rental housing.
I am also happy to be very clear, Mr. Blaikie, that working with you has helped have that measure included, so thanks a lot. I think we agree that co-ops are a great form of housing in terms of affordability but also in terms of building community. We'll talk about the FES later on, but as per conversations you and I have been having, there is additional support for co-ops, so that's good.
On the September 14 point, we were very clear in the announcement on September 15 that it was for new projects going forward, and I think the rationale is clear. Our purpose was to encourage the building of additional rental homes rather than to create more support for stuff already in the system. We wanted to have the most additional building we could in exchange for this measure. That is why it made sense to say we were improving the terms and that now is the time to get in and build stuff that wasn't previously planned.
I'll say two things quickly to your broader point about affordable housing and construction outside of the market sector.
First, as you know, in the fall economic statement we have provided more financing specifically for affordable housing, and I think that is a good thing. I said two things, but I'm actually going to say three things.
Second of all, I think this measure in the market space is helpful to people in the affordable space too. Not the only challenge but a big part of the challenge is simply a lack of supply. Creating more market supply is going to ease pressures for everybody in the economy. I hope you agree with that. I think that is what this measure absolutely does.
This is my final point. You spoke about the macroenvironment. I agree with you that the macroenvironment is very challenging for Canadians right now. It is also challenging for not-for-profit housing builders and for for-profit housing builders. That is why I was glad to have the opportunity to cite the comments of the Governor of the Bank of Canada last week about the fall economic statement and more broadly his comments about where he sees the macroenvironment going.