Finance Committee on Oct. 24th, 2024

[Éric Bosco]

Another reason to fund deep-tech start-ups is technological sovereignty, which people are increasingly talking about. It is important to be able to count on reliable technologies within our country, both to ensure our economic development and to ensure Canada's defence and security.

We don't want to be dependent on China for certain technologies, but we also don't really want to be dependent on our American neighbours or countries in the European Union.

In addition, it must be understood that many of these technologies are developed in deep-tech incubators. If I take the example of Centech, about half of the companies that are created there are specialized in artificial intelligence, quantum technologies and cybersecurity.

If we want to protect these companies and make sure we develop Canadian technologies, I think we need to support our incubators.

[Gabriel Ste-Marie, Bloc, Joliette, QC]

Thank you very much.

Do you have a final comment, in 40 seconds?

[Kathy Baig]

Yes, there are other benefits, including job creation and economic benefits. However, we also have to talk about everything related to accelerating the commercialization of advanced technologies, as that is also a challenge.

This funding will enable greater and faster commercialization to address all the challenges that were just mentioned.

[Gabriel Ste-Marie, Bloc, Joliette, QC]

Thank you very much.

[The Chair, Liberal, Peter Fonseca]

Thank you.

MP Davies, go ahead, please.

[Don Davies, NDP, Vancouver Kingsway, BC]

First of all, again I want to thank everybody for excellent testimony. Giving you five minutes on these important subjects is never enough, so thanks for being so succinct.

Mr. Hume, I want to give my last time to you to finish off your thoughts, and I'll seed you with one question: In your view, what steps should the federal government take to support the establishment of housing ETFs or any policies that you think may help more Canadians get affordable homes in this country?

[Nathan Hume]

Thank you very much, and thank you all for this opportunity.

You've heard again today about housing affordability, over and over again, and the real problem is that house prices are too high. The federal government keeps pulling the same two levers, and they've been pulling them for decades—longer amortization periods at the CMHC and higher mortgage insurance limits—yet prices just keep going up. Those levers aren't enough. We need new tools. The house price ETF should be one of them.

It wouldn't be a magic wand, but it would be helpful and it would set the tone for more innovation. We need to keep innovating in financial products and in housing, and the federal government does have a role in facilitating that innovation.

I think it's fairly straightforward. Signal your interest in that at this committee. Study new innovations. Don't study the same old levers again and modify those. Ultimately, mandate the CMHC to provide support when industry seeks it to get these new products off the ground. There's a role for government in that, and I hope this government takes those steps.

Thank you.

[Don Davies, NDP, Vancouver Kingsway, BC]

Thank you.

Thank you, Mr. Chair.

[The Chair, Liberal, Peter Fonseca]

Thank you, MP Davies.

We want to thank our witnesses.

Thank you so much for your testimony, for your expertise and for the recommendations that you have brought to our committee on these pre-budget consultations before our budget 2025.

Thank you so much, and we wish you the best with the rest of your evening.

We're adjourned.