Thank you, Mr. Chair.
Like my colleague Mr. Ste‑Marie, I am concerned about the precedent this may create concerning our trade partners. These same provisions could apply to Canadians who decide to purchase property in France, in the United States or in England, for example.
I am not against provisions to have foreign buyers pay more if they want to speculate on residential property, as that is really what we are trying to curb. However, I don't think we should ban those purchases without even having fully considered the potential consequences. We don't know every scenario.
For instance, I am thinking of Americans or French people who would want to purchase property in Canada so that their children can come study here. Will those purchases be banned? Will those people have to wait to be residents and be on-site before being able to purchase the residence? That would be a bit strange. It could cause pretty significant technical issues.
How will this be applied, taking into account our international agreements with partners? For example, would we be violating any international agreements by discriminating against people who are not Canadian residents?
Have consultations been held with our international partners? Should we expect reciprocal action? For instance, after seeing Canada discriminate against its people, could the United States decide to reciprocate and prevent Canadians from purchasing property in Florida to spend their retirement there or to visit?
There are many technical issues. I am rather in favour of measures to make speculation on residential property unprofitable, but we should be careful about implementing prohibitive measures. Even if it is for just two years, it can be harmful.