Finance Committee on Feb. 5th, 2026

[Jasraj Singh Hallan, Conservative, Calgary East, AB]

Thank you, Chair.

Minister, in 2022 you forced Chinese investors to divest from holdings in Canadian mining companies, using the national security review provisions in the Investment Canada Act. Now you're asking for unlimited, unquestioned powers to be able to exempt any company or individual. Not only would they be able to avoid, but you would give them free rein from the Conflict of Interest Act and the Investment Canada Act. Today Minister Hodgson, the energy minister, said that he won't rule out the possibility of Chinese state-owned firms buying majority stakes in Canada's oil patch.

If part 5 in division 5 gets passed, would that exempt Chinese state-owned companies from buying majority stakes and avoiding any type of conflict of interest or the Investment Canada Act, yes or no?

[François-Philippe Champagne, Liberal, Saint-Maurice—Champlain, QC]

I don't really follow your premise, because what you're referring to is the regulatory sandboxes, which are not—

[Jasraj Singh Hallan, Conservative, Calgary East, AB]

The sandboxes have always been there, Minister. This act in itself is giving you, the Prime Minister and any other minister in the government unprecedented powers to bypass the Conflict of Interest Act and the Investment Canada Act for any company or individual that you guys would deem okay or as fit to purchase whatever they'd like in Canada—for instance, Chinese state-owned companies buying up majority stakes in our oil and gas patch. Those are unprecedented powers you're trying to grant yourselves.

Would that apply to Chinese state-owned companies?

[François-Philippe Champagne, Liberal, Saint-Maurice—Champlain, QC]

As I was trying to say, Madam Chair, I don't agree with the premise.

Let me read from the budget, just for the benefit of Canadians. It says that it provides the federal minister with the authority to enable regulatory sandboxes, to issue temporary and limited exemptions from legislative or regulatory requirements to allow for the testing of “a product, service, process [or] procedure”—

[Jasraj Singh Hallan, Conservative, Calgary East, AB]

Actually, Minister, in the division—

[François-Philippe Champagne, Liberal, Saint-Maurice—Champlain, QC]

I'm just reading from the budget.

[Jasraj Singh Hallan, Conservative, Calgary East, AB]

—it says this:

a minister may, by order, for a specified validity period of not more than three years and on any terms that the minister considers appropriate, exempt an entity from the application of

(a) a provision of an Act of Parliament, except the Criminal Code, if the minister is responsible for the Act;

In there, “an Act of Parliament” would include the Conflict of Interest Act and the Investment Canada Act.

This means the Prime Minister or you or any minister could exempt any company that they deem fit to avoid the Conflict of Interest Act. That's what I'm reading there. I've asked this multiple times, and you're not answering. That's very concerning, because “no”, basically, is what you're saying.

[François-Philippe Champagne, Liberal, Saint-Maurice—Champlain, QC]

Well, I'm answering, but you don't like the answer. That's very different.

[Jasraj Singh Hallan, Conservative, Calgary East, AB]

I don't think Canadians like that answer. It's scary to know that you would have those types of powers.

[François-Philippe Champagne, Liberal, Saint-Maurice—Champlain, QC]

I think Canadians are able to see through that. This is about regulatory sandboxes that exist—

[Jasraj Singh Hallan, Conservative, Calgary East, AB]

Minister, I'll move on.

[Peter Fragiskatos, Liberal, London Centre, ON]

I have a point of order.

Look, I've held back, but we need to hear answers. We need to hear an exchange that is full.

[The Chair, Liberal, Karina Gould]

Thank you, Mr. Fragiskatos.

I would just ask all members to please be respectful of each other's time and to also think of the interpreters, who are trying to interpret.

Mr. Hallan, you continue to have the floor.

[Jasraj Singh Hallan, Conservative, Calgary East, AB]

Minister, you've created a fourth bureaucracy, which is going to cost $13 billion, for housing. Can you tell us how many new homes will be built this year—just the number?

[François-Philippe Champagne, Liberal, Saint-Maurice—Champlain, QC]

I would disagree with the premise. I would say that Build Canada Homes is a new tool in the tool box to build more affordable homes in Canada.

[Jasraj Singh Hallan, Conservative, Calgary East, AB]

It's a fourth bureaucracy. How many homes will be built? I'm looking for just the number.

[François-Philippe Champagne, Liberal, Saint-Maurice—Champlain, QC]

As I said, the entity is being created. It's really going into a place in the market that's very much needed. It has been applauded by people who look at these things in a very serious way.

[Jasraj Singh Hallan, Conservative, Calgary East, AB]

The PBO has said that this new bureaucracy, Build Canada Homes, will make or produce only 5,000 homes every year. Who was it, if you can remind me, who said during the campaign that they would build at speeds not seen since World War II?

[François-Philippe Champagne, Liberal, Saint-Maurice—Champlain, QC]

Again, I think you're trying to portray people who just started in a new organization.... They're ramping up quickly. They're going to crowd in private investment to really address a part of the market, which is that more affordable housing that is needed.

[Jasraj Singh Hallan, Conservative, Calgary East, AB]

I'll just remind you that it was the Prime Minister who said that, Minister.

Do you remember what your campaign promise was? How many homes would you build per year? I just want the number.

[François-Philippe Champagne, Liberal, Saint-Maurice—Champlain, QC]

I was trying to answer the question you asked me about Build Canada Homes.

[Jasraj Singh Hallan, Conservative, Calgary East, AB]

How many homes did you promise, in the election, that your government would build every year?

[François-Philippe Champagne, Liberal, Saint-Maurice—Champlain, QC]

What I was saying is that Build Canada Homes is a new entity.

[Jasraj Singh Hallan, Conservative, Calgary East, AB]

It was 500,000, Minister.

According to your own housing agency, every year your numbers don't meet your target. This year, you won't meet your target. Last year, you didn't meet your target.

[The Chair, Liberal, Karina Gould]

Thank you, Mr. Hallan. That concludes your time.

We will continue with Mr. Sawatzky for five minutes.

Thank you.