Thank you, Parm, for bringing to this committee the important voices of your constituents.
It's obviously the case that many middle-class families in your riding will benefit or have benefited from the important activities of the construction industry. We need them and their workers to do all the right things they're currently doing in B.C. and in your riding.
As you pointed out, there's great news on that. The Federal Prompt Payment for Construction Work Act now in place is making sure that it takes fewer than 28 calendar days for construction companies to be paid upon sending their invoice. This is remarkable, because it's above the existing norm. That was a 30-day rule, which was already achieved in 90% of the cases. Now it's going to be, in all cases, in 28 days or less. That also incites and even demands that subcontractors will be paid rapidly following payments to contractors. Subcontractors need to be paid no more than seven days after they invoice the contractors, and the sub-subcontractors get the same treatment by a subcontractor.
It's all part of a series of positive actions that support the construction industry. They get paid faster for the important work they do, which reduces all sorts of uncertainty and costs. It makes them able to pay their workers more rapidly, so it makes things a lot easier for them.
We know reducing the cost of constructing homes, in particular in your riding, is absolutely essential to address the housing crisis in Canada.
