Mr. Chair, I want to begin by highlighting the fact that it is our government that has brought forward a 1% tax on the value of non-resident, non-Canadian-owned residential real estate. We have committed to reviewing the tax treatment of the real estate investment trusts that the member refers to.
I want to go back to the prelude to the question, saying that our government has taken a market lens to our national housing strategy. Nothing could be further from the truth. We are the government that brought a human rights framework into the national housing strategy, a legislative framework. We are the government that has introduced a number of different programs to build more affordable housing. While we're doing that, we recognize there is more work to be done. That's why we've brought in the Canada housing benefit, which is helping literally hundreds of thousands of Canadians obtain direct rental supports so that they don't end up on the street.
We recognize there is more work to be done, but to characterize our efforts over the last number of years as being driven by the market is completely not true, and I want to challenge the premise of the question.
Yes, we have to tackle financialization. Yes, we've banned foreign investors from purchasing Canadian residential real estate for two years. That will provide more homes for Canadians. We are the government that is.... Rapid housing alone has delivered 10,250 deeply affordable homes—100% federal grants that have been provided to communities to build deeply affordable housing.
We have done a lot, informed by a human rights approach. We are the government that appointed a housing advocate and a housing council. We'll do more.
It is unfair to say that we're being guided by the market. That is absolutely not true.