Thank you, Mr. Chair.
Thank you to the minister for being here.
I want to start by saying there's no question that this issue impacts all communities across this country. All members on this committee are concerned about this issue because it impacts our neighbourhoods and people who live in the ridings we represent.
I do think there's this narrative that the price of homes has increased just since 2015. It's a false narrative. I bought my house in 2007, which was basically a year after the Conservative government came to power. The average price in Ontario was just under $300,000. By the time 2015 hit, it was at $700,000. This has been an ongoing issue in Canada, and the trajectory has just gone.... It's increased so much. We all, as MPs, have to look for ways to find solutions.
I'm happy with the new initiative to remove GST from new developments. Minister, I think you made reference to the article that came out in Toronto last week: 5,000 new units are going to be built because of this new initiative. Can you speak specifically to this initiative? What do you think the impact is going to look like across the country?