Thank you, Mr. Chair.
At this moment, I would like to move the following motion, which has been put on notice and has been circulated appropriately.
I move:
That, given that:
(a) Canada's housing crisis continues to worsen.
(b) According to the CMHC, starts on new housing construction were down 7% in 2023, putting Canada further from the 2030 target to restore housing affordability.
(c) No housing has been built as a result of the Housing Accelerator Fund.
The committee invite the Minister of Housing and the Acting President of the Canada Mortgage and Housing Corporation to testify before the committee separately for no less than two (2) hours each, within 14 days of the passage of this motion.
I'll just speak on this briefly.
The housing situation in Canada has become worse since the housing minister and the CMHC CEO were here last. Housing is the responsibility of this committee, and the most recent update from the Bank of Canada's housing affordability index shows that affordability is now worse than in the 2008 financial crisis and also worse than in the mid-1990s. As a result of the Liberals' inflationary spending, the Bank of Canada still cannot bring down interest rates, further putting mortgage holders in a crisis.
Now the CMHC just reported that there were 7% fewer housing starts in 2023 compared to 2022. This is more than 17,000 houses fewer in 2023 compared to 2022. The CMHC's outgoing president told the Senate finance committee that there is no plan at CMHC to build the number of homes needed by 2030 to restore affordability. This is why we need the current CMHC CEO and the Liberal housing minister to come before this committee to answer on the worsening housing crisis and explain how there is no plan to restore housing affordability.
Thank you, Mr. Chair.