Mr. Speaker, over the past few weeks I have received a number of calls and letters of support of the extension of the home buyers plan which is due to expire on March 2 of this year.
In a recent letter on this subject a local real estate company referred to a survey by the Canadian Real Estate Association. This survey found that 86 per cent of first-time home buyers said the plan was instrumental in their decision to buy a home. Furthermore, 80 per cent of respondents said it was imperative to repay their first RSP loans and 41 per cent said they would repay it faster than the program required. According to the letter the CMHC found that a full 26 per cent of 1992 housing sales involved the use of this plan.
I am in full support of the home buyers plan and urge the finance minister not only to extend the program but to make appropriate changes to the law so that this type of plan is a permanent option to home buyers.
At this time of fiscal restraint we should be looking at exactly this sort of initiative, one that does not cost the government or the taxpayers any money.