Mr. Speaker, I have received letters from many of my constituents who work in the real estate and residential construction industry. These constituents have impressed upon me the need for government to extend the home buyers plan which is to expire at the end of this month.
The home buyers plan is a federal program which allows individuals to withdraw funds interest free from their RRSPs to purchase a home. Today over 148,000 Canadians have invested $1.4 billion of their RRSP funds to purchase homes. This program has provided a much needed boost to several industries important to our national economic growth.
While the home buyers plan improves access to home ownership and creates jobs, the best thing of all is that the program does not place a burden on Canadian taxpayers.
The idea of creating this home buyers plan originated in the Liberal caucus over two years ago. It was then adopted by our predecessor-