Mr. Speaker, I am very pleased to rise in the House today to speak about the federal government's first home loan insurance program.
In a surge of activity, over 33,000 homes were purchased by first time buyers in the first quarter of 1994. The high level of activity is a result of consumers taking advantage of almost ideal home buying conditions.
The home loan insurance program is good news. It will help Canadians realize their dream of purchasing a first home. As important, it will stimulate the economy. Almost 60,000 person years of direct employment have been created.
Mr. Speaker, this initiative was successful and it cost Canadian taxpayers nothing.
Kudos to the minister responsible for Canada Mortgage and Housing and to the other members of this government who so ardently supported this program.