Mr. Speaker, wherever government involvement creates unfair competition, I feel government has no right to be there. However, the mortgage insurance that is provided with this legislation is fair and equal competition. It provides insurance for people who would normally not get it through private insurance companies. By providing this alternative, it keeps the rates down also. If we believe in the free market forces, which I do, it is good for consumers, because it does keep the rates down and it makes mortgage insurance available to those who otherwise would not get the insurance and consequently would not be able to purchase a home.
We made some amendments not long ago about allowing first time homebuyers to make a down payment of just 5 per cent. This was another good move to make home ownership more accessible and affordable to more Canadians. It is the same with the insurance.