We can debate that argument when we are dealing with some other bill. The government would probably agree with that statement so we will not get into that debate.
Then he went on to say:
Middle income Canadians would also experience an increase in disposable and discretionary income. There would be an easier transition from renting to owning and the family home would for once be the beneficiary of an enlightened tax policy as opposed to the victim.
That is the way I have looked at it. Why should a home be taxed? It is fundamental if one wants to raise a family as a unit. It is a lot better to raise a family under those conditions.
Another point struck me when I read the article by Mr. Segal. Many first time homeowners would also like to go into private business. They may have the intelligence to be an entrepreneur or to develop things. This tax break would let them either save money for some future rainy day, education purposes for their families or to start a small business. If they had a small equity or some money they could put into a small business, that is probably the direction they would take. It is pretty well ever family's desire to have a business in the home. We know what that would do for job creation.
It is interesting to see all the benefits. The Toronto-Dominion Bank was referred to in an article in the Winnipeg Free Press . I even got some coverage in a paper that really does not want to give Reform too much coverage. There was an article indicating that my bill would help first time home buyers. It made me feel pretty good I got that attention. This is what the article said:
On a typical 25 year mortgage at 6.35% first time home buyers could claim some $1,700 on their income tax, according to Diane Olivier of the Toronto-Dominion Bank.
Some $1,700 of extra income is quite a bit to a young family starting up or to first time homeowners. It is super. I did not do the mathematics, but I think the bank has the ability and the research people to put those figures together. The article continued:
“Some people can be scared off by the costs of purchasing a first house” said Rischuk Park Realty owner Rusty Rischuk. The proposed amendment would make Winnipegers more confident that they can afford a home. I think it is wonderful.
That is from another sector of the economy. People can have confidence in a certain idea or in something that gives them an opportunity to invest. Referring to last summer when the stock market was booming and interest rates were coming down, the article said:
Nearly 60% of the city's homes sold from January to September were bought by first time home buyers.
We know what that does to the building trade, the furniture trade or any business tied to manufacturing these homes.